GetPaidIndia.com

Sensex loses 300 points on Monday trades

October 3rd, 2011

Indian stock markets followed Global queues once again and witnessed heavy selling in the stock markets today. However, the damage felt here is comparatively less than other Asian peers and European markets.

Hang Seng tripped 4.3% today. Straits Times lost 2.01%. There is not much change in the trend in the European markets with the CAC 40 and DAX trading down 2% while FTSE 100 is down 1.4%.

The BSE SENSEX lost 302.31 points and closed at 16151.45 down 1.84%. The NSE NIFTY too slipped a bit and closed at 4849.50 points losing 93.75 or 1.90% in trades today. A similar damage is witnessed on the CNX Midcap that closed at 6961.20 losing 132.80 or 1.87% while the BSE Smallcap closed at 6779.16 down 101.92 or 1.48%.

Top losers on the exchanges today are DLF (down 8%), Jindal Steel (down over 6%), Hindalco (down over 5%), Tata Steel, SAIL, Sterlite Ind and ICICI Bank (down over 4% each), Jaiprakash Asso, Sesa Goa, Wipro, Tata Power, Axis Bank, Kotak Mahindra, Larsen and SBI (all down over 3% each).

Top gainers of the day incldue BPCL (up over 4%), GAIL, Reliance Power, Rel Capital, Reliance Infra and Cipla (all up over 1% each).

ENAM Securities India Research in its report dated September 29, 2011 reviewed Mahindra & Mahindra and has given a HOLD call to it. ENAM feels the XUV-500 positioned above the Scorpio and developed at a low cost base helps to meet the export markets. They feel M&Ms overall market movement is on track. The script is given a price target of Rs. 832 with a potential of 2% up compared to the CMP of Rs. 813.

ENAM in its company update (dt. September 19, 2011) on Reliance Industries doubts the company is on the way for a major acquisition which could trigger upward movement of the script. They gave a target of Rs. 1100 compared to the CMP of Rs. 821 indicating a 34% upside. IDFC Institutional Equities feel that the CMP has factored in many negatives giving a huge upside potential. The script has a target price of Rs. 1109, a 44% upside based on SOTP valuations.

ICICI Securities has upgraded Tata Power from HOLD to ADD. They feel the script has a target of Rs. 1050 from the CMP of Rs. 998.

Entry Filed under: Equity Markets, Oil & Petro Chemicals, Closing Bell