The market rebounded from early lows as pivotals staged a comeback ahead of the industrial production data which will be released by noon today, 12 May 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 11:28 IST, the 30-share BSE Sensex was down 45.27 points or 0.27% at 16,691.80. It opened 95.62 points lower at 16,641.45 and slipped further to hit a low of 16,559.55 in early trade. At the day’s low, Sensex lost 177.52 points.
The broader based S&P CNX Nifty was down 18.20 points or 0.37% at 4,964.40.
The key data which the market will be eyeing today, 12 May 2008, is the industrial production data for March 2008. Industrial production had risen 8.6% in February 2008, bouncing from January 2008's upwardly revised figure of 5.8%.
The market breadth was weak on BSE with 1889 shares declining as compared to 419 that advanced. 37 remained unchanged.
The BSE Mid-Cap index was down 2.32% to 6,830.52 while the BSE Small-Cap index shed 2.47% to 8,295.18. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 1616 crore by 11:30 IST as compared to Rs 869 crore by 10:30 IST
Among the 30-member Sensex pack, 19 declined while the rest gained.
India’s top tractor maker Mahindra & Mahindra (M&M) slipped 2.86% to Rs 653.05 on 14,789 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.10% to Rs 243.50, off day’s low of Rs 235), Reliance Energy (down 2.74% to Rs 1295.50, off day’s low of Rs 1275.10), and ACC (down 2.53% to Rs 694, off day’s low of Rs 690.15), 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 0.75% to Rs 2508.80 on 1.94 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
IT stocks turned mixed after firm start. India’s fourth largest software services exporter Satyam Computer Services advanced 2.78% to Rs 486.75 on 3.65 lakh shares. It was the top gainer from Sensex pack.
TCS (up 0.74% to Rs 924.25) and Wipro (up 0.56% to Rs 504), also logged gains
However India’s second largest software services exporter Infosys Technologies shed 0.80% to Rs 1736.90, off day’s high of Rs 1779.70.
IT pivotals advanced after Indian rupee fell to the lowest level in almost 13 months. A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest state run engineering company in terms of outstanding order book position Bharat Heavy Electricals gained 0.43% to Rs 1732 after the company said it has signed a memorandum of understanding with Andhra Pradesh Power Generation Corp for setting up a 125 megawatt coal-based power plant.
Ranbaxy Laboratories (up 1.41% to Rs 476.05), and ITC (up 1.37% to Rs 221.30), edged higher from Sensex pack.
Power Finance Corporation declined 2.11% to Rs 160.40 on reporting 19.9% fall in net profit to Rs 295.4 crore on 10.39% increase in net sales to Rs 1366.86 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday, 10 May 2008.
Arvind Mills fell 4.7% to Rs 47.60 on posting 0.6% decline in net profit to Rs 5.37 crore on 35.4% rise in sales to Rs 658.37 crore in Q4 March 2008 over Q4 March 2007. The company announced the results on Saturday 10 May 2008
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