RTTNews - Lack of positive triggers dragged the Indian market lower on Friday after a rally in the previous session. Investors chose to take profits after downbeat economic data from the U.S. dampened investor sentiment. A three percent loss in Chinese market and jitters that deficient monsoon would bring down economic growth also weighed on market movement.
After opening little changed at 15,530, the BSE moved choppily all through the day before finishing at 15,412, down 107 points or 0.69% and the S&P CNX Nifty fell 25 points or 0.54% to 4,580. The BSE mid-cap index closed almost unchanged, while the small-cap index moved up 0.40%. The market breadth on the BSE was fairly positive, as gainers outnumbered losers by 1418 to 1242.
Sector-wise, realty and FMCG stocks led the market lower after recent gains. IT stocks also fell notably on concerns about a recovery in the U.S. economy due to disappointing retail sales and jobs reports, while oil/gas, consumer durable and select public sector stocks closed on a positive note.
Stock-wise, Jaiprakash Associates(down 3.52%), Hindustan Unilever(down 2.60%), NTPC(down 2.41%), Reliance Communication(down 2.34%), ACC(down 2.21%), HDFC(down 2.19%), Maruti Suzuki(down 1.99%) and Hero Honda Motors(down 1.93%) were the major decliners.
On the other hand, ONGC surged up 4.79% on speculation the government would revise administered gas prices upwards to $2.45 per million metric British thermal unit from $1.9 mmbtu.
Reliance Industries advanced 0.54% after Niko Resources, its Canadian partner in the prolific KG-D6 gas block, reported an extension of the gas finds in the block. Reliance Infrastructure rose 1.49%, Sterlite Industries edged up 0.34% and HDFC Bank ended up 0.13%.
Public sector oil-marketing firms HPCL, BPCL and IOC also closed with impressive gains ahead of an IPO from state-run Oil India on September 7.
Aviation stocks rallied after the government constituted a panel to look into both the high base price of aviation turbine fuel and the incidence of sales tax on ATF. Kingfisher advanced 3.19%, Jet Airways climbed 8.71% and Spice Jet jumped 9.69%.
Sun Pharmaceutical gave off 1.63% after it decided to re-file application for Taro tender offer under Hart-Scott-Rodino (HSR) Act on account of expiration of waiting period on August 12, 2009. Punjab National Bank fell 1.34% after it cut interest rates on home and car loans by 50 basis points.
Indraprastha Gas surged up 12.49% on reports that it has signed a pact with Reliance Industries and its partner NIKO for purchasing gas from KG-D6 block. eClerx Services rose 1.70% after private equity firm Sequoia Capital bought a 6% stake in the company through open market deals on Wednesday.
Tulsyan NEC ended up 0.69% after the company proposed to consider the issue of equity shares on a rights basis. Man Industries soared 10.49% after winning two new contracts worth Rs.750 crore from Gail (India) and unnamed clients from Middle-East and Africa.
JSW Steel gained 1.15% after its group firm JSW Energy filed a red draft red herring prospects with market regulator SEBI for raising around Rs.3,000 crore through an initial public offering.
Punjab Chemicals & Crop Protection rose 0.72% after Hem-Sil Trading and Manufacturing, a promoter group entity, increased its stake in the company to 26.8% from 22.4%.
IFCI rallied 4.12% on reports that it is close to getting a banking license. McNally Bharat Engineering Company fell 1.94% after it reduced its stake in McNally Sayaji Engineering to 77.50 per cent in an off-market deal.
On the BSE, Reliance topped the traded value chart with a turnover of Rs 924.55 crore, followed by Tata Steel (Rs 738.77 crore), DLF (Rs 727.88 crore), ONGC (Rs 645.97 crore) and HDIL (Rs 492.63 crore).
IFCI led the volume chart with trades of nearly 85 million shares, followed by Ispat Industries (51.3 million), Unitech (51.17 million), Suzlon (49.64 million) and FSL (44.91 million).
Elsewhere, Asian stocks with the exception of China and Indonesia, showed modest gains on the back of rising commodity prices, the European markets rose for the third straight day amid growing confidence of a global economic rebound and U.S. stock futures point towards a lower opening on Wall Street Friday morning, as traders await key economic data related to CPI and industrial production.
Light sweet crude oil price for September delivery rose slightly to $70.72 a barrel in late Singapore trading from its previous close of $70.52 a barrel in New York on Thursday.
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