After gap down opening, the key benchmark indices turned volatile in negative range lane on weak Asian stocks. However the market had staged a solid intraday rebound just before the court ruling on RIL. This recovery proved short-lived as an unfavourable court ruling in mid-morning trade pulled index heavyweight RIL lower.
Meanwhile, investors closely observed the first installment of advance tax figures of India Inc. This will trigger as measurement for corporate earnings of India Inc in Q1 June 2009.
On the sectoral front, out of 13 Indices, 3 were traded in green whereas 10 were in red. Bank stocks advanced on reports of a cut in state-set post office return rates raised expectations that other rates in the economy would also trend lower.
Oil stocks gained as oil fell on speculation its dollar-driven rally to a seven month high last week outpaced prospects for a recovery in fuel demand. IT stocks gained on weaker rupee.
Metal stocks deteriorated as LMEX, a gauge of six metals traded on the London Metal Exchange fell 2.32% on Friday.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,525 stocks traded so far, 772 shares advanced while 1,690 shares declined. Nearly 63 shares are unchanged.
The BSE Sensex is trading lower by 249.88 points at 14,988.06 and NSE Nifty is down by 53.29 points at 4,530.10.
The BSE Mid Cap is trading lower by 65.06 points at 5,169.96 and Small cap is trading down by 73.51 points at 5,941.15.
Major gainers from the BSE Sensex pack are Reliance Infra Limited 3.56% to Rs. 1,221.00, along with ONGC Limited spurted 2.86% to Rs. 1,159.00, Ranbaxy Labs Limited spurted 2.76% to Rs. 290.10, NTPC Limited 2.74% to Rs. 227.10, TCS Limited by 1.77% to Rs. 778.00, Hindustan Uniliver Limited by 1.41% to Rs. 259.35 and State Bank of India advanced 0.43% to Rs. 1,644.00 among others.
Losers from the BSE Sensex Pack are Reliance Industries plunged 6.99% to Rs. 2,192.00 along with Sterlite Industries Limited plunged 6.71% to Rs. 669.90, Tata Power Limited plunged 5.23% to Rs. 1,112.10, Tata Motors Limited 3.38% to Rs. 344.60, Mahindra & Mahindra Limited by 3.22% to Rs. 758.10, Tata Steel Limited by 3.09% to Rs. 441.70, Sun Pharma Limited by 2.59% to Rs. 1,284.00 and Hindalco 2.54% to Rs. 97.90 among others.
The BSE Oil&Gas is lower by 413.42 points or 3.93% at 10,096.30. Stocks trading in red are Reliance Industries plunged 6.99% to Rs. 2,192.00, Reliance Petroleum Limited 6.81% to Rs. 136.95, Gail India Limited 2.79%% to Rs. 279.00, Essar Oil Limited by 1.87% to Rs. 165.30 and Indian Oil Limited 0.92% to Rs. 551.00.
Reliance Industries plunged 6.99% to Rs. 2,192.00 following an unfavourable court ruling on gas sales from the KG basin.
Hindustan Dorr-Oliver advanced 4.73% to Rs. 92.95 after the company bagged an order worth Rs. 126.95 crore.
Yes Bank gained 1.05% to Rs. 130.15 on reports the bank will raise $400 million by means of equity through a follow-on public offer, and debt.
Suzlon Energy surged 1.89% to Rs. 121.20 on reports the company may sell a large portion of its stake in Belgian company Hansen Transmissions to raise money for retiring part of its Rs. 12,000-crore debt.
GAIL India Limited 2.84% to Rs. 278.85 after net profit fell 12.78% to Rs. 630.02 crore despite a 25.56% rise in total income to Rs. 6322.08 crore in Q4 March 2009 over Q4 March 2008.
State Bank of India advanced 0.43% to Rs. 1,644.00 as an across-the-board 25 basis point cut in deposit rates will bring down the cost of funds
Indian Hotels Company plunged 3.38% to Rs. 72.85 after the company said it will acquire Sea Rock Hotel in Mumbai for Rs 680 crore.
