Market recovers sligthly but Sensex, Nifty still weak; metals up

Moneycontrol Bureau12:55 pm Maruti: Country's largest carmaker Maruti Suzuki India (MSI) today posted a 13.3 percent rise in total sales in April at 1,26,569 units as against 1,11,748 units last year.

The company's domestic sales increased by 16.2 percent during the month to 1,17,045 units as against 1,00,709 units in April 2015.

Sales of mini-segment cars including, Alto and WagonR, however, declined 9.9 percent to 31,906 units compared with 35,403 units in the year-ago period, MSI said in a statement.

The firm said sales of compact segment, comprising Swift, Estilo, Ritz, Dzire and Baleno increased by 8 percent to 45,700 units in April as against 42,297 units a year ago.

12:30 pm IPO: The IPO of microfinance player Ujjivan Financial Services has been oversubscribed 1.22 times during the morning trade on the last day of the offer today. The Rs 885-crore public issue received bids for 3,61,64,170 shares against the total issue size of 2,96,63,706 shares, data available with the NSE till 1030 hrs showed. Ujjivan's issue, which is scheduled to close today, comprises fresh issuance of shares worth Rs 358.16 crore and an offer for sale of up to 24,968,332 shares by the existing shareholders. Price band for the offer has been fixed at Rs 207-210.Don't miss: FPIs stay glued to Indian market, put in $2.2 bn in April

Selling pressure remains in the market but metal shines. The Sensex is down 136.49 points or 0.5 percent at 25470.13, and the Nifty down 32.20 points or 0.4 percent at 7817.60. About 1086 shares have advanced, 1163 shares declined, and 117 shares are unchanged.

Hindalco, Cipla, GAIL, Lupin and Reliance are top gainers while ICICI Bank, Dr Reddy's Labs, Adani Ports, Bharti and HUL are losers in the Sensex.

Oil prices fell as rising production in the Middle East outweighed a decline in US output and a recent slide in the dollar, which has been supporting crude. Analysts said rising output from the Organization of the Petroleum Exporting Countries (OPEC) was outweighing supportive factors such as a decline in US output and a sliding dollar, which makes it cheaper for countries using other currencies to import dollar-traded fuel.