Moneycontrol
Sep 26, 2012 01:06 PM IST | Source: Moneycontrol.com

Choppy Nifty trades lower; Bharti dives, ACC, Ambuja spike

Indian shares continued to trade marginally lower, weighed down by private banking, technology, capital goods and telecom stocks. European markets were down in early trade on concerns over Spain bailout and even riots over austerity added fuel to the fire.


Indian shares continued to trade marginally lower, weighed down by private banking, technology, capital goods and telecom stocks. European markets were down in early trade on concerns over Spain bailout and even riots over austerity added fuel to the fire. Britain's FTSE dropped 0.75 percent and Germany's DAX declined nearly 1 percent while France's CAC was down 1.26%.


The BSE benchmark fell 61.26 points to 18633.15 and the NSE benchmark was down 13 points to 5,661.25.


Cement stocks outperformed other largecaps; ACC rallied 3.48 percent and Ambuja Cements gained 2.64 percent.


Drug producer Cipla surged 2.5 percent while its rival Ranbaxy Labs was up 1.2 percent.


Cigarette major ITC, private sector lender Axis Bank and state-owned gas transportation services provider GAIL rose 1 percent each.


Index heavyweight Reliance Industries went up 0.5 percent and FMCG major Hindustan Unilever moved up 0.64 percent.


Country's largest telecom operator Bharti Airtel topped the selling list, losing 3.5 percent.


Shares of Coal India, Hindalco, HDFC Bank, BHEL and Bank of Baroda were down 1-2 percent.


Advancers outnumbered decliners by 1406 to 1153 on the Bombay Stock Exchange.


Most active shares on exchanges were Max India, United Spirits, UB Holdings, Pantaloon Retail, CORE Education, SBI, Axis Bank and ITC.


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At 11 hours IST: Nifty pares losses as Reliance, SBI rebound; ITC, HUL gain


Indian equity benchmarks pared losses as index heavyweight Reliance Industries rebounded with 0.3 percent gains. Country's largest lender State Bank of India too recouped losses, rising 0.8 percent.


The 30-share BSE Sensex went down 30 points to 18,664.53 and the 50-share NSE Nifty lost just 4 points to 5,670.10.


FMCG majors ITC and Hindustan Unilever were up 0.6-0.9 percent. Drug producers Cipla and Sun Pharma moved up 1.7 percent and 0.5 percent, respectively.


Housing finance company HDFC fell 0.6 percent and private sector lender HDFC Bank was down 1 percent.


Telecom operator Bharti Airtel retained its top position in the selling list with 3 percent fall.


Engineering conglomerate Larsen & Toubro was down 0.7 percent. L&T has acquired 9.72 percent stake in Astra Microwave, which surged 12 percent, on September 25.


Commercial vehicle maker Tata Motors and software services exporter Infosys slipped over 0.6 percent.


State-run power equipment maker BHEL fell 1 percent on profit booking after the stock rallied 11 percent in previous three sessions.


The broader markets extended gains; the BSE Midcap Index gained 0.6 percent and Smallcap rose 1%. Advancing shares outnumbered declining by 825 to 590 on the National Stock Exchange.


At 10:30 hours IST: Sensex falls 100 pts; midcaps, smallcaps outperform


The 30-share BSE Sensex fell 100 points, weighed down by banks, oil & gas, metals, telecom and capital goods stocks. Asian markets remained under pressure on concerns over Spain bailout. Nikkei extended fall to 2 percent while Shanghai, Hang Seng, Kospi, Taiwan Weighted and Straits Times lost 0.6-1 percent.


The BSE benchmark went down 97 points to 18,597.54 and the NSE benchmark slipped 24 points to 5,650.05. The Indian rupee too declined by 18 paise to 53.54 against the US dollar and even Euro plummeted 0.19 percent to 1.2875 (which hit 1.31 in second week of September after Fed stimulus and German court ruling)  to the US dollar.


But the broader markets outperformed benchmarks; the BSE Midcap Index was up 0.5 percent and Smallcap gained 0.7 percent. Advancing shares outnumbered declining by 1296 to 843 on the BSE.


Housing finance company HDFC and private sector lender HDFC Bank fell 1 percent each. Country's  largest lenders State Bank of India and ICICI Bank were down 0.8 percent each.


Telecom operator Bharti Airtel topped the selling list with 3 percent fall. Index heavyweight Reliance Industries and software services exporter Infosys dropped 0.6 percent.


FMCG majors ITC and Hindustan Unilever gained 0.6 percent and 1 percent, respectively. Drug producer Cipla rallied 1.6 percent while its rival Sun Pharma was up 0.5 percent.


In the second line shares, S Mobility, Redington, HMT, Jyothy Labs and Prism Cement gained 5-7 percent while IFCI, Tulip Telecom, Greaves Cotton, Gujarat Pipavav and WABCO India lost 2-5 percent.


At 9:20 hours IST: Sensex down 70 pts on weak global cues; banks fall


The BSE Sensex fell 70 points in early trade following weakness in global markets as the uncertainty over Spain bailout continued. Riots over Spain's austerity added fuel to the fire.


Overall the market remained in a consolidation mode ahead of expiry tomorrow. The BSE benchmark slipped 70.08 points to 18624.33 and the NSE benchmark was down 23 points to 5,650.80.


The market has not been getting any major correction due to consistent inflow of foreign money. Yesterday foreign institutional investors (FIIs) have net bought Rs 5,846 crore worth of equity shares in cash market, as per provisional data available on the NSE.


Maruti Suzuki plummeted 1.6 percent after the company completed settlement with Gurgaon workers.


ICICI Bank, L&T, Tata Motors, ONGC, Bharti Airtel, HDFC, Infosys, Tata Power, Sterlite Industries, Hindalco, Sesa Goa, Axis Bank and State Bank of India were under pressure.


BHEL fell 1.2 percent on profit booking after rising over 10 percent in previous three sessions.


Defensives like ITC, Hindustan Unilever, Cipla, TCS and Wipro were supporting the market.


The CNX Midcap Index fell 32 points to 7656. Declining shares outnumbered advancing by 547 to 381 on the National Stock Exchange.


In the second line shares, Max India gained nearly 1 percent as about 2 percent equity changed hands on the BSE at Rs 189 per share.


IFCI tanked 9 percent as the SEBI has approved government's stake hike in the company to 55.57 percent.


Tulip Telecom plunged 5 percent on reports that promoters may have pledged some shares.


Deccan Chronicle Holdings lost 1.5 percent as lenders failed to admit the company into corporate debt restructuring (CDR) cell.


Power Finance Corpoation and REC went down 1 percent each.


Alok Industries slipped 2 percent on dilution of equity. The company plans to raise Rs 551 crore via rights issue


Liquor baron Vijay Mallya-led UB group stocks have been on buyers' radar after the United Spirits confirmed that they are in talks with Diageo for stake sale. Kingfisher Airlines gained 4% ahead of AGM today.


United Breweries and United Spirits were up 1%. UB Holdings rose 6%.

ITI and Adani Port rallied 3-5%.

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