Today, bulls gained control from bears over trading action. Growth of existing cheerful sentiment on Tuesday is likely to insert other stocks in their support. In contrast, bearish sentiment on Tuesday is expected to modify the current reaction.
According to technical analyst, Vishwas Agarwal that the Indian stocks soared up today accompanying the Fed Reserve’s assessment to slash discount rate by 50 basis points to alleviate the affect of US sub-prime lending situation, but political disruptions over N-deal is constraining fresh buying in the market.
The market is projected to act in line with international markets, guessed Agarwal. At the moment, the stock market is ruled by reaction rather than fundamental principles or techniques.
Sujana Towers has listed at a price of Rs 122.20.
Housing Development Infrastructure Limited has informed the exchange about its plans to buy Kilburn Engg's Bhandup Unit. During afternoon trading, Housing Development and Infrastructure, HDIL is hovering near Rs 510. During the day, it touched an intraday high of Rs 530 and an intraday low of Rs 479.10. The stock ended the day at 490 on NSE with a net loss of Rs 30.
In early trading, Bharat Heavy Electricals, BHEL touched the level of Rs 1,622, up Rs 11.55, or 0.72%. The stock price had gone up to Rs 1,632.50. As the market slipped into the red, BHEL had an intraday low of Rs 1,570. The stock was strong, but due to overall weak sentiment in the market, BHEL ended the day at 1590 (down by Rs 19.10).
Motilal Oswal is coming up with a Public Issue to raise Rs 246 crore by selling its 29,82,710 shares with face value of Rs 5 each through 100% book building process. The price band of the IPO is Rs 725-825 per share. The issue will close on Thursday.
