GDP data pushes BSE Sensex down 340; rupee eyes 57/USD

Moneycontrol Bureau
Live market commentary

01:58pm Midcap losers: Opto Circuits, Suzlon Energy, ABG Shipyard, Novartis India, Peninsula Land, HDIL, Monnet Ispat Energy, Sterlite Tech, Texmaco Rail, Orchid Chem, Asahi India, Uflex, Sadbhav Engr and Corporation Bank were down between 5-25 percent.

01:53pm Sectoral losers: Shares of realty, banks, oil&gas, metal, FMCG, auto and capital goods were dumped by traders heavily.

01:51pm Laggards in the Nifty were DLF (Rs 193.90, 5.76%), Hindalco (Rs 101.55, 4.96%), Reliance Infra (Rs 366.50, 4.08%), PNB (Rs 768.90, 3.65%) and IDFC (Rs 147.50, 3.63%)

01:44pm Market check Sensex was down 322.55 points or 1.60% at 19892, and the Nifty was down 103.45 points or 1.69% at 6020. About 727 shares advanced, 1442 shares declined, and 136 shares were unchanged.

01:37pm Boardroom: FY14 sales target at 8-10 msf; double EBITDA in 3 yrs, says DLF

Shares of the realty-major DLF fell nearly three percent on Friday after it reported a net loss of Rs 4.19 crore in its fourth quarter of the 2012-2013 fiscal due to poor sales losses of subsidiaries. Speaking to CNBC-TV18, Saurabh Chawla, executive director of DLF said that numbers were not a reflection of the business.

01:29pm Volume Shockers ABG Shipyard, Monnet Ispat, Sterlite Technologies, Allied Digital, Suzlon Energy and Jet Airways were down on heavy volumes.

01:24pm 52-week lows: Heavyweights like Jindal Steel, Dhanlaxmi Bank, India Cements, Core Projects, SAIL and Hindustan Construction touched fresh 52-week lows.

01:20pm Opto Circuits down 21% on poor Q4 results

Shares of Opto Circuits were down over 20 percent and hit fresh new lows after the company posted 95 percent drop in its net profit.

01:18pm Indian rupee up 23 paise against dollar at 56.30. The rupee is down over 5 percent in May.

01:15pm Key losers in the BSE Midcap were Opto Circuits (Rs 39.85, 21.4%), ABG Shipyard (Rs 276.45, 8.75%), Novartis India (Rs 535.05, 7.67%), Monnet Ispat (Rs 150.60, 6.17%) and HDIL (Rs 42.05, 5.82%)

01:06pm MUST READ: FY13 fiscal deficit at 4.9% on higher non-tax revenue

Buyoued by non-tax revenue collection, the FY 13 fiscal deficit has come in at 4.9 percent versus budgeted estimate of 5.2 percent. non-tax revenue higher by Rs 8000-10,000 crore. The revenue deficit in fiscal 2013 has come in at 3.6 percent.

Key equity benchmarks were down 1.5 percent as traders dump blue chip stocks post fourth quarter GDP data. Pulled down by poor performance of farm, manufacturing and mining sectors, India's economic growth slowed to 4.8 percent in the January-March quarter and fell to a decade's low of 5 percent for the entire 2012-13 fiscal.

At 13.06 hrs IST, the Sensex was down 306.36 points or 1.52% at 19909.04, and the Nifty was down 95.40 points or 1.56% at 6028.65. About 751 shares advanced, 1330 shares declined, and 125 shares were unchanged.

Top losers in the Nifty were Hindalco (Rs 102.45, 4.12%), Reliance Infra (Rs 368.85, 3.47%), Mahindra and Mahindra (Rs 972.20, 3.23%), ITC (Rs 342.95, 3.2%) and Reliance (Rs 812.35, 2.92%).

Gainers included Sesa Goa (Rs 160.20, 1.62%), Infosys (Rs 2,365.00, 1.01%), HCL Tech (Rs 748.35, 0.86%), Jaiprakash Associates (Rs 67.10, 0.37%) and NMDC (Rs 119.50, 0.21%).