Moneycontrol Bureau
Live Market Commentary
11:59am GMR Infrastructure shares surged 5 percent, after it surprised the street with fourth quarter profit at Rs 579.2 crore as against a loss of Rs 164 crore expected by analysts, helped by one-time profit on sale of subsidiary at Rs 1,231 crore.
Time Technoplast shares spiked 10 percent amid large volumes Friday. Its 8,69,703 equity shares changed hands at Rs 37.50 a piece on National Stock Exchange via block deal, which is worth Rs 3.26 crore.
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Nomura maintains buy rating on IOC, sees target at Rs 390State Bank of India, Jet Airways, HDIL, Havells India, Wockhardt, United Spirits, ICICI Bank and HDFC are most active shares on exchanges.
11:55am GlaxoSmithKline Consumer Healthcare shares rallied 4.5 percent to Rs 5,527.95 after a block deal. The stock also touched a fresh 52-week high of Rs 5,595.
Its 44,672 equity shares changed hands at Rs 5,482.35 a piece on National Stock Exchange via block deal, which is worth Rs 24.49 crore.
11:50am About 409 shares advanced while
799 shares declined on National Stock Exchange. The Nifty fell 71.65 points or 1.17 percent to 6,052.40.
More than 13 lakh equity shares of Jet Airways changed hands on exchanges today morning. The stock is down 2.75 percent to Rs 514.
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Naresh Goyal buys 37% stake in Jet; total holding 66%11:45am Hindalco and Mahindra & Mahindra declined 3 percent each. Midcaps like Novartis India, AstraZeneca, HDIL and Corporation Bank shares lost 5-7 percent.
Gujarat State Petronet gained more than 4 percent, after its fourth quarter net profit grew by 25 percent year-on-year to Rs 161.5 crore despite an increase in tax expenses. Net sales rose by 29.9 percent to Rs 358.9 crore during January-March quarter from Rs 276.3 crore reported in a year ago period.
11:40am United Breweries Holdings shares fell 2 percent, as the company posted a loss of Rs 190 crore in fourth quarter as against a profit of Rs 2.1 crore reported in corresponding quarter of last fiscal.
Sales of the company slipped nearly 19 percent to Rs 76.2 crore from Rs 93.7 crore year-on-year.
Core Education shares touched a new 52-week low of Rs 45.50, after the fourth quarter consolidated net profit dropped to Rs 51.1 crore from Rs 79.2 crore Y-o-Y.
11:30am BSE Sensex is down 242.13 points or 1.20 percent to 19973.27, and the Nifty is down 74.75 points or 1.22 percent at 6049.30.
Asia's third-largest economy expanded by 4.8 percent in the quarter that ended in March, in-line with consensus. The
FY13 GDP has also come in line with government estimates of 5 percent, which is lowest in a decade.
Meanwhile the third quarter GDP has been revised higher to 4.7 percent from 4.5 percent. There is chance that capex would have grown higher in the second half of the fiscal than the first half.
11:25am Opto Circuits shares crashed 19 percent, after its fourth quarter consolidated net profit dropped 94 percent year-on-year to Rs 12.3 crore and net sales fell by 31 percent to Rs 457 crore.
The BSE Auto, Oil & Gas, FMCG and Bankex are down more than one percent.
Gammon India shares slipped more than 5 percent to touch a new 52-week low of Rs 19.45, after it posted a loss of Rs 125 crore in fourth quarter FY13 as against profit of Rs 53 crore in a year ago period. Even its net sales fell to Rs 1,632 crore from Rs 1,856 crore Y-o-Y.
11:15am BSE Sensex extended losses again, losing 252.28 points to 19963.12, and the Nifty fell 76.10 points or 1.24 percent at 6047.95.
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GDP: Q4 at 4.8%, FY13 at 5%However, shares of Infosys, Dr Reddy's Labs, Tata Power, GAIL and Sterlite Industries outperformed other largecaps, rising around 1 percent.
Torrent Pharma shares rallied 9 percent as the company will issue bonus shares in the ratio of one share for every one share held.
11:10am Manufacturing sector grew 2.6 percent and farm sector rose 1.4 percent, Y-o-Y. Construction sector grew 4.4 percent during fourth quarter as against 5.1 percent in a year ago period.
11:00am Indian equity benchmarks continue to trade sharply lower since early trade, weighed down by index heavyweights ITC and Reliance Industries that fell more than 2 percent. The fourth quarter gross domestic product (GDP) grew 4.8 percent - in-line with expectations.
Meanwhile, the third quarter GDP has been revised upwards to 4.7 percent from 4.5 percent reported earlier (provisional).
Financials and capital goods stocks too are under pressure. The BSE Nifty slipped 167 points or 1.3 percent after the Reserve Bank of India, in it's final guidelines released yesterday, said all loans recast after April 1st, 2015, should be classified as non-performing assets. "Also from the June 1st, 2013, the provisioning requirement for fresh restructured advances has been increased to 5 percent from 2.75 percent," the RBI said.
HDFC Bank shares dropped 2 percent while State Bank of India and ICICI Bank are down 0.6-0.8 percent.
