Firm opening of European markets, which opened after Indian market, lifted sentiment in afternoon trade. The market had suffered a sharp fall in early afternoon trade triggered by dismal industrial production data. The industrial production growth dropped sharply to 3% in March 2008.
The market had slumped in early trade due to fall in US markets on Friday, 9 May 2008. Asian markets, which opened before Indian market, reversed early losses with most of them trading in green.
At 13:28 IST, the 30-share BSE Sensex was almost unchanged at 16,737.51. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 37.43 points at the day's high of 16,774.50 struck in early afternoon trade.
The broader based S&P CNX Nifty was down 10.70 points or 0.21% at 4,971.90.
Industrial production rose 3% in March 2008 from a year earlier, slowing from the previous month's unrevised 8.6%, government data showed on Monday, 12 May 2008. It was the slowest annual growth since a 2.4% rise in February 2002.
Manufacturing production rose 2.9% in March 2008 from a year earlier, compared with 8.6% growth in February 2008. Industrial output rose 8.1% in 2007/08 compared with 11.6% in 2006/07.
The market breadth was weak on BSE with 1998 shares declining as compared to 555 that advanced. 44 remained unchanged.
The BSE Mid-Cap index was down 2.13% to 6,843.74 while the BSE Small-Cap index shed 2.17% to 8,321.08. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 3418 crore by 13:30 IST as compared to Rs 2746 crore by 12:30 IST
Among the 30-member Sensex pack, 18 declined while the rest gained.
Diversified company Grasim lost 3.43% to Rs 2259.80 on 18,559 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.30% to Rs 243, off day’s low of Rs 235), Reliance Energy (down 1.55% to Rs 1311.50, off day’s low of Rs 1275.10), and DLF (down 2.15% to Rs 616.90, off day’s low of Rs 607.75), though in the red were off their day’s low.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) declined 0.74% to Rs 2509 on 5.10 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India was down 1.12% to Rs 1657, off day’s low of Rs 1620. India's biggest private sector bank in terms of net profit, ICICI Bank was down 0.20% to Rs 872.40, off day’s low of Rs 861.15. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.20% to Rs 1455 recovering from session's low of Rs 1430.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories advanced 2.89% to Rs 482.55 on 1.79 lakh shares. It was the top gainer from Sensex pack. The company is reportedly mulling a research & development deal with a foreign company.
IT stocks advanced on fresh buying as the rupee fell below 42 level against the dollar, at its lowest in almost 13 months. India’s fourth largest software services exporter Satyam Computer Services (up 2.87% to Rs 487), TCS (up 0.90% to Rs 925.15), Wipro (up 1.42% to Rs 508.30), and Infosys Technologies (up 1.97% to Rs 1784.90), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 290.01 crore followed by Reliance Petroleum (Rs 193.03 crore), Reliance Capital (Rs 169.93 crore), Reliance Industries (Rs 129.51 crore), and Cairn India (Rs 111.48 crore), in that order
Shares of state-run oil marketing companies declined as US light crude for June delivery was hovering near $126.14 a barrel today, 12 May 2008 after soaring to a record high of $126.27 in late trade on Friday, 9 May 2008. Bharat Petroleum Corporation (down 5.14% to Rs 355.65), Hindustan Petroleum Corporation (down 3.65% to Rs 233.45), and Indian Oil Corporation (down 6.25% to Rs 415), declined.
The sharp spurt in crude prices is putting further pressure on fuel retailers as they continue to sell products below the cost price.
However oil exploration company Cairn India surged 5.88% to Rs 290.05 after striking an all time high of Rs 292.10 buoyed by anticipation that higher crude oil prices will boost realisations.
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