RTTNews - The Indian market ended a volatile session modestly lower on Thursday after a 2-day rally took the benchmark BSE Sensex to an almost 12-month high in the previous session. Investors took some profits and ignored an intra-day recovery in European stocks and the higher U.S. index futures, as they looked forward to the April industrial output data scheduled to be released on Friday.
The headline inflation rate slipped to 0.13% in the week to May 30, the lowest ever in over three decades, government data showed on Thursday. Wholesale prices rose 0.48% in the previous week and surged 9.32% in the corresponding week last year.
Soon after opening higher at 15,517, the BSE Sensex dipped into the red and continued to trade choppy for most part of the day. After falling to the day's low of 15,241, the index cut its loss significantly in late trading before closing at 15,411, down 55 points or 0.36% from its previous close. Likewise, the S&P CNX Nifty showed volatility before finishing at 4,638, down 18 points or 0.38%.
On the BSE, the mid-cap index slipped 0.22%, the broad-based BSE 500 index fell 0.40% and the small-cap index ended down 0.90%. The market breadth was negative. Decliners outnumbered advancers by 1768 to 967 and 58 stocks closed unchanged.
Sector-wise, while IT, public sector, oil/gas and capital good stocks bore the brunt of the selling pressure, metal and auto stocks bucked the declining trend and ended with modest gains. Select FMCG and healthcare stocks also ended in positive terrain.
ONGC(down 4.01%), Jaiprakash Associates(down 3.96%), ACC(down 3.84%), BHEL(down 3.46%), SBI(down 3.44%), Infosys(down 2.87%), Wipro(down 2.18%), Reliance Infrastructure(down 2.10%), Tata Power(down 1.74%), Hindustan Unilever(down 1.68%) were the major decliners.
Maruti Suzuki, DLF, Grasim Industries, Reliance Industries, Reliance Communication, TCS, Larsen & Toubro and HDFC also ended in the red.
On the other hand, Hindalco climbed 7.92%, Mahindra & Mahindra jumped 6.18%, Sterlite Industries soared 5.82%, HDFC Bank rallied 3.85%, Tata Steel advanced 2.90%, NTPC gained 2.62%, Tata Motors rose 2.49%, Bharti Airtel added 2.34%, ITC moved up 1.62%, Sun Pharma closed up 1.13%, Ranbaxy rose 0.62% and ICICI Bank edged up 0.33%.
Parsvnath Developers ended down 0.87% after it raised Rs 90 crore by selling a 18 percent stake in a premium housing project to global real estate private equity fund Red Fort Capital. Orbit Corp, Sobha Developers, Mahindra Life, Unitech, Akruti and Ansal Infrastructure also ended in the red, but Indiabulls Real Estate ended up 2.89%.
UltraTech Cement tumbled 3.66% and Larsen & Toubro ended down 0.55% after L&T sold its entire stake of 11.49 per cent in UltraTech through an open market transaction for an estimated Rs 1035.70 crore. Madras Cement fell 3.02%, Ambuja Cement tumbled 4.53%, India Cement slumped 6.88% and JK Cement fell 3.04%.
Kingfisher Airlines fell 2.12% on reports that it plans to roll over close to Rs 8 billion of its short-term debt and will borrow another Rs 15 billion from a few Indian state-run banks. JetAirways ended up 0.90% and SpiceJet slumped 4.06%.
Tata Teleservices (Maharashtra) rallied 4.48% after it announced the launch of its GSM services in association with Japanese firm NTT DoCoMo. Bharti Airtel rose 2.34% and Idea Cellular advanced 5.26%, but RCOM ended down 0.81%
Shiv Vani Oil & Gas Exploration Services gained 2.72% after its board approved raising up to Rs 600 crore through equity share sale or debt instruments. IBN-18 Broadcast plummeted 5.50% after around 4.9 million shares of the company changed hands in three block deals on the BSE at an average price of Rs.125.15 per share.
Mercator Lines advanced 4.21% on reports that it is going to buy three gearless post-Panamax bulk carriers for Rs.500 crore. While Varun Shipping, Essar and GE Shipping fell over 2% each, Shipping Corporation of India ended up 0.96%
ING Vysya Bank moved down 1.45% after ING Groep NV refuted media reports that it is planning to sell its stake in the bank. State-run banks such as Canara Bank, Bank of India, State Bank of India and Punjab National Bank ended sharply lower, but private sector lenders HDFC Bank and ICICI Bank closed in positive territory.
Northgate Technologies fell nearly 5% after foreign fund Merill Lynch sold around 1.78 lakh shares of the company or a 0.51% stake in a bulk deal on the BSE on Wednesday. Suprajit Engineering ended down 1.71% after it held a ground breaking ceremony on June 8 for a state-of-the-art automotive cable plant at Haridwar to support one of its major customers.
Apollo Tyres jumped 8.19% and Everest Kanto Cylinder rallied 4.80% on the back of block deals executed on the stock exchanges. Satyam Computer Services closed at the 10% upper circuit limit for the third straight day.
On the BSE, Reliance Capital topped the traded value chart with a turnover of Rs 293.91 crore followed by Unitech (Rs 283.61 crore), Suzlon (199.90 crore), Reliance Natural Resources (Rs 164.94 crore) and Sesa Goa( Rs 161.03 crore).
Unitech topped the volumes chart with 33 million trades followed by Ispat ( 21.73 million), Reliance Natural Resources (18.22 million), Suzlon (16.53 million) and IFCI (15.94 million).
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