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Apr 25, 2012 12:58 PM IST | Source:

Sensex falls 1% as S&P cuts India outlook to negative

The BSE Sensex and NSE Nifty fell 1% each after the foreign rating agency S&P said it has revised India outlook to negative, citing investment & economic growth slowed and CAD widened.

The BSE Sensex and NSE Nifty fell 1% each after the foreign rating agency Standard & Poor's (S&P) said it has revised India outlook to negative, citing investment & economic growth slowed and current account deficit (CAD) widened. Rating agency expects Indian government to face headwind in implementing policy measures going forward. However, the agency affirmed BBB- rating for India.

"High fiscal deficit, heavy debt burden remain most significant constraints on India rating," S&P said.

The BSE benchmark was down 163 points or 0.95% to 17,044.25 and the NSE benchmark dropped 54.85 points to 5,167.80 or 1.05%.

For more mid-market updates, listen to the accompanying audio..

All sectoral indices took beating today. Power, Capital Goods, Realty, Bank and Metal indices were down 1-1.7%.

India's largest private sector lender ICICI Bank tanked 2% while rivals State Bank of India and HDFC Bank fell 0.9% and 0.6%, respectively. Housing finance company HDFC too was down 0.7%.

Engineering and construction company Larsen & Toubro declined over 1.5% and state-owned capital goods company BHEL lost over 2%. NTPC, country's largest power generation company went down 2%.

Index heavyweights and oil & gas producers Reliance Industries and ONGC were down 0.5% each.

Technology stocks continued to fall after muted guidance for Q1FY13 by Wipro. Top IT services exporters TCS and Infosys declined 1.6% and 0.6%, respectively.

However, shares of top telecom operator Bharti Airtel outperformed, rising 1.5%. Hero Motocorp and Maruti Suzuki gained 0.6% each ahead of sales numbers for April.


At 11:25 hours IST: Nifty choppy ahead of expiry tomorrow; auto stocks gain

The BSE Sensex continued to trade volatile ahead of April expiry session on Thursday. Shares of Wipro, Infosys, TCS and ICICI Bank weighed on the market while Bharti, Reliance Industries, L&T and State Bank of India were supporting the market.

The BSE benchmark was down 22.43 points to 17,184.86 and the NSE benchmark fell 6 points to 5,216.85.

The Nifty has been capped in a very narrow band of about 5,160 to 5,320, says Gaurav Doshi, VP-PMS of Morgan Stanley PWM. “While the Nifty continues to trade in a small band, we think a move above 5,320 will potentially take the Nifty higher to 5,550 or a break below 5,180 will take us down to the 5,050 levels,” he warns.

Wipro tanked nearly 8% post company's muted guidance for Q1FY13. India's third largest software company by market cap said its net profit for the January-March quarter went up 1.7% QoQ to Rs 1,481 crore while revenues fell 0.45% to Rs 9,836 crore. However, company said its IT services revenues would be around USD 1.52-1.55 billion for April-June quarter, which is just 0.6% higher than Q4FY12. Top IT companies TCS and Infosys were down over 1%.

Private sector lender ICICI Bank was down 0.56% while rivals State Bank of India and HDFC Bank gained 0.2% and 0.9%, respectively.

State-owned BHEL and NTPC dropped 0.75% each.

However, shares of top telecom operator Bharti Airtel topped the buying list, rising over 2% after falling sharply in previous two sessions on TRAI recommendations.

Auto stocks like Bajaj Auto, Hero Motocorp and Maruti Suzuki gained over 1% whereas Tata Motors was up just 0.4%.

Stocks In News

Igarashi Motors was locked at 20% upper circuit today as its Q4 net jumped 450% YoY to Rs 6.6 crore and net sales increased 42.31% to Rs 74 crore.

ING Vysya Bank fell 3%, even after its profit after tax fell 39.56% YoY to Rs 127 crore and net interest income rose 19% to Rs 319 crore.

Petronet LNG slipped 1.6% as it reported lower than expected numbers in Q4. Its net profit came in at Rs 245 crore while CNBC-TV18 poll had expected at Rs 292 crore.

At 10:12 hours IST: Sensex volatile; Bharti up 2.5%, IT plunges post Wipro nos

The BSE Sensex and NSE Nifty stayed flat despite positive Asian cues. Banking & financials, auto, metals and oil & gas stocks could find takers. However, technology stocks (which saved the market yesterday post TCS numbers) were getting hammered post Wipro quarterly numbers.

Country's third largest IT company by market cap said its profit after tax grew by 1.7% QoQ to Rs 1,481 crore, which is in-line with street expectations. However, the company's guidance for the first quarter of FY13 is almost similar to fourth quarter - it expects IT services revenues at USD 1.52-1.55 billion in April-June quarter, a growth of just 0.6% over January-March quarter revenues. The stock fell over 7% while rivals TCS and Infosys were down around 1%.

The BSE benchmark gained 21.40 points at 17,228.69 and the NSE benchmark was up 8 points at 5,230.50.

Index heavyweight and oil & gas producer Reliance Industries rose 0.7%. Top telecom operator Bharti Airtel jumped 2.6% on short covering after sharp fall in previous two sessions due to TRAI recommendations for 2G spectrum auction.

Bajaj Auto, country's second largest two-wheeler maker went up 2.2% whereas Hero Motocorp was up 0.5%. Four-wheeler makers Maruti and Tata Motors were up 0.75-1.4%.

Lenders State Bank of India, ICICI Bank and HDFC Bank moved up just 0.2-0.5%.

The market breadth turned positive - about two shares advanced for every share falling on the BSE. The BSE Midcap and Smallcap indices gained over 0.5%.

In the second line shares, Cox & Kings, Shriram City, GE Shipping, Wockhardt and 3M India shot up 3.5-4% while ING Vysya Bank, Prestige Estate, GRUH Finance, KSK Energy Ventures and CESC slipped 2-4%.

At 9:20 hours IST: Sensex, Nifty flat; Wipro tanks 7% post muted Q1 guidance

The BSE Sensex and NSE Nifty started of trade lower on Wednesday due to fall in technology stocks, but immediately recovered somewhat led by gains in banks, metals, oil & gas and healthcare stocks. Overall the indices were moving around their previous closing values.

The BSE benchmark was up 19.5 points at 17,226.78 and the NSE benchmark rose 5.75 points to 5,228.40.

Technology stocks dropped on the back of some unwinding of long positions after yesterday's sharp rally. Wipro tanked 7% as its fourth quarter numbers were not too great and its guidance for the first quarter of FY13 is muted. It forecasted IT services revenue at USD 1.52-1.55 billion for the April-June quarter, a growth of just 0.6% sequentially.

Country's largest software services providers TCS and Infosys were down 1.4% each.

ITC, GAIL, L&T, DLF and M&M too were down.

However, Sesa Goa jumped 2.4% post fourth quarter numbers.

Sterlite Industries, Cipla, Ranbaxy Labs, Bharti Airtel, BPCL, Dr Reddy's Labs, Reliance Industries, ONGC and Ambuja Cements were supporting the market today.

The CNX Midcap Index was flat and even the market breadth was neutral.

In the second line shares, Petronet LNG was down 2.4% post January-March quarter numbers.

Yes Bank and India Cements were up 1% and 2% ahead of numbers, respectively.

Sugar stocks like Shree Renuka Sugars and Balrampur Chini gained 0.5-1%.

NOCIL shot up 5% and Cox & Kings jumped 3%.

Sasken Communications shot up 6.5% as the company decided to buy back shares at maximum price of Rs 180/share.

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