RTTNews - The Indian market showed a modest gain on Monday, as profit taking in late trading amid valuation concerns and the delayed monsoon restricted big gains. While consumer durable, realty, metal and oil/gas stocks advanced sharply, IT stocks bore the brunt of the selling. Auto, FMCG and healthcare stocks also ended subdued.
After trading choppily in early trading, the BSE Sensex rose to a high of 14,956 before paring most of its gains to finish at 14,786, up 21 points or a mere 0.14% from its previous close. Likewise, the S&P CNX Nifty rose 15 points or 0.35% to 4,391, while the BSE mid-cap index moved up 1.14% and the small-cap index added 1.50%. The market breadth on the BSE was extremely positive, as gainers outnumbered losers by 1686 to 964, with 73 stocks closing unchanged.
Sterlite Industries(up 5.66%), DLF(up 3.82%), Reliance Industries(up 2.78%), ONGC(up 2.61%), Tata Steel(up 2.38%), BHEL(up 1.54%), Hindalco(up 1.33%), NTPC(up 1.03%), Mahindra & Mahindra(up 0.94%) and State Bank of India(up 0.92%) were the top gainers.
On the other hand, Tata Motors plunged 7.77%, Sun Pharma tumbled 3.52% and TCS, HDFC, Grasim, Infosys and Hero Honda fell over 2% each. Reliance Communication, ITC, Wipro, Tata Power, ICICI Bank, ACC, Bharti Airtel and Jaiprakash Associates also ended in the red.
Wockhardt rose 1.05% after it signed an agreement to divest its animal health division to V'toquinol, a French veterinary care company. Biocon gained 1.21% after it formed an alliance with Mylan to develop, manufacture and market generic versions of biologic drugs for the global market.
Glenmark Pharmaceuticals fell 1.03% after it reported a 56% drop in its standalone March-quarter net profit. DLF and Unitech advanced over 3% each amid reports they have restarted some of the projects put on the back burner.
JSL slipped 0.42% on reports it plans to come out with a rights issue in the next two months to raise Rs.500 core to part fund its Orissa project. Rolta India edged down 0.08% after it repurchased foreign currency convertible bonds worth $ 38.31 million through a tender offer.
Bharti Airtel ended down 0.26% on reports that it is in talks with JP Morgan, BNP Paribas, HSBC and Barclays to finance part of the $4 billion cash payment needed for a merger with South Africa's MTN. Shree Renuka Sugars rallied nearly 4% following reports that it raised $105 million through a qualified institutional share placement to fund its expansion plans.
Dewan Housing Finance Corporation added 3.19% after it received shareholder approval for raising up to Rs.300 crore through the QIP route. Pyramid Saimira Theatre fell over 3% after its March-quarter net profit widened to Rs 85.37 crore from Rs 3.11 crore in the corresponding period last year.
Hindustan Dorr Oliver was locked at the 5% upper circuit limit after it bagged an order worth Rs 108.9 crore from HPCL-Mittal Energy for effluent treatment plant of 12 mld capacity to be executed within a period of 17 months. Tulip Telecom soared 6.30% after it reported a 61% rise in its fourth quarter consolidated net profit.
Tata Motors launched its British marquees Jaguar and Land Rover brands in the Indian market on Sunday. The stock plunged nearly 8% on poor FY09 results.
Larsen and Toubro ended up 0.24% after it secured six orders worth Rs.1,230 crore from electrical projects in the domestic market. Welspun Gujarat Stahl Rohren rose 3.87% on revealing that it recently bagged orders worth Rs 960 crore for pipes and others from India and overseas.
Likewise, Jain Irrigation Systems added 1.55% after its food division bagged new orders worth Rs.158 crore from various Coca-Cola bottlers in India and overseas for supply of mango pulp for the 2009-2010 season.
Bharat Earth Movers climbed over 17% on reporting a 45% rise in its fourth quarter net profit. VST Tillers Tractors added 3.04% after its board of directors recommended a 1:2 bonus issue to the company's shareholders.
Patel Engineering rose 2.60% on the back of a 25% rise in its March-quarter net profit, while Jai Corp fell nearly 3% after it reported a net loss of Rs.27.16 crore in fourth quarter ended March. Stocks such as Kalindee Rail Nirman Engineers, Stone India and Titagarh Wagons jumped nearly 5% each on speculation a populist railway budget will improve business prospects for these companies.
Meanwhile, a recovery after September may probably help the Indian economy expand 7% in the current fiscal year if monsoon rains do not fail, Suresh Tendulkar, the chairman of the Prime Minister's Economic Advisory Council, said on Monday after a business conference.
Elsewhere, the other Asian markets closed on a mixed note after a choppy session on Wall Street Friday, the European markets were trading higher across the board and the U.S. index futures pointed towards a positive opening on Wall Street Monday.
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