Market recovering after staying red in the midday
Mumbai -- After witnessing a positivity in the morning session and slipping into red in the midday trading, market regained its strength in the afternoon session.
On the back of buying in index heavyweights like Reliance Industries, Bajaj Auto, SBI, ACC and Tata Motors,the markets have recovered from lower levels. Auto, Cement and Pharma stocks are trading with gains. In the afternoon, BSE 30-share Sensex was up by 20 points at 11427 and NSE Nifty was up by 10 points at 3346.
Buying is also witnessed in the Pharma stocks of which, Ranbaxy has surged by 0.4% to Rs. 387 and Natco Pharma has spurred by 2.8% to Rs. 106 after the company rolls out Bortezomib Injection. The scrip has touched an intra-day high of Rs. 106 and a low of Rs. 101.
Some valuable orders pushed the Dolphin Offshore higher. The company has surged by 7% to Rs. 264 after the company secures orders worth $5.64mn. The scrip has touched an intra-day high of Rs. 268 and a low of Rs. 245 and has recorded volumes of over 10 thousand shares on BSE.
HCL Infosys has advanced by 1.1% to Rs. 164. The company has posted their current financial year Profit at Rs. 1.13bn (down 15%), the overall sales at Rs. 22.95bn (up 18.7%) and to pay Rs. 2 as dividend. The scrip has touched an intra-day high of Rs. 169 and a low of Rs. 159 and has recorded volumes of over 1 lakh shares on NSE.
Jet Airways has flew higher by 0.8% to Rs. 561, as passenger traffic at the local terminals of airports in the four metros has registered a whopping 43% Year over Year (yoy) growth between April-June 2006. The scrip has touched an intra-day high of Rs. 569 and a low of Rs. 546 and has recorded volumes of over 1 lakh shares on NSE.
Similarly, Gail has surged by 3.5% to Rs. 265, the scrip is the biggest gainer among the 50-scrips of NSE Nifty and has touched an intra-day high of Rs. 265 and low of Rs. 261 and hs recorded volumes of over 8 lakh shares on NSE.
On contrary, Metal stocks are on the receiving end. Hindalco has lost by 0.5% to Rs. 161, SAIL has tumbled by 1% to Rs. 75 and National aluminum has shed by 0.4% to Rs. 199.
Following the same track, JSW Steel Ltd. has plunged by 0.5% to Rs. 289. The company has inked a MoU with a Mozambican party to conduct legal and technical (geological) due diligence studies within a period of 28 weeks to conclude the availability of coal, quality of coal and reserve potential etc. The scrip has touched an intra-day high of Rs. 297 and a low of Rs. 285 and has recorded volumes of over 1 lakh shares on NSE.
