Choppy Nifty below 5350; Sesa Goa, Sterlite top losers
Indian shares trimmed losses on hopes of fuel price hike today evening. Cabinet committee on political affairs will meet at prime minister's house at around 17:45 hours IST. CNBC-TV18 reported that the fuel price hike is likely to be discussed in the meet.
September 11, 2012 / 11:20 IST
Indian shares trimmed losses on hopes of fuel price hike today evening. Cabinet committee on political affairs will meet at prime minister's house at around 17:45 hours IST. CNBC-TV18 reported that the fuel price hike is likely to be discussed in the meet. State-run oil retailers BPCL, HPCL and IOC gained 1.5-2.3% while oil & gas producer ONGC rose 1% as the subsidy sharing burden may be lower if the government hikes fuel price.
The 30-share BSE Sensex declined 38 points to 17,728.75 and the 50-share NSE Nifty slipped 17.3 points to 5,346.15, weighed down by weakness in global peers. Major Asian markets like Shanghai, Hang Seng and Nikkei were down 0.6-0.9% ahead of Federal Reserve's policy meet that will start today for two days and outcome of German's Constitutional Court ruling.Index heavyweight Reliance Industries was down 0.7% and engineering conglomerate Larsen & Toubro went down 0.6%.Sesa Goa plunged more than 5% and Sterlite Industries tumbled 4% after the news that all 90 mines in Goa will stop work till review is done.National Aluminium Company slipped 1% as Indian Express reported that the CBI will probe the company's lime purchase scam.Shares of Jindal Steel fell 2% for second consecutive session today. Tata Steel, world's sixth largest steel producer was down 1.4%.Telecom operator Bharti Airtel and two-wheeler major Hero Motocorp lost 1% and 2%, respectively. Commercial vehicle maker Tata Motors and private sector lender HDFC Bank declined 0.8%.Country's largest lender State Bank of India rebounded after early losses while its rival ICICI Bank cut losses significantly. Housing finance company rose 0.5%.Power equipment manufacturer BHEL bounced back with 1% gains after taking huge beating in previous sessions due to concerns over order book._PAGEBREAK_At 9:20 hours IST: Sensex trades lower; BPCL up ahead of fuel price hike meetIndian equity benchmarks fell 0.5% in early trade, weighed down by weak global markets ahead of Federal Reserve's policy meet that will begin today for two days and German's constitutional court ruling that could determine the fate of ESM. But the early trade losses immediately capped on news that cabinet will meet today for fuel price hike.The 30-share BSE Sensex fell 45.33 points to 17,721.45 and the 50-share NSE Nifty declined 21 points to 5,342.70.BPCL rallied 1.5% ahead of cabinet meeting on fuel price hike today after market hours. HPCL surged 1.6% and IOC rose 1%. ONGC too gained 1% as it shares subsidy burden with oil retailers.Sesa Goa and Sterlite tanked 4.5% on mining ban in Goa.JP Associates, Larsen & Toubro, BHEL, Hindalco Industries, Tata Steel, Axis Bank, JSPL, Bank of Baroda and PNB too were down.Cipla, ITC, Sun Pharma and Dr Reddy's Labs were on buyers' radar.The CNX Midcap Index fell 10 points to 7,244. Declining shares outnumbered advancing by 389 to 277 on the National Stock Exchange.In the second line shares, Opto Circuits surged 2% as the company has received approval from the Drug Controller General of India (DCGI) for heart devices.Deccan Chronicle Holdings rose 3% as Mint reported that Venture Capitalist Srini Raju is willing to invest in the company at "right price".Arvind was up 0.3% as Business Standard reported that Sweden’s H&M is in talks with Arvind and RIL for retail foray into India.IRB Infrastructure fell 1.5% after the company has received service tax demand notice of Rs 60.46 crore from I-T Department.Max India gained 1.3% as the company will sell Max Speciality Films unit to German company Treofan for Rs 540 crore. 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!
