The market which had recouped its earlier entire losses to post gains dropped once agian in early afternoon trade as industrial production data hit market at about 12:00 IST. 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 12:28 IST, the 30-share BSE Sensex was down 132.45 points or 0.79% at 16,607.92. 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 49.25 points or 0.99% at 4,933.25.
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.
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 1977 shares declining as compared to 487 that advanced. 39 remained unchanged.
The BSE Mid-Cap index was down 2.13% to 6,843.74 while the BSE Small-Cap index shed 2.28% to 8,312.09. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 2746 crore by 12:30 IST as compared to Rs 1616 crore by 11:30 IST
Among the 30-member Sensex pack, 23 declined while the rest gained.
Banking stocks were trading lower. State bank of India (down 1.72% to Rs 1646.80), ICICI Bank (down 0.60% to Rs 868.80), and HDFC Bank (down 0.15% to Rs 1450.50), declined.
Diversified company Grasim lost 3.43% to Rs 2259.80 on 11213 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 2.74% to Rs 1295.50, off day’s low of Rs 1275.10), and DLF (down 2.51% to Rs 614.55, 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 1.05% to Rs 2501 on 4.26 lakh shares. The stock had dipped to low of Rs 2480 in early trade.
India’s top tractor maker Mahindra & Mahindra (M&M) slipped 2.08% to Rs 658.25. The company said on Friday, 9 May 2008, it is hiking vehicle prices in the range of 1.5% to 2.5% due to rise in input costs. The price hikes will come into effect from 19 May 2008.
IT stocks retraced after firm start. India’s fourth largest software services exporter Satyam Computer Services advanced 2.13% to Rs 483.50, off day’s high of Rs 490.70. 4.56 lakh shares changed hands on the counter on BSE. It was the top gainer from Sensex pack.
TCS (down 0.19% to Rs 915.70, off day’s high of Rs 934) and Wipro (down 0.05% to Rs 500.95, off day’s high of Rs 495.50) and Infosys Technologies (down 1.16% to Rs 1730.20, off day’s high of Rs 1779.70) declined.
Ranbaxy Laboratories (up 1.60% to Rs 476.95), and ITC (up 0.37% to Rs 219.10), edged higher from Sensex pack.
Aishwarya Telecom was the top traded counter on BSE with turnover of Rs 238.97 crore followed by Reliance Petroleum (Rs 163.36 crore), Reliance Capital (Rs 142.66 crore), Reliance Industries (Rs 111.67 crore), and Reliance Natural Resources (Rs 89.79 crore), in that order
Indiabulls Real Estate slumped 6.38% to Rs 506 despite reports that the company is planning to invest Rs 1000 crore to expand its retail business in the next 2-½ years.
Tata Metaliks declined 2.65% to Rs 170.65 following reports the company is planning to invest Rs 1000 crore to build a 0.8 million tonnes plant for manufacturing long products in the state Karnataka.
Mysore Cements rose 4.35% to Rs 38.20 after the company’s board gave its approval to amalgamation of Indorama Cement and Heidelberg Cement India with the company. The company announced this after market hours on Friday 9 May 2008.
Asian Paints slipped 1.57% to Rs 1200 despite posting 22.8% rise in net profit to Rs 84.84 crore on 18.84% increase in total income to Rs 879.71 crore in Q4 March 2008 over Q4 March 2007. The company announced the results after trading hours on Friday, 9 May 2008.
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