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Markets open in the red; Auto sector marginally in green

August 28th, 2008

Thursday, August 28, 2008 10:31:21 AM IST

The stock markets had a gap up opening but soon slipped into the red. The NSE Nifty is at 4285.55 down 0.15%. BSE Sensex is at 14282 levels down 14 points or 0.10%

CNX IT is up 0.07% and Bank Nifty is up 0.12%. CNX 100 is marginally in the red down 0.11%. The border CNX 500 is down 0.13%.

Nifty gainers so far include Cipla, Maruti, Cairn (all up over 1%), Sterlite Industries, Ambhuja Cement, Bharti Airtel, Satyam, Hero Honda, Tata Power and ACC (all marginally in the green)

Top Nifty losers list is lead by metal stocks. Hindalco is down over 3%. SAIL is down over 2%. DLF, BHEL, Tata steel (all down over 1%) followed by Grasim, NTPC, ITC, ONGC and Dr. Reddy (all marginally in the red)

Amongst sectoral indices, Realty continues to see downtrend with the BSE Realty index down over 1%. Other sectoral losers include PSU, Metal, FMCG, Oil & Gas. Top sectoral gainers on the BSE include Consumer Durables, Auto, Bankex, Health care and IT.

Mahindra & Mahindra is in news after reports that the company is working on a possible takeover of Malaguti Moto, an Italian motorcycle and scooter company. It may be recalled the company has recently picked up the 2-wheeler business of Kinetic. If the Italian takeover is successful, M&M not only will be expanding its market width but also the product depth in the already competitive 2 wheeler market. The company is also believed to be in talks with various Chinese component sourcing companies, particularly with China’s #2 component maker Locin.

M&M is trading at 578.75 on the NSE. Its 52-week high is at 873.90 and 52-week low is 427.10

Top gainers in the BSE Auto sectoral index include Exide industries (up 3%), Maruti Suzuki, M&M, Hero Honda (all marginally in the green). Top losers in the pack include Amtek Auto, Bajaj Auto, Bosch, Apollo Tyres amongst others.

1 U.S. dollar = 43.7005 Indian Rupees
1 U.S. dollar = 109.5050 Japanese Yens
1 U.S. dollar = 0.6802 Euros
1 Ounce Gold = $833.00
1 Barrel Crude Oil = $118.97

Entry Filed under: Equity Markets, Automobile