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Buying banking counter drives markets upwards; Crude Oil at sub-$110 levels

September 2nd, 2008

Tuesday, September 02, 2008 12:43:02 PM IST

The stock marched towards new highs of the day with good buying interest in Banking counters with Kotak Mahindra Bank, SBI, ICICI, PNB being the hot picks.

The NSE Nifty zoomed upwards in the last hour of trade. The index is now at 4413.05 up by 1.48%. Bank Nifty is up 2.63% while CNX IT is up 1.09%. CNX 100 is up 1.49% while CNX 500 is up 1.55%

Top Nifty gainers include BPCL, ONGC (both up over 5%), SBI ICICI Bank, Unitech (all up over 3%), PNB, Reliance Infra, Tata Communications, Tata Power and L&T (all up over 2%). Other prominent gainers so far on the the NSE are Kotak Bank, HDIL, IOB, JP Associates, Vijaya Bank, Bank of India, Union Bank, PFC, IDBI and LIC Housing Finance.

On the downside are Ranbaxy. The script became even more weaker during the last hour and is trading at 464 levels down by 7%. Cairn, Tata Motors, Cipla and Satyam are in the red. Amongst Jr Nifty scripts on the downside are MPhasis, Chennai Petrol, Aventis, Autobindo Pharma, Cummins and IFlex. All the scripts are marginally in the red.

The BSE Sensex is up 203 points and is at 14,702.13 levels. Midcap stocks gained significantly during the last hour of trade. BSE Midcap Index is up 1.12%. The BSE Smallcap Index is holding in the green and is up 0.93%.

Sectoral Indices that are gaining are Bankex, PSU, Realty, Power while Health care and Consumer Durables are still in the red.

Crude oil is now at the sub-$110 levels and the global markets with the Asian markets to start with are largely in the green. Many countries including India that are heavily hit by the crude oil upsurge began to cool off.

1 U.S. dollar = 44.1598 Indian Rupees
1 U.S. dollar = 107.9913 Japanese Yens
1 U.S. dollar = 0.6852 Euros
1 Ounce Gold = $806.80
1 Barrel Crude Oil = $108.74

Entry Filed under: Equity Markets, Banks & NBFC, Global Markets