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Sensex at days high; broader market firm
August, 06th 2009

At 13:01pm (IST), Sensex was flat at 15,898 and the NSE Nifty was flat at 4,699.

Markets have recovered from days low in the mid-afternoon trades and have surged to intra-day high led by gains in the Pharma, PSU and the Capital Goods stocks. Even the Mid-Cap and the Small-Cap stocks are in demand.

Sentiments got a boost after the Shanghai index in China staged a swift recovery. In addition, the European markets have also started off with smart gains.

Indias Inflation fell for the eight straight weeks and stood at -1.58% for the week ended July 25, 2009 as compared to -1.54% for the previous week ended July 18, 2009 and 12.53% during the corresponding week ended July 26, 2008 of the previous year. The Wholesale Price Index for All Commodities for the week ended July 25, 2009 rose by 0.04% to 236.9 from 236.8 for the previous week.

The NSE Nifty continues to remain in an the 4650-4700 range on the other hand, BSE Sensex remains above the 15,800 levels.

Among the 30-components of Sensex, 18 are in the negative terrain and 12 are in the green. ICICI Bank, BHEL, L&T, Wipro, Sun Pharma and Tata Steel are among the major gainers. On the other hand, Infosys, ITC, Bharti, Maruti and M&M are among the major laggards.

At 1:00 pm (IST), the BSE 30-share Sensex was flat at 15,898 and the NSE Nifty was flat at 4,699.

Austral Coke & Projects acquired 1,82,000 square meters of land at Vizag, Andhra Pradesh to set up a Lam Coke Manufacturing Plant, which will have a capacity of 6,00,000 MTPA.

The location is strategic and logistically ideal for lam coke business as it is situated between Gangavaram and Vizag ports. Overall logistic cost will also go down.

The current capacity of Austral Coke and Projects Ltd stands at 3,75,000 MTPA with expansion of 1,50,000 MTPA in the pipeline. With this expansion the total capacity of the COMPANY will be 11,25,000 MTPA.

Austral is in good position to leverage India LAM coke deficit situation given its planned capacity addition of 600,000MTPA taking total capacity to 1.1 Million MTPA. Massive capacity expansion coupled with huge industry demand will help the company to grow its top line.

Hindustan Zinc announced that it has raised prices of zinc and lead after the metals jumped on the London Metal Exchange. 

Zinc prices were raised by Rs5,500 per metric ton while, lead prices were raised by Rs5,900 per metric ton.

The stock gained by 1.5% to Rs749, it had opened at Rs740 and made an intra-day high of Rs751 and a low of Rs732. Total traded volumes stood at 53,000 shares.

National Aluminium saw a 9% drop in metal production in the previous month after rains disrupted coal supplies, Chairman C.R. Pradhan was quoted as saying. Aluminium production will also be affected this month, he added.

Aluminum prices on the London Metal Exchange are expected to range between US$1,800 and US$2,000 a ton in the near term, Pradhan  said.

The stock was up by 1.3% to Rs329 after hitting an intra-day high of Rs334 and a low of Rs320. Total traded volumes stood at 0.14mn shares.

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