Meanwhile, investors closely observed the first installment of advance tax figures of India Inc. This will trigger as measurement for corporate earnings of India Inc in Q1 June 2009.
On the sectoral front, out of 13 Indices, 3 were traded in green whereas 10 were in red. Bank stocks advanced on reports of a cut in state-set post office return rates raised expectations that other rates in the economy would also trend lower.
Oil stocks gained as oil fell on speculation its dollar-driven rally to a seven month high last week outpaced prospects for a recovery in fuel demand. IT stocks gained on weaker rupee.
Metal stocks deteriorated as LMEX, a gauge of six metals traded on the London Metal Exchange fell 2.32% on Friday.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,525 stocks traded so far, 772 shares advanced while 1,690 shares declined. Nearly 63 shares are unchanged.
The BSE Sensex is trading lower by 249.88 points at 14,988.06 and NSE Nifty is down by 53.29 points at 4,530.10.
The BSE Mid Cap is trading lower by 65.06 points at 5,169.96 and Small cap is trading down by 73.51 points at 5,941.15.
Major gainers from the BSE Sensex pack are Reliance Infra Limited 3.56% to Rs. 1,221.00, along with ONGC Limited spurted 2.86% to Rs. 1,159.00, Ranbaxy Labs Limited spurted 2.76% to Rs. 290.10, NTPC Limited 2.74% to Rs. 227.10, TCS Limited by 1.77% to Rs. 778.00, Hindustan Uniliver Limited by 1.41% to Rs. 259.35 and State Bank of India advanced 0.43% to Rs. 1,644.00 among others.
Losers from the BSE Sensex Pack are Reliance Industries plunged 6.99% to Rs. 2,192.00 along with Sterlite Industries Limited plunged 6.71% to Rs. 669.90, Tata Power Limited plunged 5.23% to Rs. 1,112.10, Tata Motors Limited 3.38% to Rs. 344.60, Mahindra & Mahindra Limited by 3.22% to Rs. 758.10, Tata Steel Limited by 3.09% to Rs. 441.70, Sun Pharma Limited by 2.59% to Rs. 1,284.00 and Hindalco 2.54% to Rs. 97.90 among others.
The BSE Oil&Gas is lower by 413.42 points or 3.93% at 10,096.30. Stocks trading in red are Reliance Industries plunged 6.99% to Rs. 2,192.00, Reliance Petroleum Limited 6.81% to Rs. 136.95, Gail India Limited 2.79%% to Rs. 279.00, Essar Oil Limited by 1.87% to Rs. 165.30 and Indian Oil Limited 0.92% to Rs. 551.00.
Reliance Industries plunged 6.99% to Rs. 2,192.00 following an unfavourable court ruling on gas sales from the KG basin.
Hindustan Dorr-Oliver advanced 4.73% to Rs. 92.95 after the company bagged an order worth Rs. 126.95 crore.
Yes Bank gained 1.05% to Rs. 130.15 on reports the bank will raise $400 million by means of equity through a follow-on public offer, and debt.
Suzlon Energy surged 1.89% to Rs. 121.20 on reports the company may sell a large portion of its stake in Belgian company Hansen Transmissions to raise money for retiring part of its Rs. 12,000-crore debt.
GAIL India Limited 2.84% to Rs. 278.85 after net profit fell 12.78% to Rs. 630.02 crore despite a 25.56% rise in total income to Rs. 6322.08 crore in Q4 March 2009 over Q4 March 2008.
State Bank of India advanced 0.43% to Rs. 1,644.00 as an across-the-board 25 basis point cut in deposit rates will bring down the cost of funds
Indian Hotels Company plunged 3.38% to Rs. 72.85 after the company said it will acquire Sea Rock Hotel in Mumbai for Rs 680 crore.
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