Market turns lackluster

Markets are trading flat in the afternoon trades as key indices are struggling to find any specific direction. Even inflation figures barely had any impact on the market sentiments, India's Inflation rate was at 8.24% in week ended May 24.

However, on the positive side, the equity markets across Europe have started off with a positive bias, the FTSE index was up by 1.2% and the CAC index was down 1.2%.

Among the 30-scrips of Sensex 14 stocks are in green while 16 stocks are in red. ICICI Bank, RCom and BHEL are among the major gainers, on the other side, ITC, HDFC and Tata Steel are among the major laggards. At 1:06 pm (IST), the BSE 30-share Sensex was flat at 15,782 and NSE Nifty was flat at 4,685.

Era Infra is trading flat at Rs601. The company announced that it bagged a contract worth Rs852mn from Mumbai Railway Vikas Corporation Ltd. for the construction of EMU Maintenance Car Shed between Nallasopara & Virar stations of Western Railway through International Competitive Bidding (ICB).

The project being funded by International Bank for Reconstruction Development (IBRD) is part of Mumbai Urban Transport Project. The scrip has touched an intra-day high of Rs607 and a low of Rs596 and has recorded volumes of over 11,000 shares on NSE.

Tata Comm has gained by a percent to Rs493. The company announced that that it has successfully attained the International Organization for Standardization (ISO) 20000-1:2005 and 27001:2005 certifications for its Global Managed Services Operations in the areas of Managed Hosting, Managed Storage Services and Hosted Messaging Services. The scrip has touched an intra-day high of Rs510 and a low of Rs485 and has recorded volumes of over 47,000 shares on NSE.

Nettlinx Ltd has surged 8.5% to Rs19 after the company announced that a meeting of the Board of Directors would be held on June 16, 2008, to consider acquiring 100% capital of Anchor Systems Pty Ltd, Sydney, Australia. The scrip has touched an intra-day high of Rs19 and a low of Rs17 and has recorded volumes of over 6,000 shares on NSE.

Decolight Ceramics has gained by 1.2% to Rs19 after the company said that it started commercial production of its Aluminium Composite Panel (ACP) Unit in the last week of May 2008. The present Installed capacity of the unit is 25,000 Sq. Ft. per day and presently it started giving a production of about 40% of the installed capacity. The scrip has touched an intra-day high of Rs19 and a low of Rs18 and has recorded volumes of over 6,000 shares on NSE.