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Indian markets open positive, Banking stocks attractive

February 13th, 2008

The Indian markets had a postive opening this morning. NIFTY is at 4924.75 and us up 1.79%. CNX 100 is at 4800.00 up 1.76%. CNX 500 is at 4120.70 and is up 1.64%. CNX MIDCAP is at 6718.70 up 1.15%. NIFTY MIDCAP 50 is 2580.65 up 1.88%. CNX IT had a weak opening and is down 0.23% while the BANK NIFTY is at 8723.55 up 2.48%

Sensex opened at 16,816.94 and is up 283.11 points gaining 1.7%. The Sensex Midcap index is up 74.82 points up 1.06% while the BSE Smallcap Index is down marginally by 0.04%

Sectorally, Bank, Oil & Gas, Metal, Power and PSU are strong. The IT sector is lone in the red.

Largecap IT stocks Infosys, Satyam and Wipro are weak while TCS is up 1.12% Satyam is trading at Rs. 413.45 levels.

The Indian Banking Sector news is buzzing all around. It may be recalled the Finance Minister addressed the Indian PSU Banks yesterday. Meanwhile, Market rumours that Sabre Capital is looking for an exit from Centurion Bank of Punjav and that HDFC Bank and ICICI Bank are looking to acquire the stake has pushed the stock upwards.

HDFC Bank and Bank of Maharastra are up over 4% this morning. ICICI Bank is up 2.82%. SBI is trading at 2091.00 levels and is up 1.9%

VSNL is now named Tata Communications. VSNL is also in news today that it will be providing networking solutions in China. VSNL Opened up at 456.05 and is trading at 458.05 levels.

Top Nifty gainers so far include SAIL, Sterlite, Reliance, HDFC Bank, Tata Steel, ICICI Bank and Reliance Petrol while Nifty losers include Satyam, National Aluminium, Wipro, Infosys, Sun Pharma, HCL Tech amongst others.

Nifty Midcap Gainers list includes Rolta, RNRL, Peninsula Land, LITL, Punj Lloyd, Matrix Laboratories, SCI amongst others while the Nifty Midcap Losers list includes CESC, IVRCL Infra, J&K Bank, AIA Engineering, Patel Engineering, Hotel Leela amongst others.

Cords Cables listed at Rs. 138 as against its IPO offer price of 135. Considering that the weak IPO scenario, the listing could be considered reasonable. Cords Cables is having an order book of Rs. 100 crores that needs to be executed in 4 months time.

1 U.S. dollar = 39.6620791 Indian rupees

Entry Filed under: Equity Markets, BSE, NSE, Opening trade