 "Broader markets slump, CORE Education down over 50%")
The Sensex is up 41 points at 19,358 and the Nifty is higher by 10 points at 5,854. The broader markets are however under performing the benchmark indices.
The BSE mid-cap index has slipped 0.79% or 6,557 and the small-cap index is down 0.64% or 42 points at 6,523.
CORE Education & Technologies is the top loser from the mid-cap pack. The stock has slumped by over 60%. Welspun Corp, ABG Shipyard, Eros International Media, Videocon Industries, D B Realty, Tata Coffee and PC Jeweller are also witnessing sharp fall in trades, down 4-24% each.
Shares of select companies have tanked up to 65% on back of heavy volumes on the Bombay Stock Exchange (BSE).
Aanjaneya Lifecare, ABG Shipyard, Welspun Corp, Flexituff International, Eros International and Orbit Corp have plunged more than 17% each on BSE.
CORE Education and Technologies has tanked as much as 60% to Rs 118 on back of over twenty-fold rise in trading volumes. As many as a combined 1.90 million shares have already changed hands on the counter so far against an average around 75,000 shares that were traded daily in past two weeks on BSE and NSE.
Welspun Corp has plunged 28% to Rs 60 on BSE. A combined 13.5 million shares have changed hands on the counter so far against an average around 1.2 million shares that were traded daily in past two weeks on both the exchanges.
Aanjaneya Lifecare, ABG Shipyard and Flexituff International have locked in lower circuit of 20% each with no buyers on the counter.
According to Devangshu Datta, technical analyst, " Welspun Corp at new 52-week low 56-57 on extremely high volumes. Partial recovery to 65-66. Likely to fall again and drop below 56. Stop loss at 69 and short.
ABG Shipyard at new 52-week low at 291-292., Looks bearish. Extreme volatility. May hit lower circuit in the next couple of sessions. No targets- could fall till 250-260 or 220-230. Stop loss at 310 if you short.
Eros International- Bearish. New 1-month low. Resistance at 182-185. Likely to drop till 170-172. May fall further, and test 155-160 again. Stop loss at 175 if you short."
On the gaining side, Orient Green Power Company has rallied almost 10% to Rs 14.35 after Shriram Group, the promoter group has announced an open offer to buy 26% stake in the company at a price of Rs 15 per share.
KSB Pumps has soared over 8% to Rs 201 after reporting 21% year-on-year (YoY) jump in net profit at Rs 19.54 crore for the fourth quarter ended December 31, 2012 (Q4) despite of fall in operational income.
The overall breadth of the BSE mid-cap index is dismal as 163 stocks are declining while 81 are advancing.