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Markets continue to stay in red; trading flat - All eyes on ONGC

August 27th, 2008

Wednesday, August 27, 2008 12:37:17 PM IST

Markets are flat during the last one hour of trade. The NSE Nifty is now at 4326 down 0.26% while BSE Sensex is down by 62 points and is testing the 14400 levels. ONGC is trading at 1025.50 levels.

The CNX IT is down 0.03% while the Bank Nifty is down 0.37% CNX Midcap index slipped a bit and is now up by 0.20%

BSE Sensex is trading at 14419 level down nt 63 points. Realty, Oil & Gas, Bankex, Power, FMCG and Capital Goods indices are down while Consumer Durables, metal, Healht Care, IT and Auto are marginally up.

Toppers on Nifty include Dr. Reddy (now up by 3%), Sun Pharma (up 2%), SAIL, GAIL, Tata Steel, Hero Honda, ABB (all up over 1%), ONGC, Power Grid and Hindalco (marginally up).

Top losers on the Nifty include DLF (down over 2%), Tata Power, Reliance Infra, BHEL, Reliance, TCS, Grasim, RPL (down over 1%), National Aluminium and Satyam (both marginally down)

ONGC Videsh is all buzzing as it is almost close to acquire Imperial Energy Corp Plc after the former announced it will be ready to pay 1.4 bn pounds ($2.6 bn) for the takeover and is about to submit its bid. This gives ONGC a sense of security for its oil supplies. Imperial Energy has good projects in the Russia. For now, ONGC has beat China’s Sinopec in its bid to acquire Imperial.

ONGC is trading at 1024. Its 52-week high and 52-week are 1385.05 and 778.70 respectively.

Markets analysts are giving a Hold rating for the stock with a target of 1170 - 1250

1 U.S. dollar = 43.7292286 Indian rupees
1 U.S. dollar = 109.48106 Japanese yen
1 U.S. dollar = 0.683200109 Euros
1 Ounce Gold = $826.10
1 Barrel Crude Oil = $116.43

Entry Filed under: Equity Markets, Oil & Petro Chemicals