Business Standard

Sensex ends flat post volatile trades

Metal, IT shares languish

Read more on:    Sensex | Bse | Nse | Stock Market
Related News

The has ended (provisional) at 17239 - up three points. Nifty ended up six points at 5,235.
_____________________________________
(Updated at 1435 hrs)

Markets were volatile in a narroe range in late noon trades with the Sensex having dropped into the negative zone once again. The benchmark index was flat at 17,237. Nifty meanwhile traded up marginally at 5,234.

Asian markets were mostly in red with Nikkei shedding 0.6% to 8,642, while Kospi and Taiwan dropped marginally. However, Shanghai Composite index jumped 1% to 2,123 on stimulus hopes and reports of share buybacks.

India's exports fell 5.45 percent to $25.1 billion in June, while imports fell 13.46 percent to $35.4 billion, leaving a trade deficit of $10.3 billion, government data showed on Wednesday.

After recording strong growth for much of last year, India's overseas sales have tanked, with officials blaming weak demand in the United States and Europe for the fall.

BSE metal index shed 1% to 10,381, mirroring movement in the London Metal Exchange. IT index slid 0.5% to 5,317. Meanwhile, BSE healthcare index added 1% to 7,217. Capital goods, realty and power indices were up  nearly 1% each.

Cipla added 4.5% to Rs 354. The company's Q1FY13 net profit was up at Rs 400.7 cr versus Rs 253 cr, YoY. Its net sales were up at Rs 1917.4 cr versus Rs 1591 cr, YoY.

BHEL added 2%, followed by Tata Power, HDFC and SBI.

Meanwhile, Coal India slipped 3.3% at Rs 347 on reports that the board of the State-owned company has decided to revise the contentious penalty clause in the fuel supply agreements (FSAs) to be signed with the power firms. CIL has also agreed to supply at least 80% of the required fuel to power firms.

IT, auto and metal stocks remained under pressure after Tuesday's monetary policy review by the RBI. Hero MotoCorp shed 2% at Rs 1,966. ONGC, Tata Steel and Sterlite have slipped 1% each.

Bharti Airtel dipped 0.8% at Rs 298 on reports that the company is exploring issuing new shares to raise funds, including external commercial borrowings.

"Bharti is a counter where we have seen shorts buliding pushing the price below 300 forcing traders holding longs to unwind their positions. This coupled with Call writers becoming active at 300 strike make us believe that this counter has very imited upside and become a perfect SELL/UNDERPERFORM candidate," said Shshank Mehta, Derivatives Strategist, Shah Investor's Home Ltd.

Among individual shares, Deccan Chronicle Holdings (DCHL) has extended losses and was locked in 10% lower circuit at Rs 13.95, continuing at its downward march, falling almost 50% in past nine trading sessions on the back of slew of negative developments at the company.

IDBI Bank shares fall 1.8% to Rs 86.30, a day after the public sector lender posted a lower-than-expected April-June net profit of 7.71 billion Indian rupees.

PVR Limited has soared 14% TO Rs 188 after the media company said its board approved plans to raise up to Rs 100 crore for expansion, by issuing equity shares to L Capital Eco at a premium on preferential basis.

Read more on:   
|
|
|

Read More

Markets post best gains in 3-months on Fed optimism

The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE

Quick Links

 

Market News

WB summer rice crop likely to be higher by 25% to 7.5 mn tonne

Nearly 68% of total population of West Bengal resides in rural areas, according to last census

Potato prices spurt on output damage

Unseasonal rainfalls, hailstorms hit the crop badly

Markets closed on account of election day in Mumbai

Markets will remain closed today on account of voting for the general elections in Mumbai constituencies

Sebi revises norms for liquidity enhancement schemes

Exchanges can provide trading incentives for three years

Slow start for VIX futures

High costs, lot size said to be impediments

Back to Top