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Sep 18, 2012, 05.31 PM IST
Indian shares snapped a nine-day winning streak on Tuesday as traders opted for profit booking ahead of holiday. The 30-share BSE Sensex, which surged over 1200 points in previous nine sessions, fell 46.30 points to close at 18,496.01.
However, the broader markets outperformed benchmarks as advancing shares outnumbered declining by 1661 to 1183 on the Bombay Stock Exchange. The BSE Midcap Index was up 0.88% and Smallcap rose 0.8%.
The weakness in European markets on concerns over Spain too added somewhat pressure on Indian equities. European shares and the euro slipped as investors turned their attention from central bank stimulus to slowing global growth and uncertainty about Spain's desire for an international aid package. France's CAC and Germany's DAX fell over 1% while Britain's FTSE was down 0.88%. Asian markets too ended lower.
Back home, public sector lenders shot up quite sharply today on likely debt restructuring in power sector. Top lender State Bank of India surged 3.6% while Allahabad Bank, Andhra Bank, Bank of India, Bank of Baroda and Punjab National Bank were up 3-7%. Oriental Bank of Commerce, Canara Bank and Union Bank jumped 9-13%. However, private sector lenders ICICI Bank and HDFC Bank were down 1.1% and 0.3%, respectively.
Country's largest software services exporter TCS lost 3% on worries over second quarter earnings. Wipro tanked 3.8% while Infosys gained 1.5% as the Bank of America Merrill Lynch upgraded the stock to buy rating from neutral.
Index heavyweight Reliance Industries and aluminium major Hindalco Industries fell over 2%. Among Tata pack, Tata Motors, Tata Steel and Tata Power declined 1%.
State-owned power equipment manufacturer BHEL topped the buying list, rising 5.44% as sources say BHEL-Hitachi and BEML were among seven companies, which bid in Delhi Metro tender for supply of 486 coaches.
Gas transportation services provider GAIL spiked 3% and telecom operator Bharti Airtel rose 1.3%.
In the second line shares, GVK Power was up 3% and Lanco Infratech rallied 11%.IRB Infrastructure gained 8%. Sugar stocks like Shree Renuka and Bajaj Hindusthan were up 4.6-6%.
PFC and REC, which provide finance to power sector, surged 5-8% on reports that cabinet may consider power debt restructuring package soon. Pantaloon Retail fell 4% on profit booking.
Indian markets will be shut tomorrow on Ganesh Chaturthi.
(With inputs from Reuters)
Indian shares remained lacklustre as they have been consolidating since yesterday after more than 1200 points rally on the Sensex in previous nine sessions. But the Indian rupee recovered quite sharply to 54.02 against the US dollar from 54.21 as exporters sold dollars.
Indian equity benchmarks continued to trade in a narrow range around their previous closing values. The 50-share NSE Nifty was trying to hold the 5600 level since early trade, which fell 8.35 points to 5,601.65.
May 23 2013, 16:33
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May 23 2013, 09:33
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