Moneycontrol
Jul 13, 2012 11:43 AM IST | Source: Moneycontrol.com

Sensex volatile; Infosys, JSPL, Maruti under pressure

The NSE Nifty and BSE Sensex were trading higher amid volatility, but the broader markets continued to outperform benchmarks. The BSE Midcap Index rose 0.6% and Smallcap went up 0.75%.

Sensex volatile; Infosys, JSPL, Maruti under pressure

The NSE Nifty and BSE Sensex were trading higher amid volatility, but the broader markets continued to outperform benchmarks. The BSE Midcap Index rose 0.6% and Smallcap went up 0.75%.


The BSE benchmark moved up 70.91 points to 17,303.46 and the NSE benchmark was up 21.05 points at 5,256.30.


Country's largest lender ICICI Bank gained 0.66% while its rival HDFC Bank jumped 1.7% ahead of first quarter earnings today.


Software services exporter TCS went up 1.65%, though it came off day's high whereas Infosys dropped 0.7%.


State-owned oil & gas producer ONGC and top telecom operator Bharti Airtel were up 0.9% each.


Drug producer Cipla topped the buying list, rising 1.8%. Housing finance company HDFC, cigarette major ITC and oil & gas producer Reliance Industries were marginally higher.


However, Jindal Steel tanked 1.4%. Sun Pharma, Dr Reddy's Labs and Maruti were down over 0.5%.


In the second line shares, Bajaj Corp, Tube Investment, DB Corp, Motilal Oswal and SRF gained 5-12%.


Smallcaps like Surana Industries, Asian Hotel (W), Ruby Mills, Mangalore Chemical and Network 18 (Note: Web18, which owns Moneycontrol.com and Indiaearnings.com, belongs to the Network 18 Group) were up 6-10%.


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At 10:28 hours IST: Choppy Nifty stays up; HDFC Bank rises 1.6% ahead of Q1 nos


Indian equity benchmarks continued to trade higher with around 0.5% gains each led by buying interest in banks, oil & gas, capital goods and telecom stocks. TCS, country's second largest software services exporter, remained higher by more than 2% after its net profit rose higher than expected by 12% QoQ to Rs 3,280.5 crore in the quarter ended June 2012.


The BSE benchmark went up 80.72 points to 17,313.27 and the NSE benchmark gained 23 points at 5,258.25 amid volatility, but the broader markets outperformed benchmarks by a small margin. The BSE Midcap Index was up 0.6% and Smallcap up 0.8%.


The Indian rupee appreciated by 32 paise to 55.62 against the US dollar.


Private sector lender HDFC Bank climbed 1.6% ahead of its first quarter earnings. Analysts on average expect its profit after tax is likely to increase by whopping 30% year-on-year to Rs 1,411 crore for the quarter ended June 2012, according to CNBC-TV18 estimates.


Country's largest lenders State Bank of India and ICICI Bank were up 0.4% and 0.6%, respectively. Housing finance company HDFC went up 0.6% too.


Top telecom operator Bharti Airtel was up 1%. Oil & gas producers Reliance Industries and ONGC went up 0.4-0.7%.


Engineering and construction major by sales Larsen & Toubro rose 0.3%. State-owned power equipment manufacturer BHEL moved up 0.5%.


However, software bellwether Infosys fell another 0.6% due to weak set of numbers in Q1. Shares of Tata Motors, Maruti, HUL, Sun Pharma and JSPL were down 0.2-0.7%.


The market breadth remained strong; about three shares advanced for every share declining on the National Stock Exchange.


At 9:20 hours IST: Sensex, Nifty trade higher; TCS up 3.5% on strong Q1 nos


The BSE Sensex and NSE Nifty bounced back with more than 0.5% gains in early trade on Friday, after yesterday's sharp fall due to Infosys' Q1 results. Asian markets were sideways, even after a fall in US and European markets..


The BSE benchmark rose 95.77 points to 17,328.32 and the NSE benchmark gained 27.8 points at 5,263.


Country's largest software services exporter TCS shot up 3.5% after better than expected numbers for the quarter ended June 2012. Net profit grew by nearly 12% quarter-on-quarter to Rs 3280.5 crore, which was quite better results as compared to software bellwether Infosys (that disappointed the street yesterday).


 HCL Tech and Wipro moved up over 1% while Infosys lost 1.5% after losing more than 8% yesterday.


Among other largecaps, PNB, HDFC Bank, Ranbaxy Labs, Coal India, Tata Steel, L&T, DLF, Ambuja Cements and SAIL were on buyers' radar.


However, ITC and Pharma were down 0.3% each.


The CNX Midcap Index rose 17 points to 7,468. About two shares advanced for every share declining on the National Stock Exchange.


In the second line shares, MTNL went up 4% as sources said company will consider land bank sale & network leasing.


Bajaj Hindusthan and Balrampur Chini moved up 1.8% each.


Manappuram Finance, DCB and Hexaware were up 1.5-2%.


3i Infotech rallied 4.5% as company allotted 24.62 lakh shares to Goldman Sachs on July 12 on conversion of FCCBs.


UB Holdings, Kingfisher Airlines and United Spirits were up 1-2% whereas Mangalore Chemical was down 1%.


Aurobindo Pharma and Divis Labs declined 0.5-1% as AP Pollution Control Board asked 12 pharma units to shut down.


Sintex rose 0.5% ahead of quarterly numbers today.


Karnataka Bank was up over 1% on reports of merger with private bank.


On the global front, US and European markets closed lower yesterday. Euro fell below 1.22 against the US dollar.

Rating agency Moody’s downgraded Italy sovereign by 2 notches to Baa2 from A3 and said the outlook was negative.

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