Market turns volatile

The market traded between positive and negative zone in choppy mid-morning trade. The market had opened on a firm note extending last week's rally. It had soon declined into the red, amid mixed Asian markets. Among interest rate sensitive stocks, while banking shares edged lower, realty and auto stocks rose ahead of Reserve Bank of India’s annual monetary policy review tomorrow 29 April 2008. Metal stocks were mixed following reports the government plans to rejig the duty structure to rein in surging steel prices. The market breadth was strong.




At 11:25 IST, the 30-share BSE Sensex was almost unchanged at 17,125.06. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. Sensex hit a low of 17,042.97 in early trade. At day’s low sensex fell 83.01 points.

The broader based S&P CNX Nifty was up 1.95 points or 0.03% at 5,113.65.

The market breadth was strong on BSE with 1363 shares advancing as compared to 917 that declined. 71 remained unchanged.

The BSE Mid-Cap index rose 0.69% to 7104.92 and BSE Small-Cap index rose 0.58% to 8,778.65.




Realty stocks rose. Unitech rose 1.23% to Rs 292.40. Two Middle East-based wireless operators — Kuwait’s Zain and UAE’s Emirates Telecommunications Corporation (Etisalat) — have reportedly joined South Africa’s MTN and Russia’s Altimo in the race to acquire 25-35% stake in Unitech’s new telecom venture.

Anant Raj Industries (up 10.2% to Rs 302.10) and DLF (up 0.8% to Rs 673.50) edged higher. However, Indiabulls Real Estate declined 1.08% to Rs 548.80.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 0.74% to Rs 908.65. It came off from session's high of Rs 947. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.




India’s second largest private sector bank in terms of net profit HDFC Bank rose 2.06% to Rs 1528. However India’s largest commercial bank State Bank of India declined 0.03% to Rs 1,749.

Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra declined 0.38% to Rs 633.25. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities. India’s largest car maker by sales Maruti Suzuki India declined 0.36% to Rs 733.20 while larget motorcycle maker by sales Hero Honda Motors rose 0.95% to Rs 815.

India' s largest truck maker by sales Tata Motors declined 0.09% to Rs 638.55.

Metal stocks were mixed. Sesa Goa surged 6% to Rs 3,710. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. Steel Authority of India (up 0.68% to Rs 178.40) edged higher. But Tata Steel (down 1.69% to Rs 789.75), Hindalco Industries (down 0.69% to Rs 187.70) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.19% to Rs 441. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.




Sterlite Industries (India) rose 2.76% to Rs 859. It reported 46.50% rise in net profit to Rs 306.45 crore on 14.75% rise in sales to Rs 3379.53 crore in Q4 March 2008 over Q4 March 2007.

Jaiprakash Associates (up 3.28% to Rs 253.75), Ranbaxy Laboratoies (up 1.29% to Rs 485), Bharti Airtel (up 1.37% to Rs 938), Reliance Communications (up 1.52% to Rs 585.80), edged higher from Sensex pack.

Cipla (down 2.59% to Rs 218.50), Wipro (down 1.74% to Rs 458.10), Infosys (down 1.03% to Rs 1,669.05), Tata Consultancy Services (down 0.82% to Rs 882.50) and Larsen & Youbro (down 0.98% to Rs 2942.20) edged lower from Sensex pack.




Motilal Oswal Financial Services rose 3.92% to Rs 785. Motilal Oswal Financial Services, whose asset management subsidiary awaits clearance from Securities and Exchange Board of India (SEBI) for launching mutual funds, is reportedly open to the idea of strategic partners for the Asset Management Company (AMC)

Essar Oil declined 2.67% to Rs 273.05. Essar Oil reported net loss of Rs 8.48 crore in Q4 March 2008 as against net profit of Rs 0.99 crore in Q4 March 2007. Sales declined 82.1% to Rs 47.46 crore in Q4 March 2008 over Q4 March 2007. Th company announced the result on 26 April 2008.

Goldiam International hit 5% upper circuit at Rs 56.45. The board approved on 25 April 2008 a buy-back of upto 5.5% of the equity share capital of the company at a price not exceeding Rs 85.