The market snapped last two day’s rally to end in the red. The 30-share BSE Sensex fell below 17,000 level in late trading before once again regaining that level shortly. Investors were cautious ahead of central bank’s monetary policy meet tomorrow, 29 April 2008. Capital goods, IT and oil & gas stocks slipped. European markets which opened after Indian market were in the green.
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 negative.
The 30-share BSE Sensex provisionally ended down 102.62 points or 0.6% to 17,023.36. The market had moved in a narrow range, moving between positive and negative zone in early afternoon trade. A bout of volatility was witnessed earlier in the day. The market had opened on a firm note extending last week's rally. 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 16,978.89 in late trade. At day’s low Sensex fell 147.09 points.
The BSE clocked a turnover of Rs 5511 crore as compared to Rs 6060.58 crore on Friday, 25 April 2008.
The broader based S&P CNX Nifty was down 15.80 points or 0.31% at 5,095.90 as per provisional figures.
The market breadth was negative on BSE with 1283 shares advancing as compared to 1389 that declined. 68 remained unchanged.
The BSE Mid-Cap index rose 0.13% to 7065.52 while BSE Small-Cap index declined 0.22% to 8,708.59.
Capital Goods stocks declined. Larsen & Toubro (down 0.98% to Rs 2,942.15), and Suzlon Energy (down 3.91% to Rs 278) edged lower. India’s largest electric equipment maker by sales Bharat Heavy Electricals was flat at Rs 1,867.
Oil & gas stocks were mostly in the red. Reliance Industries (down 1.32% to Rs 2,589.80), ONGC (down 0.45% to Rs 1,050.20), Reliance Petroleum (down 0.49% to Rs 193.80), BPCL (down 0.38% to Rs 391.10) and GAIL India (down 1.92% to Rs 436.50) edged lower. However, Indian Oil (up 1.88% to Rs 445) and HPCL (up 1.8% to Rs 252.05) edged higher.
Oil marketing firms Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are making losses on retail sale of petrol and diesel as they are not allowed to pass on the rise in oil prices to retail consumers.
Consumer durables stocks rose. Titan Industries (up 6.75% to Rs 1,195), Lloyd Electric (up 3.47% to Rs 113.30), Videocon Industries (up 0.58% to Rs 378.90) edged higher.
IT stocks declined. Wipro (down 1.35% to Rs 459.90), Infosys (down 1.27% to Rs 1,664.95), Satyam Computer Services (down 0.37% to Rs 442.95) and Tata Consultancy Services (down 0.76% to Rs 883) edged lower.
Realty stocks rose. Unitech rose 1.61% to Rs 293.50. 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 8.01% to Rs 296.10) and DLF (up 0.06% to Rs 668.55) edged higher. However, Indiabulls Real Estate declined 2.56% to Rs 540.80. If the interest rates move up further, the cost of capital for new as well as ongoing realty projects will increase. The real estate market is already witnessing a slowdown and this will compound the problem.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 2.31% to Rs 894.95. 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 1.38% to Rs 1517.95. However India’s largest commercial bank State Bank of India declined 0.77% to Rs 1,736.65.
India’s largest tractor maker by sales Mahindra & Mahindra declined 0.08% to Rs 635.25. 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 1.68% to Rs 724.90 while largest motorcycle maker by sales Hero Honda Motors rose 1.34% to Rs 818.15.
India' s largest truck maker by sales Tata Motors declined 0.86% to Rs 633.60.
Metal stocks were mixed. Sesa Goa surged 5.91% to Rs 3,707. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. But Tata Steel (down 3.19 % to Rs 777.70), Steel Authority of India (down 0.82% to Rs 175.75), Hindalco Industries (down 1.48% to Rs 186.20) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.52% to Rs 439.50. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.
Sterlite Industries (India) rose 2.63% to Rs 857.90. 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 3.11% to Rs 253.35), Reliance Communications (up 2.12% to Rs 589.30), HDFC (up 1.04% to Rs 2725), Ranbaxy Laboratoies (up 0.28% to Rs 480.15), ITC (up 1.06% to Rs 215) edged higher from Sensex pack.
Cipla (down 3.41% to Rs 216.65), Ambuja Cement (down 1.05% to Rs 113.60), ACC (down 1.03% to Rs 774.70), Grasim Industries (down 0.56% to Rs 2634) edged lower from Sensex pack.
India’s second largest power utility firm by sales Reliance Energy rose 2.43% to Rs 1391.95. The company’s net profit rose 35.33% to Rs 1084.63 crore on 14.08% rise in total income to Rs 7501.2 crore in FY 2008 over FY 2007.
Refex Refrigerant declined 1.14% to Rs 230. It hit a 52 week high of Rs 238.80 today. From the recent low of Rs 166.65 on 8 April 2008 the stock rose 39.6% to Rs 232.65 on 25 April 2008.
Reliance Natural Resources remained flat at Rs 123.90. The company’s net profit rose 137.62% to Rs 68.59 crore on 51.1% rise in total income to Rs 367.3 crore in FY 2008 over FY 2007.
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