The key benchmark indices opened positive but soon slipped in red in amid volatility ahead of inflation data to be announced by the government at about 12:00 IST today. Banking stocks rose while realty stocks fell. Asian markets were trading mixed. The market breadth was strong due to buying in select mid-cap and small-cap stocks.
At 10:30 IST, the 30-share BSE Sensex was down 43.62 points or 0.29% at 15,206.79. At the day’s low of 15,201.21, Sensex lost 48.99 points in early trade. At the day’s high of 15,337.10 Sensex gained 86.9 points in early trade.
The broader based S&P CNX Nifty was down 23 points or 0.51% at 4,516.35.
The market breadth was strong on BSE with 1,011 shares advancing as compared to 694 that declined. 52 remained unchanged. Among the 30 stocks from Sensex pack, 22 were trading in red.
The BSE Mid-Cap index rose 0.26% to 6,239.89 and BSE Small-Cap index up 0.69% to 7,577.98. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries was flat at Rs 2,284.50.
Banking stocks rose. India’s largest commercial bank State Bank of India was flat at Rs 1,339.50. The asset-liability committee of State Bank of India (SBI), will be reviewing interest rates today following the latest RBI move to raise repo rate.
The Reserve Bank of India on Wednesday, 11 June 2008, hiked repo rate by 25 basis points to 8% with immediate effect in an effort to contain rising inflation.
HDFC Bank (up 0.12% to Rs 1164.85) and ICICI Bank (up 1.95% to Rs 756.80) edged higher.
India’s largest dedicated housing finance firm by operating income HDFC declined 0.69% to Rs 2,160. HDFC chairman Deepak Parekh said on Thursday, 12 June 2008, HDFC will take a decision on raising interest rates on home loans by end of this month. He said there was upward pressure on interest rates.
Realty sector which had seen some buying in last two days fell today. Indiabulls Real Estate (down 2.77% to Rs 384), DLF (down 1.1% to Rs 492.25) and Unitech (down 0.98% to Rs 186.95) edged lower.
Bharat Heavy Electricals (up 0.74% to Rs 1,530), Infosys (up 0.66% to Rs 1,890), Tata Consultancy Services (up 0.56% to Rs 893.50), Tata Motors (up 0.68% to Rs 510.80) and Larsen & Toubro (up 0.24% to Rs 2,708) edged higher from Sensex pack.
Maruti Suzuki India (down 1.61% to Rs 724.50), Reliance Infrastrucutre (down 1.53% to Rs 1,030.50), NTPC (down 1.29% to Rs 161), Hindustan Unilever (down 1.4% to Rs 229.20) and Tata Steel (down 0.86% to Rs 849.50) edged lower from Sensex pack.
India’s biggest drugmaker by sales Ranbaxy Laboratories rose 2.75% to Rs 558.40. Drug maker Pfizer Inc may reportedly make a hostile bid for the 65% stake in Ranbaxy not held by its founders. Daiichi Sankyo Co., Japan's third-largest drug maker, had agreed on 11 June 2008 to buy a controlling stake in Ranbaxy for as much as $4.6 billion.
India’s third largest IT exporte by sales Wipro rose 0.4% to Rs 485.05. It is reportedly bidding for 12 contracts worth at least $100 million each as it seeks bigger clients.
India’ largest engineering and construction firm by sales Larsen & Toubro rose 1.21% to Rs 2,736. Due to unfavourable market condition, L&T has reportedly decided to delay the listing of its software business unit L&T Infotech to 2009-10. The firm had earlier decided to go for L&T Infotech's initial public offer in the second half of this fiscal.
Sun Pharmaceutical Industries declined 0.8% to Rs 1,465. Sanofi-Aventis SA, France's largest drugmaker, has reportedly sued Sun Pharmaceutical Industries, alleging infringement of a US patent for Uroxatral, used to treat an enlarged prostate gland.
Jet Airways rose 1.26% to Rs 550. It has reportedly decided to pull out of negotiations to buy a strategic stake in Delhi-based low-cost carrier SpiceJet from its key shareholders owing to differences over valuation. SpiceJet has a market capitalisation of around Rs 801.36 crore (as on 12 June 2008). However, the key shareholders of Spicejet have valued the company at Rs 1,200 crore to Rs 1,320 crore and are not ready to sell it below this price, the reports added.
Essar Steel Holdings was flat at Rs 51.80. US-based steel firm Esmark Inc has reportedly rejected a $1.24 billion takeover offer by Russia's Severstal. The decision came a day after Essar Steel Holdings said it intends to increase its own offer for Esmark to $19 per share -- $2 per share more than Severstal's offer.
Asian markets were trading mixed. Key benchmark indices in Hong Kong, South Korea, were down by between 0.47% to 0.76%. Key benchmark indices in Japan, Singapore and Taiwan were up by between 0.32% to 1.13%.
US stocks rose on Thursday after a stronger-than-expected May 2008 retail sales report and a $46 billion takeover bid for Anheuser-Busch from an overseas rival helped the market recover from a string of deep losses. The Dow Jones Industrial Average gained 57.81 points or 0.48% at 12,141.58. The tech-laden Nasdaq Composite Index gained 10.34 points or 0.43% at 2,404.35.
Oil was trading below $137 a barrel, near record highs of $139.12 hit last Friday, 6 June 2008.
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