BSE Sensex down 50; auto stocks pause for pit stop

Moneycontrol Bureau
Live Market Commentary

11:57 am Silver Check: MCX Silver up Rs 3 at Rs 43266 per kg. Silver price to correct further if Fed hawkish: Anand Rathi "Silver is more volatile than gold therefore any movement in silver prices is always magnified. If FOMC is hawkish about their policy move, then one can expect prices to correct further," said Priti Gupta, Director at Anand Rathi Commodities. 11:54 am NTPC top loser in the Nifty, down close to 3 percent. 11:48am Market check The Sensex is down 63.12 points or 0.31% at 20160.86, and the Nifty down 25.15 points or 0.41% at 6131.75. About 748 shares have advanced, 1154 shares declined, and 138 shares are unchanged. 11:45am Gold Check: MCX Gold up close to 1 percent at Rs 26315 per 10 grams. Also Read: Silver and gold lurch higher after early dive Market Outlook: Expect bigger rate cuts in India in 2013: Barclays Capital
Barclays Capital now expects another 75 bps of rate cuts over the rest of 2013 versus its previous call of 25 bps in easing due to slowing inflation and weakening economic growth. 11:40 am Buzzing Stock: IG Petrochemicals down 7 percent on poor results. IG Petrochemicals reprted net loss of Rs 20.4 crore in the fourth quarter compared to net profit of Rs 11 crore, in the same quarter previous year. 11.33am Buzzing Stock: Hotel Leela was down 4 percent after reporting a massive loss of Rs 142 crore in the latest quarter. Buzzing Stock: Divis Laboratories falls 6% on disappointing Q4 earnings Healthcare firm Divis Laboratories shares plunged more than 6 percent Tuesday, after it disappointed with fourth quarter (January-March) earnings. Rupee Check: Indian Rupee at 55.04 per dollar. Robert Prior-Wandesforde of Credit Suisse told CNBC-TV18, "The pressure on rupee will continue due to current account deficit weakness. We see Indian rupee to end 2013 in range of 56.50-57 per dollar." IPO Check: As per latest data on NSE, Just Dial IPO susbcribed 0.52 times on Day 2. The issue will close for subscription on May 22. Also Read: What experts say about Just Dial IPO, find out here Featured: Phaneesh Murthy's billion-dollar software game - Forbes 11:18 am Only Buyers: LML, Uniply Industries, Himadri Chemicals locked at upper circuits. 11:15am Coal India up 2.5 percent at Rs 307.4 Riding on dividend income paid by its subsidiaries, Coal India Ltd (CIL) on Monday reported a nearly 90-percent jump in standalone net profit at Rs 2,320.61 crore for the fourth quarter ended March 31. Also Read: Coal India Q4 net profit up 90% on dividend income Hindalco Block Deal: 1.3 crore shares changed hands on BSE, NSE at Rs 110 per share. The stock is up 2 percent. MUST READ: iGATE sacks Phaneesh Murthy on sexual harassment charge
How Phaneesh Murthy blew it all up Indian shares were consolidating in the late morning trade on lack of corporate news and economic data points. Asian shares were trading mixed while US markets closed flat overnight. At 11.01 hrs IST, the Sensex is down 16.09 points or 0.08% at 20207.89, and the Nifty down 12.35 points or 0.20% at 6144.55. About 741 shares have advanced, 956 shares declined, and 104 shares are unchanged. Auto stocks took a breather in trade today after rallying between 2 to 4 percent on Monday. Shares of Tata Motors, M&M and Maruti Suzuki were down between 1 to 3 percent. Key gainers in the Nifty were Coal India (Rs 307.90, 2.19%), BHEL (Rs 205.75, 1.73%), Hindalco (Rs 112.05, 1.72%), Sun Pharma (Rs 978.75, 1.33%) and Lupin (Rs 778.55, 1.33%). Laggards included Tata Motors (Rs 294.10, 2.63%), UltraTech Cement (Rs 1,969.65, 2.49%), NTPC (Rs 155.75, 2.38%), Jaiprakash Associates (Rs 78.25, 2.13%) and Ranbaxy Labs (Rs 434.50, 2.05%)