Moneycontrol
Apr 23, 2012 12:11 PM IST | Source: Moneycontrol.com

Nifty hovers around 5300; SBI, RIL, Infosys most active

The NSE Nifty continued to move in a narrow range around the 5300 level since the opening trade. The reason may be the expiry that will take place on Thursday.

Nifty hovers around 5300; SBI, RIL, Infosys most active

The NSE Nifty continued to move in a narrow range around the 5300 level since the opening trade. The reason may be the expiry that will take place on Thursday. Reliance Industries' fourth quarter earnings could not even help market rally today, though company surprised the street by reporting gross refining margin at USD 7.6 a barrel as against USD 6.8 a barrel QoQ.


Oil & gas producers and index heavyweights Reliance Industries and ONGC were up 1.2% and 0.7%, respectively.


The BSE benchmark gained 22 points at 17,396.12 and the NSE benchmark moved up 2.6 points to 5,293.45.


Country's largest coal mining company Coal India rose nearly 1%. Tata Steel and SAIL, country's largest steel producers rallied 1% and 2.8%, respectively.


Maruti Suzuki, top car maker was up 0.8%.


However, Reliance Communications topped the selling list, falling over 2%.


DLF, India's largest real estate firm by market cap dropped 1.7% as the BSE will excluded the stock from its benchmark index Sensex from June 11 and in place of that, it will include Dr Reddy's Labs.


Tata Power, Infosys, BPCL, Hindalco and BHEL were down around 1.5%.


Most active shares on the BSE were AP Paper Mills with 7.27 lakh shares and Hexaware Tech with 14.53 lakh shares, which gained 18% and 0.3% amid heavy volumes, respectively. State Bank of India, Reliance Industries and Infosys too were most active.


Even shares of all paper manufacturers were witnessing value buying interest. Ballarpur Industries surged 5% and West Coast Paper spiked 16.5%.


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At 10:22 hours IST: Choppy Sensex trades higher; broader markets outperform


The BSE Sensex and Nifty extended somewhat gains amid a choppy trade. The upmove was supported by banks, auto stocks and index heavyweight Reliance Industries while the fall in Infosys has capped the upside.


The BSE benchmark rose 67 points or 0.4% to 17,440.73 led by 21 components. Meanwhile, the NSE benchmark advanced 19 points to 5,310.


Reliance Industries, India's most valued stock jumped 1.5% after company's surprised gross refining margin offset lower than expected topline and bottomline for the fourth quarter of FY12. Gross refining margin for the quarter ended March 31, 2012 came in at USD 7.6 a barrel as against USD 6.8 a barrel in the previous quarter.


Country's largest lenders State Bank of India and ICICI Bank were up over 0.5% while their rival HDFC Bank rose 0.33%. Housing finance company HDFC was up 0.6%.


Top commercial vehicle maker Tata Motors, country's largest two-wheeler producer Hero Motocorp and top car maker Maruti Suzuki went up 0.3-0.6%.


Tata Consultancy Services, software services provider climbed 0.5% ahead of its earnings for the fourth quarter that schedule to be announced in today evening.


However, Infosys stayed lower as the company is under scrutiny from the US Department of Homeland Security for likely errors in employer eligibility documents of its staff working in the United States, the company said in a statement. The stock fell 1.4%.


Realty major DLF was down over 1% as the stock will be excluded from the Sensex with effect from June 11. Dr Reddy's Labs will be re-entered in the same index.


The broader markets outperformed benchmarks - the BSE Midcap and Smallcap indices were up 0.5-0.8%. Nearly two shares advanced for every share falling on the BSE.


At 9:20 hours IST: Sensex, Nifty volatile; RIL up 0.5%, Infosys falls 1%


The BSE Sensex and NSE Nifty started of trade with mild gap down on first day of the week, but immediately rebounded. Overall it was a volatile opening ahead of expiry on Thursday.


The BSE benchmark was up 37 points to 17,410.56 and the NSE benchmark went up 12.65 points to 5,303.50.


Index heavyweight Reliance Industries dropped 0.6% initially, but bounced back with 0.5% gains. Company surprised the street by reporting gross refining margin at USD 7.6 a barrel versus USD 6.8 a barrel QoQ while its net profit fell 4.6% to Rs 4,236 crore during the same period..


DLF fell over 2% while Dr Reddy's Labs gained nearly 1% after the BSE has decided to


Software services provider Infosys lost 1% after The Economic Times reported that the foreign brokerage firm CLSA sent letter to the company on performance.


Ambuja Cements, Sterlite Industries, JSPL and JP Associates too were under pressure.


However, Cairn India was up 1%, even after the company reported a fall of 11% YoY and 3.35% QoQ in its consolidated net profit of Rs 2,186 crore due to forex loss of Rs 217 crore versus Rs 38 crore YoY.


M&M, Maruti, Hero Motocorp, BHEL and L&T were other gainers.


The CNX Midcap rose 23 points to 7,649. About two shares advanced for every share declining on the National Stock Exchange. 


IDBI Bank was up 2.5% as its Q4 net profit increased to Rs 770 crore from Rs 516 crore (YoY).


Viceroy Hotels was up 3% and Raymond was up 1.3%.


Max India went up 3% as The Economic Times reported that the company will sell Polypropylene biz for Rs 800 crore.


IVRCL, Pantaloon, IFCI, IGL, Arvind, Apollo Tyres, Ashok Leyland and Jain Irrigation were up 1-2%.


Shrenuj & Company shot up 5%.


However, GVK Power was down 2% after The Economic Times reported that Changi Airport backed out of planned deal with GVK; it was to invest Rs 2,200 crore in its subsidiary for 26% stake.


Shree Renuja, Crompton, India Cement, PFC and REC were down 0.3-1%.

Asian markets were moderately lower in early trade. China's Shanghai was flat. HSBC flash PMI came in at 49.1 in April versus 48.3 in March and 49.6 in February.

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