The market gyrated in a narrow range in mid-afternoon trade after suffering sharp losses in earlier part of the day triggered by dismal industrial production data. The industrial production growth dropped sharply to 3% in March 2008. Weak US markets on Friday, 9 May 2008 had dampened sentiment in early trade. However firm European and Asian markets, helped market reverse early losses
At 14:28 IST, the 30-share BSE Sensex was down 2.78 points or 0.02% to 16,734.29. Sensex hit a low of 16,546.55 in early-afternoon trade. At the day’s low, Sensex lost 190.52 points. Sensex gained 45.55 points at the day's high of 16,782.62 struck in afternoon trade.
The broader based S&P CNX Nifty was down 13.90 points or 0.28% at 4,968.70.
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 1972 shares declining as compared to 661 that advanced. 48 remained unchanged.
The BSE Mid-Cap index was down 1.76% to 6,869.64 while the BSE Small-Cap index shed 1.84% to 8,349.22. Both these indices underperformed the Sensex
The total turnover on BSE amounted to Rs 4414 crore by 14:30 IST as compared to Rs 3418 crore by 13:30 IST
Among the 30-member Sensex pack, 17 declined while the rest gained.
India’s largest pharma company in terms of sales, Ranbaxy Laboratories surged 4.38% to Rs 490 on 2.88 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 0.95% to Rs 1767.10), advanced.
A depreciating rupee augurs well for IT companies as they derive over 50% of their revenues from exports to US.
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries (RIL) retraced from day’s low of Rs 2480 and was now up 0.16% to Rs 2531.70 on 6.70 lakh shares.
Banking stocks staged smart recovery from lower levels. India's biggest commercial bank, State bank of India was down 1.41% to Rs 1652, 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 0.52% to Rs 1459.55 recovering from session's low of Rs 1430.
India’s largest power generation company in terms of sales, NTPC declined 0.34% to Rs 191.15 after its board decided setting up a research and development fund for undertaking activities leading to development of sustainable energy. The company will allocate 0.5% of distributable profit annually for sustainable energy initiative.
Diversified company Grasim lost 3.64% to Rs 2254.80 on 23,286 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.15% to Rs 243.40, off day’s low of Rs 235), ACC (down 2.36% to Rs 695.20, off day’s low of Rs 690), and DLF (down 2.10% to Rs 617.20, off day’s low of Rs 607.75), though in the red were off their day’s low.
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 5.85% to Rs 353), Hindustan Petroleum Corporation (down 2.60% to Rs 236), 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 9.03% to Rs 298.70 after striking an all time high of Rs 302.10 buoyed by anticipation that higher crude oil prices will boost realisations.
Novartis India declined 1.40% to Rs 303 on reporting 10% fall in net profit to Rs 21.53 crore on 5.4% growth in net sales to Rs 130.56 crore in Q4 March 2008 over Q4 March 2007. The company announced the results during after trading hours on Friday, 9 May 2008.
JBM Auto surged 2.69% to Rs 45.80 after the company said it has signed a joint venture with Ashok Leyland to supply sheet metal components. The company made this announcement during trading hours today, 12 May 2008
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