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Markets pare gains to end flat

IT, auto shares gain

Sohini Sen  |  Mumbai 

Benchmark share indices ended flat amid a volatile trading session on Tuesday as traders rolled over positions from the near-month May series to June. The May derivative contracts expire on Thursday. The ended up 22 points at 16,439. Nifty ended flat at 4,990.

Asian shares rose today on hopes of a stimulus for more growth in China. Moreover, opinion polls in Greece showed a lead for a party favoring the country's economic bailout in upcoming elections. Hang Seng and Shanghai Composite rallied over 1% each.

From the sectoral pack, IT index was up 1% at 5,625. The rupee was trading at 55.56 against the dollar today. Realty and PSU indices were also in the green.

consumer durables and FMCG indices, however, showed weakness and were down around half a per cent each.

ITC was the biggest loser - down 1.5% at Rs 231. Sterlite, Bharti Airtel, Cipla and Sun Pharma were down around 1% each.

However, Maruti Suzuki added 2% at Rs 1,127. Among other auto shares - Bajaj Auto and Hero MotoCorp moved up 1% each.

Software shares were up after worries over political uncertainty in Greece eased on reports which said that the opinion polls are indicating victory for the New Democracy party, which is in favour of a bail-out, in the Greek general re-election to be held next month. The euro-zone is the second largest revenue generator for Indian software exporters after the US. Wipro, Infosys and TCS advanced 1-3% each.

Coal India added 2% at Rs 322. The company posted a 4.92 per cent decline in consolidated net profit to Rs 4,013 crore for the quarter ended March 31, compared with Rs 4,221 crore a year ago. Net sales for the period, however, rose 29.42 per cent to Rs 19,419 crore over Rs 15,005 crore reported in the year-ago period.

ONGC was up 1% Rs 256. ahead of its fourth quarter results today."We expect ONGC to report at PAT of Rs 35.9 billion (v/s adjusted PAT of Rs 25.7 billion in 4QFY11 and Rs 46.4 billion in 3QFY12). We estimate EBITDA at Rs 91.9 billion (up 26.6% Y-o-Y and down 14% Q-o-Q," Motilal Oswal Securities said in its results preview.

Among bank shares, India's largest lender SBI continues to witness value buying and was up 1% at Rs 2,120 after the bank posted better-than-expected results for the fourth quarter eased worries over credit growth and non-performing assets in the banking sector.

Among individual stocks, Lanco Infratech surged 3% on reports that it may exit from the road business in order to focus on power generation, which is the group's core competence.

Hotel Leelaventure said a promoter group firm, Leela Lace Holdings Pvt Ltd, has pledged shares aggregating to 18.56 per cent stake in it to SBI and Bank of Baroda. The stock ended up 4.5%.

market breadth was positive. Out of 2,830 stocks traded, 1,423 shares advanced while 1,278 shares declined in trades.

First Published: Tue, May 29 2012. 15:58 IST