Market pares losses in choppy trade

The market recovered from its lows after it had declined sharply in afternoon trade. The market breadth was positive. Banking realty stocks declined while auto stocks extended gains. IT stocks rose. European markets which opened after Indian markets were in green.

At 12:23 IST, the 30-share BSE Sensex was down 58.74 points or 0.34% at 17,317.80. A bout of volatility was witnessed on the bourses in mid-morning trade when the market had recovered from lower level. Earlier market had opened firm but had pared gains later. Sensex hit a high of 17,480.70 in early trade. At the day’s high, Sensex rose 102.24 points. Sensex hit a low of 17269.65 in afternoon trade. At day’s low Sensex lost 108.81 points.




The broader based S&P CNX Nifty was down 14.7 points or 0.28% at 5,180.80.

The market breadth was positive on BSE with 1330 shares advancing as compared to 1226 that declined. 79 remained unchanged.

The BSE Mid-Cap index rose 0.33% to 7,170.38 and BSE Small-Cap index rose 0.23% to 8,805.70.




India’s largest telecom services provider by sales Reliance Communications rose 1.71% to Rs 584.75. The company’s consolidated net profit rose 70.5% to Rs 5401.14 crore on 31.79% rise in total income to Rs 19067.76 crore in the year ended March 2008 over the year ended March 2007.

IT stocks rose. Wipro (up 2.01% to Rs 488.80), Infosys (up 2.18% to Rs 1,789.45), Tata Consultancy Services (up 2.01% to Rs 929.80) and Satyam Computer Services (up 1.14% to Rs 484.80) edged hihger.

Realty stocks declined. DLF (down 1.77% to Rs 713), Unitech (down 0.71% to Rs 315.25) and Indiabulls Real Estate (down 0.3% to Rs 555.70) edged lower.

Banking stocks declined. ICICI Bank (down 2.52% to Rs 878.50), HDFC Bank (down 1.8% to Rs 1519.60), State Bank of India (down 1.42% to Rs 1,768.05) edged lower.




Auto stocks rose. Mahindra & Mahindra (up 2.55% to Rs 659.10), Maruti Suzuki India (up 0.39% to Rs 734.15), Tata Motors (up 2.2% to Rs 654) edged higher. India’s largest motorbike maker by market share Hero Honda Motor declined 1.38% to Rs 849.95.

Jaiprakash Associates (up 2.2% to Rs 271.70), ITC (up 2.52% to Rs 218), Bharti Airtel (up 0.78% to Rs 909.60) edged higher from Sensex pack.

HDFC (down 2.44% to Rs 2807), ONGC (down 1.72% to Rs 1,035), Grasim Industries (down 1.55% to Rs 2,431), Hindalco Industries (down 1.41% to Rs 195.40), ACC (down 1.46% to Rs 766.05), Ranbaxy Laboratories (down 1.06% to Rs 479.70) edged lower from Sensex pack.




NTPC rose 1.08% to Rs 196.75. NTPC said on Tuesday its board had approved spending Rs 487 crore on renovating Auraiya gas power station in Uttar Pradesh. The board of the state-run firm also approved setting up an 8 megawatt (MW) Singrauli small hydel project in Uttar Pradesh at an estimated cost of Rs 62.90 crore, to add capacity from renewable energy sources.

National Mineral Development Corporation (NMDC) hit 5% upper circuit at Rs 1,416.25 after it fixed 22 May 2008 as the record date for the bonus issue of 2 equity shares for every one share held.

Sesa Goa rose 2.57% to Rs 4,275.10. It hit a 52-week high of Rs 4,361 today.




Nestle India rose 7.06% to Rs 1,739.95. It hit a 52-week high of Rs 1,875 today after the company reported 47.7% surge in net profit to Rs 160.15 crore on 26.4% rise in sales to Rs 1090.91 crore in Q1 March 2008 over Q1 March 2007.

Aro Granite Industries hit 10% upper circuit at Rs 99.90. The company said a board meet will be held on 9 May 2008 to consider bonus issue.