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Noon: Markets turn choppy with slight rise in inflation

Noon: Markets turn choppy with slight rise in inflation
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First Published: Thu, Jan 29 2009. 12 47 PM IST
Updated: Thu, Jan 29 2009. 12 47 PM IST
Mumbai: The Bombay Stock Exchange (BSE) benchmark Sensex slipped to choppy session on Thursday afternoon after wholesale price index inflation rose to 5.64% in the 12 months to 17 January, a slight increase from the previous week’s 5.6%.
Markets traded in green all morning, picking positive sentiments from firm Asian markets which buoyed on the approval of $819 billion economic stimulus bill by the US House of Representatives.
Today Sensex continued inching upwards for the third straight session. At 12:30pm, the 30-share BSE index was 5.57 down at 9,251.90 and NSE Nifty at 2,827.65 was 21.85 lower.
Marketmen said that choppy sentiment was also because retailers were acting cautious ahead of expiration of January F&O series. But it is likely that investors could be enthused by 11% cut in fuel prices to emerge from the negative slip.
Maruti Suzuki is leading the rallying pack by 3.40% at Rs538.20, along with Mahindra and Mahindra 3.38% at Rs293.45, Tata steel by 2.74% at Rs181.70, Housing Development Finance Corp by 2.34% at Rs1,539.75 and ICIC Bank Ltd 1.96% at Rs416.35.
Ranbaxy Laboratories fell from Wednesday’s surge by 3.75% at Rs205.50, followed by Bharti Airtel by 2.85% at Rs635, Wipro Ltd by 2.67% at Rs228.10, NTPC Ltd by 2.35% at Rs186.75 and Bhel by 2.34% at Rs1,361.
Meanwhile, Asian markets continued to gain eyeing Obama’s $819 billion stimulus plan. Japan’s Nikkei rose by 1.8% and Hong Kong’s Hang Seng is trading 5% higher.
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First Published: Thu, Jan 29 2009. 12 47 PM IST
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