Sensex ends flat, shrugs off 41-month low inflation data
BSE Sensex ended flat despite April WPI inflation numbers touching lowest levels since November 2009. NSE Nifty too closed below 6000 mark for the second consecutive day. Top gainers in the Nifty were Ranbaxy Labs, Bank of Baroda, Sun Pharma, Power Grid and GAIL.
Major equity benchmarks consolidated in trade today and closed flat shrugging off 41-month low April WPI inflation number of 4.89 percent, way below RBI's comfort zone.
The Sensex closed at 19722.2 up 30.62 points and the Nifty ended at 5995.40, up 14.95 points. About 1162 shares advanced, 1206 shares declined and 146 shares were unchanged.
Key gainers in the Nifty were Ranbaxy Labs, Bank of Baroda, Sun Pharma, Power Grid and GAIL, up over 1.5 percent each.
Laggards included Dr Reddy's Labs, Bajaj Auto, HCL Tech, BHEL and Reliance Industries, down between 0.5 to 2.5 percent.
Rate sensitive stocks of banks, realty and auto also ended flat since the Reserve Bank of India has clearly signaled there is no room for further easing in monetary policy.
Major results announced today
Generics drugs maker Dr Reddy's Laboratories ' fourth quarter consolidated net profit surged 67 percent year-on-year to Rs 571 crore, helped by a sharp increase in other income. Consolidated revenue for the three-month period gained 26 percent to Rs 3,340 crore. The stock ended at Rs 2025, down 2.7 percent.
Reliance Infrastructure's Q4 consolidated net profit shot up by 76 percent at Rs 725 crore compared to Rs 411 crore, a year ago. Its consolidated total income was down 13 percent to Rs 6187 crore from Rs 7135 crore, in the corresponding quarter of the previous fiscal. The stock ended flat.
United Bank of India's (UBI) fourth quarter (January - March) net profit plunged 79 percent year-on-year to Rs 31 crore, squeezed by higher provisions. Excluding the tax component, United Bank of India reported net loss of Rs 248 crore in the Q4, FY13 as against Rs 171 crore in Q4, FY12. The share closed at Rs 58.28, down 1 percent.
Ranbaxy Labs recouped its morning losses and closed in green despite the company agreed to pay USD 500 million as settlement against the felony charges related to drug safety.
Sales at Tata Motors owned British Jaguar Land Rover unit rose 12 percent year-on-year to 28,503 vehicles in April, while for the first four months, sales gained 16 percent. Retail sales last month were best ever for April. The stock closed at Rs 300.5, up 1 percent.
Sun Pharma Advanced Research Company, a research division of parent company Sun Pharma surged 20 percent after the company reported net profit of Rs 44 crore against loss of Rs 21.6 crore in the same quarter last year.
India has lifted ban on futures trade in Guar Seed and Guar Gum. Vikas WSP, India’s foremost guar gum powder manufacturer was locked at 20 percent upper circuit.
HT Media lost close to 10 percent after the company’s quarterly earnings missed street expectations. The topline and bottomline registered a fall of 8.5 percent and 25 percent respectively.
Pidilite Industries, Castrol India, Eicher Motors, Mphasis, Zydus Wellness, Page Industries and Sun Pharma Advanced were some of the stocks that touched 52-week high today.