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Jul 12, 2012, 08.23 AM IST
The BSE Sensex and NSE Nifty started off trade on a flat note for fourth consecutive session on Thursday. Investors may be waiting for decision by European Central Bank today and the first quarter results of FY13 (that will be kicked off next week with Infosys).
The Indian rupee fell more than 1% to 55 against the US dollar in early trade.
Jyotivardhan Jaipuria, Head of Research at BofAML expect markets to correct on the back of weak results. "Headline net profit for Sensex companies may grow 13.7%, while sales growth may be the lowest in the last 10 quarters at 16.7%," he explained.
Shares of ICICI Bank, Bajaj Auto, L&T, ONGC, TCS, SBI, Tata Steel, Dr Reddy's Labs, Wipro and GAIL were under pressure.
However, ITC, Tata Motors, HUL, Sterlite, JSPL, Hindalco, M&M and BHEL gained.
The CNX Midcap Index too was flat, but the market breadth was in favour of advances. Advancing shares outnumbered declining by 500 to 300 on the National Stock Exchange.
In the second line shares, rice stocks gained quite sharply after the government has removed minimum export price of basmati rice. KRBL shot up 10% and LT Foods rose 9%. Kohinoor Foods rallied 12.5%.
Sources said Congress ruled states to go ahead with FDI in retail. Union Commerce Minister Anand Sharma will call a meeting with all stakeholders next week, say sources. Pantaloon Retail was up 4% and Shoppers Stop rose 9%.
Edelweiss Capital surged 4.5% and Hitachi Home gained 3% (had rallied 20% yesterday). Kingfisher was up over 1% ahead of meeting with lenders at 11 am.
Arvind and Alok Industries were up 1.4%. SKS Microfinance rallied 3% and SPIC gained 5%.
Deccan Chronicle tanked 7% after The Economic Times reported that its debt was downgraded to junk as company defaults on repayment.
Ashok Leyland declined marginally as company (in a analysts' conference) scaled down growth guidance for entire industry due to slowdown.
IFCI and Essar Oil were down 1%.
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