The key indices opened lower after an extended weekend. But markets soon pared losses, led by gains in key IT stocks after sector bellwether Infosys declared its quarterly results. Banking and capital goods stocks edged lower. Asian stocks, which opened before Indian markets, were mixed.
At 10:20 IST, the 30-share BSE Sensex was down 40.76 points or 0.29% at 15,762.42. The Sensex slipped 234.61 points at day’s low of 15,573.03, hit in early trade.
The S&P CNX Nifty was down 13.7 points or 0.29% at 4764.10.
The BSE Mid-Cap index was up 0.13% at 6,531.69 and the BSE Small-Cap index was up 0.42% at 8,115.11.
The market breadth was almost stable: on BSE, 757 stocks gained, 761 stocks declined and 31 stocks were unchanged.
India’s second largest software exporter by sales Infosys Technologies rose 4.05% at Rs 1480 after the company reported 1.46% rise in consolidated net profit to Rs 1249 crore on a 6.34% growth in revenue to Rs 4542 crore in Q4 March 2008 over Q3 December 2007.
Infosys has given guidance of a between 16.3% to 18.3% growth in earnings per share (EPS) to between Rs 92.32 to Rs 93.92 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19.2% to 21.1% growth in revenue to between Rs 19894 crore to Rs 20214 crore for the year ending March 2009 over the year ending March 2008
As per US GAAP, Infosys has given guidance of a 16.7% to 18.7% growth in earnings per American Depository Shares at between $2.31 to $2.35 for the year ending March 2009 over the year ending March 2008. It has given guidance of a between 19% to 21% growth in revenue as per US GAAP to between $4.97 billion to $5.05 billion for the year ending March 2009 over the year ending March 2008
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries fell 1.81% at Rs 2504.
India’s largest private sector bank by assets ICICI Bank was down 2.09% at Rs 771.95.
India’s largest engineering and construction firm by revenue Larsen & Toubro fell 0.87% at Rs 2750.
HDFC Bank (down 2.85% at Rs 1290), Housing Development Finance Corporation (down 2.40% at Rs 2323.95), State Bank of India (down 1.47% at Rs 1643.45), Bharat Heavy Electricals (down 1.49% at Rs 1802.75) and Hindalco Industries (down 1.45% at Rs 173.80), were the top losers from the Sensex pack.
TCS (up 2.24% at Rs 905), Satyam Computer (up 2.10% at Rs 442.30), Ranbaxy Laboratories (up 1.75% at Rs 451.30), and Wipro (up 2.14% at Rs 415), were the top gainers from the Sensex pack.
Mukesh Ambani-controlled Reliance Petroleum (RPL) was the most active stock on BSE in terms of turnover. The RPL stock clocked a turnover Rs 42.02 crore, while the stock was up 1.62% at Rs 184.90.
Asian markets were trading mixed today, 15 April 2008 after a sell-off on Monday, 14 April 2008. Key indices in Taiwan, Singapore and Japan were up 0.31% to 0.60%. However, indices in South Korea, Hong Kong and China were down 0.06% to 1.19%.
US markets slipped yesterday, 14 April 2008, after Wachovia declared an unexpected first quarter loss. On the other hand, a US government report declared better-than-expected growth in retail sales. The Dow Jones industrial average slipped 23.36 points, or 0.19%, to 12,302.06. The S&P 500 index was down 4.51 points, or 0.34%, to 1,328.32, and the Nasdaq Composite index dropped 14.42 points, or 0.63%, to 2,275.82. US markets had suffered sharp losses on Friday, 11 April 2008.
Back home, Indian market remained closed on Monday, 14 April 2008 on account of public holiday.
The 30-share BSE Sensex rose 112.54 points or 0.72% at 15,807.64 on Friday, 11 April 2008. The S&P CNX Nifty was up 44.80 points or 0.95% at 4777.80 on that day.
The wholesale price index rose 7.41% in 12 months to 29 March 2008, accelerating from the previous week's annual rise of 7%, government data showed on Friday, 11 April 2008, sparking concerns that the Reserve Bank of India may tighten monetary policy. The rate is the highest reading since 13 November 2004 when it was 7.68%. The annual inflation rate was 5.94% during the corresponding week of the previous year.
India's industrial output (IIP) rose 8.6% in February 2008 from a year earlier, rising from the previous month's upwardly revised 5.8% growth, data showed on Friday, 11 April 2008
As per provisional data, foreign funds sold shares worth a net Rs 173 crore on Friday, 11 April 2008. Domestic funds purchased shares worth a net Rs 326.04 crore on that day.
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