Nifty, Sensex flat; M&M, Hero Motocorp top gainers
The BSE Sensex and NSE Nifty opened volatile on Thursday due to lack of global and local cues. Fall in inflation below 7%, which was below RBI's comfort level, already priced in by the market,
August 16, 2012 / 10:29 IST
The BSE Sensex and NSE Nifty opened volatile on Thursday due to lack of global and local cues. Fall in inflation below 7%, which was below RBI's comfort level, already priced in by the market. Now the market is looking for some trigger to get direction on either side.
Today three CAG (Comptroller and Auditor General) reports will be tabled in parliament. In one of the report on coal mines, the CAG said private companies could have got windfall gain of up to Rs 1.86 lakh crore. "15 blocks given to private companies did not see production till March 2011," according to the report. That resulted fall in metal stocks in early trade.The BSE benchmark rose 7.5 points to 17,735.65 and the NSE benchmark gained 5 points at 5,385.15. Asian markets were mixed; Nikkei jumped 1.5% and Straits Times was up 0.6% whereas Shanghai, Hang Seng and Kospi were flat.IDFC was up over 2% as its consolidated net profit jumped to Rs 379.78 crore in Q1 of FY13 from Rs 313.7 crore in a year ago period.Hero Motocorp and M&M gained more than 1.5%. HDFC, PNB, Axis Bank, State Bank of India, Bank of Baroda, Grasim, ACC, Tata Steel, Reliance Industries, Cairn India, Ranbaxy Labs and Cipla too were witnessing positive trend.Wipro, Sun Pharma, TCS, Infosys, Sterlite, JSPL, HDFC Bank, HUL and Tata Motors were under pressure.Hindalco fell 1% due to disappointing numbers in the quarter ended June 2012. The CNX Midcap Index was up just 4 points at 7,307. The market breadth was in favour of advances.In the second line shares, Opto Circuits and Jain Irrigation (reported a loss of Rs 16.8 crore in Q1 of FY13 as against profit of Rs 82.4 crore) tanked 6% each.Shree Renuka and Bajaj Hindusthan were down 2% on weak numbers in June quarter. Tulip Telecom was up 3.7% due to a big jump in net profit of first quarter of FY13; actually YoY numbers are not comparable due to change in accounting policy. Amtek Auto was up 5% as it posted a profit of Rs 115.6 crore in first quarter of FY13 as against loss of Rs 90 crore YoY.Amara Raja Batteries went up 5% on strong numbers in Q1. It had rallied 16% on Tuesday.Dishman Pharma and Wockhardt were up nearly 2%.GVK Power, HDIL, GMR Infrastructure and DLF were down marginally.Indiabulls Power was up 0.4%. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
