Thursday, May 3, 2012

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

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

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