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Markets posts comeback post noon

January 7th, 2008

The Indian stock markets opened in the red in the morning and remained to stay in line with most Asian peers. The markets however recovered to a certain extent but fell back till noon. However, post 12:50, the markets took a comeback move and managed to close reasonably well. Sensex closed 20813 adding 126.1 points, NSE closed at 6279 and is up a mere 4.6 points.

Sectorally looking, IT remained to be a hard hit sector with the CNX IT closing down 2.86%. The trend is visible in both large cap and mid cap IT stocks. HCL Tech took the lead in the red when the stock is down 5% today. Tata Elxsi, Infosys, Patni, Tech Mahindra are down over 3%. TCS, Hexaware, Wipro, HCL Insys, Mindtree and Satyam Computers are down by 2%.

BSE FMCG Index has added about 80 points. Hindustan Unileaver has hit a new high today and closed at about Rs. 237.2. Dabur closed at 124.6 adding Rs. 3.30. Colgate is up Rs. 28.95. Marico is down by Rs. 0.90 and is trading at Rs. 78.25 levels. Experts are feeling the shift of long term capital from the capital goods sector to the more secure FMCG sector.

Sugar stocks are the ones that have hit ceilings today. Most of the top notch sugar stocks have reported to 3 to 5% upside on a single day. Andhra Sugar has hit a yearly high today.

ICICI Bank closed at Rs. 1362.55 adding about Rs. 77 today after the news / rumors that ICICI Bank will be listing its stock broking arm – ICICI Securities. Axis Bank is up 3.34%. On the losers front are Bank of Baroda, HDFC Bank, Bank of India that closed down by over 2%. SBI managed to stay in the green and is trading at Rs. 2388.8 levels.

Apart from FMCG and Banks, another sector to watch out is the Realty sector. The BSE Realty Index closed up by 2.48% with 7 advances and 7 declines. Parsvnath closed up 8%, India Bull Realty closed 6% while Unitech and DLF Ltd closed 2% up each.

Entry Filed under: Equities, BSE, NSE, Closing Bell