RTTNews - The Indian market is showing extreme volatility on Monday amid alternate bouts of buying and selling after quarterly results from the country's biggest company in terms of market capitalization, Reliance Industries, fell short of market expectations. However, upbeat corporate earnings announced by a number of other bluechip companies over the weekend and positive Asian cues are offering some support.
After slipping briefly into the red for a while, the benchmark indexes, the BSE Sensex and the S&P CNX Nifty are now trading up around 0.37% each. Second-line stocks are outperforming large caps, with the BSE small-cap and the mid-cap indexes rising over 0.8% each.
Among the top gainers, DLF, Jaiprakash Associates, Hindustan Unilever and Tata Power are trading up over 3% each.
Tata Steel, Bharti Airtel, HDFC, ITC, Sterlite, BHEL, Hindalco, Larsen & Toubro, Reliance Communication and Infosys are the other prominent gainers.
On the other hand, Reliance Industries, Tata Motors, Hero Honda Motors, HDFC Bank, Maruti Suzuki, Reliance Infrastructure and Grasim are trading in the red. Sector-wise, realty, FMCG and metal stocks are leading the gainers, while oil/gas and auto stocks are coming under selling pressure.
Tata Motors is losing 2.14% and Ashok Leyland is down 2.65%, while Bank of India is rising 2.53% and NTPC is up 0.81% ahead of the announcement of their quarterly results on Monday. Reliance Industries is tumbling nearly 4% after reporting a larger-than-expected 11.5 per cent fall in its quarterly net profit, while ICICI Bank is adding a modest 0.52% on the back of a 21% rise in its first quarter net profit.
Ranbaxy Laboratories is up 1.52% after reporting a Rs.693 crore net profit for the three months ended June following three straight quarters of losses. State-run gas utility firm Gail India is down 0.82% after it announced a 27% year-over-year drop in its net profit for the first quarter ended June.
Reliance Petroleum is down 3.50% after it reported a net profit of Rs 105 crore for the June quarter. The company started commercial production on March 15, 2009.
Ess Dee Aluminum is gaining nearly 3% on reports it is in advanced discussions to buy Comital, an Italian firm for $125-150 million to ramp up its global operations.
Godrej Consumer Products (GCPL) is up 3.40% on reports that it is in talks with Sara Lee Corp to acquire a 100 per cent stake in Godrej Sara Lee, a joint venture between Godrej group and the US-based firm. For the first quarter ended June, GCPL's announced a 78% rise in net profit year-over-year.
Jet Airways India is down 2.02% after reporting a net loss of Rs 225.33 crore in the quarter ended June compared to a net profit of Rs 143.38 crore in the year-ago period. United Phosphorus is jumping nearly 5% on reports that it is in the race to acquire a 63% stake in agro-chemical firm Gharda Chemicals.
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