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Local Markets Markets volatile; Nifty struggles at 4250
Published on Mon, Sep 22, 2008 at 11:12 in 
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Markets are witnessing volatility after sharp run up seen in last week. Buying is seen in few metal, capital goods, power, FMCG and oil stocks while selling seen in few auto, technology and banking stocks. Breadth is positive; about 1643 shares have advanced while 1288 shares declined. Nearly 245 shares are unchanged.
Reliane Industries, Reliance Petroleum, DLF, Tata Steel, HDFC and L&T are movers for benchmark indices while ONGC, ICICI Bank, Satyam, Infosys, Tata Motors and Maruti are draggers.
The Sensex rose 55 points to 14,097 and the Nifty gained 15 points to 4,261, at 10:41 am. BSE Midcap and Small cap indices advanced over 0.5% each.
Top gainers are Tata Steel, HDFC, ITC, Reliance Infrastructure, Reliance Petroleum, Tata Communication and Sun Pharma. However, losers are ONGC, Maruti Suzuki, Satyam and BPCL.
Abhijit Chakraborty, Vice President - Institutional Equities, Edelweiss Capital believes that the rescue act by Central Banks across the world has helped the markets. All the markets across the world have gone up. However, he does not bet on the rally because he believes that earnings season is round the corner and does not expect it to turn out great. He feels that market could go up to 100-150 points. He expects 4000-4500 levels on Nifty.
Markets @ 9:56 am : Markets choppy; Sensex holds above 14K
Markets have opened higher following positive global cues but have given up some gains on the back of profit booking. Benchmark indices are bit volatile. Buying is seen in few technology, oil, metal, power, capital goods and telecom stocks.
At 9:56 am, the Sensex rose 79 points to 14,122 and the Nifty gained 13 points to 4,258.
Among the frontliners, L&T, Reliance Industries, Reliance Petroleum, Satyam, HDFC Bank, Tata Steel, Bharti Airtel, ONGC, Cairn and Infosys have gained while Ranbaxy Labs, ONGC, BPCL, M&M, TCS, Wipro, DLF, ICICI Bank, SBI and SAIL have lost ground.
Reliance Industries gained over 1% after the news that the company has commenced production in KD-D6 block. Current production is 5,000 barrels of oil equivalent (BOE) per day. 5.5 lakh boe/day will be produced in 6-8 quarters. Reliance Petroleum also surged nearly 4%.
Ranbaxy Labs declined nearly 1%. US Congress Committee has expanded probe into Ranbaxy's Anti-AIDS drug supply.
Crude has moved back above USD 100 to a barrel and is trading around USD 104-105/bbl.
Asian markets are trading higher. Shanghai rose 6.4%, Hang Seng 1.1%, Nikkei 1.71%, Taiwan Weighted 1.97%, Kospi 0.31% and Jakarta 1.45%. Straits Times is flat.
US stocks surged in the biggest two-day global rally in 38 years after government steps in to ease the pain. Dow Jones ended up 369 points or 3.35% at 11,388. and the Nasdaq rose 74.80 points or 3.40%, to 2,273.90. The S&P 500 index surge 48.57 points, or 4.03%, to 1,255.08. It seems that Fed plans of rescuing banks from billions of dollars in bad debt helped investors to restore confidence back into the stock market. Dow Jones has advanced 780 points in last two trading sessions.
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