The BSE Sensex and NSE Nifty retained downtrend, even after the European markets recouped early trade losses.
The BSE Sensex and NSE Nifty retained downtrend, even after the European markets recouped early trade losses. France's CAC, Germany's DAX and Britain's FTSE was opened with a cut of 0.5-1.2% as rating agency Standard & Poor's cut Spain's rating to BBB+/A-2 from A/A-1, citing significant risks to economic growth and budgetary performance. These indices were flat in trade.
Private sector lender HDFC Bank (which gained 1% in morning trade) erased all gains, losing 0.3%. Top lender State Bank of India dropped further, falling over 2% while ICICI Bank shot up over 3% after its net profit jumped a whopping 31% year-on-year to Rs 1,902 crore and net interest income increased 23.7% to Rs 3,104 crore in the quarter ended March 31, 2012.
Index heavyweights Reliance Industries, Larsen & Toubro, ITC and Bharti Airtel lost nearly 1%. Coal India, largest coal mining company gained over 2%.
However, buying interest in technology stocks was supporting the market quite nicely. Top software services exporters TCS, Infosys and Wipro moved up 0.5-1%.
About two shares declined for every share rising on the National Stock Exchange.
The BSE Sensex and NSE Nifty wiped out all morning gains due to fall in Reliance Industries and State Bank of India. Bharti Airtel, L&T and ONGC too were under pressure. However, the buying interest in technology and private banks has capped the downside.
The BSE Sensex continued to trade higher amid volatility due to consistent buying interest in ICICI Bank and Tata Consultancy Services. Larsen & Toubro, BHEL, ITC and HDFC Bank too were supporting the market.
The BSE Sensex and the Nifty gain, snapping two day losses, as banking stocks advance on expectations for good fiscal Q4 earnings.
The BSE Sensex and NSE Nifty stayed higher amid choppy trade, supported majorly by private banks, capital goods and technology stocks. However, the fall in index heavyweights State Bank of India, Reliance Industries and Bharti Airtel has limited the upside; these stocks were down 0.5% each.
The BSE Sensex and NSE Nifty opened flat on first day of April series as indicated by SGX Nifty and following mixed Asian cues, but immediately both indices extended gains over 0.5% in early trade. Private banks, technology, capital goods, auto and metal stocks gained.
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