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Sep 24, 2012, 01.57 PM IST
The BSE Sensex and NSE Nifty were trading flat since early trade while the midcaps and smallcaps outperformed benchmarks with 1% gains.
The 30-share BSE benchmark was down 26 points to 18,727.23 and the 50-share NSE benchmark fell 2 points to 5,689.35. European markets declined 0.5-0.8% in early trade.
Fast moving consumer goods majors ITC and Hindustan Unilever were down 2.6% and 3.7%, respectively.
Housing finance company HDFC, software services exporter TCS and drug producer Cipla tanked 1.5-2%. Shares of Infosys and ONGC fell 0.7% each.
Country's largest lenders State Bank of India and ICICI Bank gained 1% each. Power equipment maker BHEL and steel & power producers Jindal Steel & Power retained their top positions in the buying list, rising 6% and 5%, respectively.
Engineering conglomerate Larsen & Toubro moved up nearly 1%. Shares of Mahindra & Mahindra, Tata Power and Sterlite rallied 3%.
The market breadth was quite strong; about 1000 shares advanced while 416 shares declined on the National Stock Exchange.
In the second line shares, ABG Shipyard, Prestige Estate, Motilal Oswal, Amtek India and Alstom T&D jumped 6-9% while Tulip Telecom, Glodyne Tech, Ruchi Soya, Apollo Tyres and GSFC lost 2.5-5%.
Indian shares remained flat as investors awaited further reforms like restructuring of power sector loans, hike in sugar rationing, raising the cap on FDI in insurance etc. The rally of 400 points seen on Friday seems to have priced in earlier reforms (FDI in aviation, retail etc) announced by the government.
The BSE Sensex opened flat to positive on Monday after rising more than 400 points Friday following Samajwadi Party's support to the government, which indicated that the government may go ahead with further reforms.
Jun 18 2013, 22:39
- in MARKET OUTLOOK
Jun 18 2013, 22:39
- in Business