Bank shares down after inflation data

The market witnessed a bout of volatility after the latest data showed a surge in inflation to highest level in more than three years. Banking and oil & gas stocks edged lower. The market breadth was positive.
Asian markets were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.60% to 2.06%.

At 12:20 IST, the 30-share BSE Sensex was down 31.87 points or 0.19% at 17,048.78. The index lost 106.03 points at day’s low of 16,974.62, hit in early trade. Sensex rose 45.3 points at the day's high of 17,125.95, hit in early trade.




The broader based S&P CNX Nifty was down 12.85 points or 0.25% at 5068.85.

The market breadth was positive on BSE with 1275 shares advancing as compared to 1177 stocks that declined. 69 stocks remained unchanged.

The BSE Mid-Cap index rose 0.01% to 7,153.80 and BSE Small-Cap index rose 0.39% to 8,723.30.

The top Sensex gainers were, Bharti Airtel (up 3.12% at Rs 853.10), Reliance Communication (up 1.91% at Rs 553.30), Wipro (up 1.38% at Rs 504), Satyam Computer (up 1.15% at Rs 476.50), and Ranbaxy Laboratories (up 1.05% at Rs 475).

Top Sensex losers were, ACC (down 1.94% at Rs 728.50), Bharat Heavy Electricals (down 1.72% at Rs 1729.90), Housing Development Finance Corporation (down 1.57% at Rs 2679.90), Hindalco Industries (down 1.64% at Rs 177.10) and TCS (down 1.24% at Rs 932).




The BSE Bankex was down 0.41% to 8,720.01. HDFC Bank (down 2.12% at Rs 1,476.45), Centurion Bank of Punjab (down 2.01% at Rs 48.80), Axis Bank (down 0.50% at Rs 859), and State Bank of India (down 0.10% at Rs 1,728.15), slipped.

India's largest private sector bank by assets ICICI Bank rose 0.99% to Rs 900.15.

The BSE Oil & Gas index was down 0.83% to 11,531.42. Reliance Petroleum (down 3.73% at Rs 189.50), Gail India (down 2.41% at Rs 412.40), BPCL (down 0.91% at Rs 381.05), ONGC (down 0.80% at Rs 1,020.10), Indian Oil Corporation (down 0.74% at Rs 446.45), slipped. However, HPCL rose 0.26% to Rs 246.80.

India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.65% at Rs 2647.




Among the side counters, Reliance Industrial Infrastructure (down 5% at Rs 1,392.65), Reliance Capital (down 3.24% at Rs 1,340), Nagarjuna Construction Company (down 2.86% at Rs 212.55), Chennai Petroleum (down 2.75% at Rs 370) and Indiabulls Financial Services (down 2.67% at Rs 477.90), dropped.

Side counter stocks that gained were, Max India (up 10% at Rs 163.50), Godrej Industries (up 8.70% at Rs 309.70), United Breweries Holdings (up 7.84% at Rs 755), Rajesh Exports (up .62% at Rs 102), and Videocon Industries (up 4.05% at Rs 381.10).