RTTNews - Monday, the Indian market is showing choppiness on alternate bouts of buying and selling. While there is some stock-specific buying ahead of the announcement of Union Budget early next week, valuation concerns and the overhang of delayed monsoon rains are leading to intermittent profit taking.
The BSE Sensex has been moving in a narrow range of 14,832-14,722 and is now trading at 14,725, down 40 points or 0.27%. The S&P CNX Nifty is trading at 4,363, down 0.27%. However, second-line stocks are outperforming the benchmark indexes, with the BSE small-cap and the mid-cap indexes rising over 1% each.
Among the top gainers, DLF is rising 3.49% and Sterlite, ONGC and HDFC Bank are trading up over 2% each. Reliance Communication, Reliance Infrastructure, Tata Steel, NTPC, BHEL, Hindalco, Reliance Industries, State Bank of India and Jaiprakash Associates are the other prominent gainers.
On the other hand, Tata Motors, Sun Pharma, HDFC, Grasim, Tata Power, Infosys, TCS, ACC, Wipro, ITC, ICICI Bank, Mahindra & Mahindra, Larsen & Toubro, Hindustan Unilever, Bharti Airtel, Maruti Suzuki and Hero Honda are trading in the red.
Tata Motors is tumbling over 4% after it posted its first annual loss in eight years and forecast more job cuts and plant closures at Jaguar and Land Rover. TVS Motor is up a modest 0.11% on reports that it will expand its product portfolio aggressively by launching at least three new products in the current financial year.
Reliance Communications is rising 1.41% after it tied up with BBC World Service to offer live audio service through Reliance Mobile's R-World value-added service platform. Reliance Industries is up 0.29% amid reports it targets production of 40 million cubic metres per day(mscmd) by July and 80 mscmd of gas by the end of 2009.
Unitech is gaining nearly 4% on reports that it is raising $575 million through a qualified institutional share placement. IFCI is gaining 2.43% on reports that it would raise up to Rs 1,000 crore from bonds in the second or third quarter of 2009-10 to fund its business expansion plans.
S. Kumars Nationwide is up over 3% after it acquired U.S. clothing company Hartmarx Corp for about $120 million through its U.S. subsidiary SKNL North America BV, along with its operating partner Emerisque U.K.
Allahabad Bank is adding 1.76% after announcing a reduction in its benchmark prime lending rate by 25 basis points from Jul. 01. Suzlon Energy is plunging over 6% after it announced a standalone loss of Rs 183 crore for the quarter ended March from Rs 482 crore profit in the same quarter last year.
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