Thursday, May 3, 2012

Indian Stock Market : Sensex ends below 17,200; auto, banks, metals down

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The Sensex closed in the red, led by losses in auto, banks, metals and realty stocks even as the European markets remained firm.

The Sensex closed at 17,163.89, down 138.02 points, or 0.80 percent. It touched an intraday high of 17,271.77 and a low of 17,120.86.

The Nifty ended at 5,192.25, down 46.90 points, or 0.90 percent. It touched an intraday high of 5,217.30 and a low of 5,180.65.

The BSE Midcap Index fell 0.87 percent and the BSE Smallcap Index declined 0.89 percent.

Among sectoral indices, the BSE Auto Index was down 2.44 percent, the BSE Bankex declined 1.69 percent and the BSE Metal Index was 1.64 percent lower. The BSE IT Index was up 0.66 percent.

Indian Stock Market : Nifty ends below 5,200; auto, metals, banks down

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The Nifty closed below the intermediate support level of 5,200 as a weak rupee and lack of conviction among investors hurt sentiment.

The benchmark has drifted closer to the lower end of the trading range of 5,180-5,300 as foreign institutional investors await clarity on GAAR, a proposed retrospective taxation of cross-border transactions and a reduction in fuel subsidies. The Finance Bill will be debated in Parliament early next week.

The rupee slipped below 53 per dollar, a new four-month low, on increased demand for the greenback from importers and foreign banks. The rupee was at 53.44 per dollar, down 48 paise, against its previous close of 52.96 per dollar.

The Nifty ended at 5,188.40, down 50.75 points, or 0.97 percent. It touched an intraday high of 5,217.30 and a low of 5,180.65.

The Sensex closed at 17,151.19, down 150.72 points, or 0.87 percent. It touched an intraday high of 17,271.77 and a low of 17,120.86.

The BSE Midcap Index fell 1.02 percent and the BSE Smallcap Index declined 1 percent.

Among sectoral indices, the BSE Auto Index was down 2.43 percent, the BSE Metal Index declined 1.75 percent and the BSE Bankex was 1.74 percent lower. The BSE IT Index was up 0.71 percent.

Banks witnessed selling pressure following the Reserve Bank of India's directive to set aside more capital to meet the BASEL III requirements.

Hero MotoCorp (7.55%), Axis Bank (3.94%), Bank of Baroda (3.39%), Maruti Suzuki (3.24%) and IDFC (2.89%) were among the top Nifty losers.

Hero MotoCorp posted a 20% increase in net profit to Rs 603 crore in the quarter ended March, narrowly missing analysts' estimates, as higher raw material costs damped gains from record sales of bikes and scooters. Its total turnover (net sales and other income) in the fourth quarter rose 12% to Rs 6,035 crore driven by higher volume growth as sales jumped 8% to 15.72 lakh units. The company announced a dividend of Rs 45 per share.

Hero MotoCorp results were largely in line with estimates, but net profit came in 4% below estimates due to a higher tax rate, said a CLSA report.

The announcement of Rs 45/share dividend will come as a disappointment given expectations were of Rs 80 plus and it could take a toll on Hero's premium multiples, it added.

Asian Paints (2.37%), Hindustan Unilever (2.32%), Wipro (2.05%), BPCL (0.94%) and TCS (0.74%) were the among the index gainers.

The market breadth was negative on the NSE with 429 gainers against 1,047 losers.

Indian Stock Market : Nifty below 5200; auto, banks, metals decline

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The Nifty extended its intraday losses and was near the day's lows as profit booking intensified across the board on the back of the rupee's depreciation against the dollar. There are chances that the market may break out of the tight trading range in coming sessions.

The rupee was at 53.40 per dollar, down 44 paise, against the previous close of 52.96. The Indian currency may breach the 54-per-dollar mark in the near to medium term,
according to analysts.

At 02:40 p.m., the Nifty was at 5,185.75, down 53.40 points, or 1.02 percent. It has touched a high of 5,217.30 and a low of 5,180.65 in trade today.

The Sensex was at 17,162.24, down 139.67 points, or 0.81 percent. It has touched a high of 17,271.77 and a low of 17,120.86 in trade today.

The BSE Midcap Index fell 1.04 percent and the BSE Smallcap Index slipped 1.01 percent.

Among sectoral indices, the BSE Auto Index was down 2.35 percent, the BSE Metal Index declined 1.83 percent and the BSE Bankex was 1.73 percent lower. The BSE IT Index was up 0.86 percent.

Baniking stocks are witnessing selling pressure following the Reserve Bank of India's directive to set aside more capital to meet the BASEL III requirements.

Hero MotoCorp (7.60%), Axis Bank (3.96%), Bank of Baroda (3.89%), IDFC (3.59%) and DLF (3.34%) are among the top Nifty losers.

Hero MotoCorp posted a 20% increase in net profit to Rs 603 crore in the quarter ended March, narrowly missing analysts' estimates, as higher raw material costs damped gains from record sales of bikes and scooters. Its total turnover (net sales and other income) in the fourth quarter rose 12% to Rs 6,035 crore driven by higher volume growth as sales jumped 8% to 15.72 lakh units. The company announced a dividend of Rs 45 per share.

Hindustan Unilever (2.35%), Wipro (1.98%), Asian Paints (1.56%), TCS (0.92%) and BHEL (0.85%) are the among the index gainers.

The market breadth was negative on the NSE with 413 gainers against 1,029 losers