Indian market volatile in opening session

After opening flat, the Indian market is currently trading in negative territory. Trading remains range bound and analysts expect more volatility during the day ahead of the expiry of August series derivatives contract and the release of wholesale inflation data in the evening.

As of Wednesday, marketwise rollover of positions from August to September series reportedly stood at 62%, while that of Nifty was seen at 56%. The rollovers were in-line with those in previous month, but the premium on futures is considerably reduced. The market is volatile and is trading in a very narrow range amid alternate bouts of buying and selling. Realty, public sector and metal companies are leading the decliners, while consumer goods and auto stocks are showing notable gains. After trading in a narrow range of 14,347- 14,279, the BSE Sensex is currently at 14,244, down 53 points or 0.37%. The S&P CNX Nifty is trading at 4,274, down 0.41%. On the BSE, the mid-cap index is down 0.27%, the small-cap index is declining 0.13% and the broad-based BSE 500 index is down 0.28%. The market breath is slightly negative, with 748 stocks advancing compared to 787 stocks that are declining. Sterlite Industries (up 1.48%), Maruti Suzuki (up 1.21%), Tata Motors (up 0.88%), Reliance Communication (up 0.86%), Satyam Computers (up 0.83%), Jaiprakash Associates (up 0.80%) and ICICI Bank (up 0.74%) are among the major gainers. Meanwhile, DLF India (down 1.21%), Grasim Industries (down 0.70%), ONGC (down 0.58%) and ITC (down 0.54%) are the major decliners. Sun Pharmaceutical is up 0.16% after the company won a case in an Israel Court filed against it by Taro Pharmaceutical. Vishal Retail is adding 0.40% after the company said it has opened four new showrooms during the last week. Marksans Pharma is rising 4.90% after the company decided to acquire the entire shareholding of UK's leading generic pharma company M/s. Relonchem Marksans Pharma. BAG Films is up 0.63% after the board of directors allotted 46,00,000 equity shares of Rs.2/- each, by conversion of 46,00,000 warrants, to Anu Films and Communications Pvt. of New Delhi, at a price of Rs.13 per shares (including a premium of Rs.11 per shares). Sundaram Fasteners is up 1.49% after the company acquired a 52.94% equity share capital of Sundaram Non- conventional Energy Systems Ltd (SNES). Choksh Infotech is up 3.19% after the company said its board will meet on August 30th to consider the acquisition of a software company. K Sera Sera Productions is declining 0.24% after the company said its board would meet on August 28th to consider the issue of equity-linked instruments. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved