Wednesday, May 2, 2012

Indian Stock Market : Sensex gains 0.6% in early trade; Hindustan Unilever up 3%

The Sensex rose as much as 0.6 percent early on Wednesday with ICICI Bank, HUL and ITC leading the gains. The broader 50-share NSE index was up 0.5 percent to 5,275.40.

Shares of Hindustan Unilever surged over 3% to Rs 429 in early trade after the FMCG major reported a net profit of Rs 686.61 crore, up 20.63 percent for the fourth quarter ended March 31, 2012.

Shares of Tata Motors slipped over 2% to Rs 310.40 after the automaker reported a 7 percent fall in total sales, including exports, in April to 60,086 units from 64,383 units in the corresponding period of last year.

Pantaloon Retail Ltd dropped over 1% to hit its day's low of Rs 182.55 on reports that the Kishore Biyani-led Future Group will spin off the branded apparel business under Pantaloon Retail into a separate entity into which Aditya Birla Nuvo will infuse Rs 1,600 crore to acquire a controlling stake.

Shares of Future Capital Holdings tanked over 5% in early trade to hit their day's low of Rs 133.00.

At 9:20 a.m., the 30-share Sensex was trading 0.4% higher at 17,386.16 led by gains in ICICI Bank (up 0.8%), HUL (up 2.5%) and ITC (up 0.6%).

The BSE consumer durable index gained 1.2%, the BSE FMCG index advanced 1.2% and the BSE metal index rose 0.9%.

Top Sensex losers include Tata Motors, which was trading 2.1% lower at Rs 310.10, and ONGC, which was trading 0.8% lower.

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