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Midday Note: Market on a downswing

Wednesday, September 9, 2009 12:30 pm
By ShareGyan.com NewsDesk

The BSE Sensex traded with instability at 12:05 hours IST. Power, oil marketing, Technology, FMCG, select pharmacy and cement companies’ shares witnessed selling stress. HDFC, Tata Motors, Bharti Airtel, DLF and SBI were the other decliners. Nevertheless, buying carried on in Cairn, Hindalco, Nalco, Reliance Industries, Sterlite, BHEL, HDFC Bank, Hero Honda, Tata Power, Maruti, Tata Steel, ACC and Axis Bank. The BSE Sensex was 6.5 points high at 16,130 while the NSE Nifty dropped just 4.5 points at 4,800. The wider indices were also calm in trade, as market breadth was diverse; around 605 shares got high while 600 shares fell on the NSE Nifty. GMR Industries, Usha Martin, Lotus Chocolate, La Opala RG, Remi Metals Gujarat, FIEM Industries and Hitech Plast were the lead gainers. APM Industries, ESS DEE, Shiva Texyarn, Terai Tea, Shree Pacetroni, Mukand and Tourism Finance were the lead losers. Oriental Bank, Havells India, Spice Communication, Bayer Cropscience and Deccan Chronicle earned 5-10.5% while Emami, Voltas, BEML, Godrej Consumer and Aban Offshore dipped 2.5-3.5%. Supreme Infra was 2% high, as it bagged deal valued at Rs.97.4crore. J Kumar Infra projects have received order valued at Rs.304crore. The stock increased 3.3%. Network 18 Media & Investments rushed 4.5%, as Network18 bagged FIPB consent to initiate Rs.119crore from SAIF Partners at Rs.130/share and bagged consent to raise FII boundary from 13% to 49%.

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