The key benchmark indices were trading lower in the mid-morning trade. Market had seen a bout of volatility in early trade. The market is awaiting weekly inflation data which will be announced by the government at about 12:00 IST today. Banking and healthcare stocks rose while realty and metal stocks fell. Asian markets were trading mixed. The market breadth was strong due to buying in select mid-cap and small-cap stocks.
At 11:23 IST, the 30-share BSE Sensex was down 53.04 points or 0.35% at 15,194.56. At the day’s low of 15,162.48, Sensex lost 87.72 points in mid-morning 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 27.5 points or 0.61% at 4,511.85.
The market breadth was strong on BSE with 1,221 shares advancing as compared to 886 that declined. 63 remained unchanged. Among the 30 stocks from Sensex pack, 22 were trading in red.
The BSE Mid-Cap index rose 0.32% to 6,243.18 and BSE Small-Cap index up 0.72% to 7,580.44. Both these indices outperformed Sensex.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.31% to Rs 2,274.90.
Metal stocks declined. Steel Authority of India (down 2.58% to Rs 158.60), Sterlite Industries (down 2.38% to Rs 786), National Aluminium Company (down 1.96% to Rs 470.90), Hindalco Industries (down 1.21% to Rs 175.50) and Tata Steel (down 1.17% to Rs 846.80) edged lower.
Realty stocks which had seen some buying in last two days fell today. Indiabulls Real Estate (down 4.05% to Rs 378.95), DLF (down 2.39% to Rs 485.80) and Unitech (down 1.56% to Rs 186.05) edged lower.
Healthcare stocks rose. India’s biggest drugmaker by sales Ranbaxy Laboratories rose 3.05% to Rs 560.05. 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.
Pfizer's Indian arm surged 7.88% to Rs 638.50. Wockhardt (up 2.85% to Rs 251) and Dr Reddy’s Laboratories (up 0.34% to Rs 703.20) edged higher.
Banking stocks rose. India’s largest commercial bank State Bank of India rose 0.73% to Rs 1,349.45. 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.
India’s largest private sector bank by net profit ICICI Bank rose 1.63% to Rs 754.40.
India’s largest dedicated housing finance firm by operating income HDFC declined 0.64% 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.
Tata Motors (up 0.85% to Rs 511.65), Tata Consultancy Services (up 0.73% to Rs 895), Bharat Heavy Electricals (up 0.41% to Rs 1,525), Infosys (up 0.29% to Rs 1,883) and ACC (up 0.28% to Rs 634.45) edged higher from Sensex pack.
Hindustan Unilever (down 2.17% to Rs 227.40), Maruti Suzuki India (down 1.99% to Rs 721.70), NTPC (down 1.81% to Rs 160.20), Reliance Infrastrucutre (down 1.67% to Rs 1,029), and Jaiprakash Associates (down 1.53% to Rs 183.35) edged lower from Sensex pack.
India’s third largest IT exporter by sales Wipro declined 1.74% to Rs 474.70. 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 was down 0.16% to Rs 2,701. 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.
PSL rose 2.53% to Rs 349.95 after it won a contract worth Rs 123 crore from BPCL.
Jammu & Kashmir Bank rose 1.26% to Rs 621.85 after it raised its prime lending rate (PLR) by 100 basis points to 14%, with effect from 12 June 2008.
Financial Technologies rose 0.26% to Rs 1,529. The company’s net profit declined 7.7% to Rs 24.85 on 27.3% rise in sales to Rs 39.28 crore in Q4 March 2008 over Q4 March 2007.The company announced result after market hours on 12 June 2008.
IFCI declined 1.77% to Rs 58.30. The board has approved the initiation of the legal process for aligning the stake of LIC to 8.39% as requested by LIC from its current stake of 11.35% in the company.
No comments:
Post a Comment