No monsoon magic
STOCKS REPORT
| Players said that the market failed to react to the positive news on expected rainfall as it is too early to bet on monsoons. Says a dealer from a local brokerage, "selling pressure in pharma, IT and media stocks lead to the fall today though selective buying was seen in banking, cement and auto scrips." |
| The breadth of the market remained positive with gainers outpacing losers at 1,008:757. Turnover in the cash segment of BSE was at Rs 2,856.28 crore and on the NSE it was at Rs 6,295.27 crore. |
| Brokers said that reports of the southwest monsoon this year being near-normal is good news for the markets as sectors such as automobiles, cement, pharmaceuticals and FMCG who derive a large part of their revenues from the rural segment will benefit. |
| Heavyweight Reliance Industries fell 1.2 per cent to Rs 565.60 and Hindustan Lever shed 1 per cent to Rs 150.65. |
| Zee Telefilms fell a massive 9 per cent to Rs 131.40, after the company announced lower than expected Q4 results, according to marketmen. |
| IT stocks witnessed profit taking after a broad-based rally in the sector on Tuesday. |
| Tech bellwether Infosys Technologies fell 2.8 per cent to Rs 5,334.70, Satyam Computer was down 2 per cent to Rs 327 and Wipro was down 0.4 per cent to Rs 1,597.70 while Hexaware Technologies gained 3.5 per cent to Rs 407.65. |
| Dr Reddy's Laboratories was down 6.4 per cent to Rs 899.60 and Ranbaxy Laboratories was down 1.8 per cent to Rs 1,019.95. |
| Gujarat Ambuja Cements was up 4 per cent to Rs 329.65, ACC gained 2.6 per cent to Rs 274.20 and Grasim rose 1.2 per cent to Rs 1,172.55. |
| Bank of Punjab was up 6.7 per cent to Rs 28.30, Dena Bank gained up 6 per cent to Rs 34.35, Union Bank of India was up 6 per cent to Rs 67.90 and Oriental Bank of Commerce was up 5.7 per cent to Rs 349. |
| Hindalco fell 3 per cent to Rs 1,296 and Tata Steel was down 2.2 per cent to Rs 394.60. |
| Debutant Power Trading Corporation of India gained 2.3 per cent to Rs 45.25. |