Markets Shed Morning Gains As Europe Opens Red
Shrikant / 27 Apr 2012
The markets have given up all the gains in the morning after the European stocks slided on the Spain woes. The BSE Sensex has shed 48 points i.e. to 17082.22 while Nifty has ranked 15 points to 5173.6. The ICICI bank has surged 2.43% after the bank posted net profit growth of 15% to Rs 1810 crore and has also announced annual dividend of Rs 16.5 per share.
After the Spain downgrade by S&P, European markets have opened in red. DAX and CAC have shed more than half percent while FTSE has lost 0.17% at this time. Asian markets have also turned negative and all the key indices are trading in red. The rupee has further depreciated aginst Dollar and Euro.
Among the Sensex participants, beside ICICI bank, M&M is holding the morning gains.TCS, Infosys and Wipro are trading in negatives at the better economic data have partially lifted the sentiment on the stocks and the sector. NTPC has shed some of the morning gains but is still in the green half of the list. DLF, which has gained in the morning over the news of land sale in Mumbai, has now lost 2.59%. Coal India is still trading in negative.
Most of the sectoral indices are currently trading in negative. IT indices suppored by the big 3 is up 0.68%.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5,754.59 | 0.62% |
| CAC | 3,250.21 | 0.52% |
| DAX | 6,722.27 | 0.27% |
| Hang Seng | 20,811.98 | 0.80% |
| Nikkei | 9,561.83 | 0.01% |
| Shanghai | 2,404.70 | -0.09% |
| SENSEX | 17,167.70 | 0.10% |
| NIFTY | 5,203.65 | 0.03% |
Among the individual stocks, Bajaj Finserve is up 5.06% after reporting a good set of March quarter numbers. Biocon after beating the forecasts has rose by 2.39%. Company has also recommended dividend of Rs 5 per share. Strides Arcolab has further gained by 2.13%. Power stocks such as Siemens, Thermax, GMR Infra, Torrent Power etc are still trading in positive after the statement of the Power ministry.
Companies which have recommended dividend this afternoon are Zodiac Clothing, Monsanto India, GMM Pfaudler, eClerx Services, Deepak Nitrite and Tata Coffee.
Volumes are strong in Alstom T&D, Natco Pharma, Ajanta Pharma, Trent, ICICI Bank etc. Top turnover is seen in ICIC after the results. Balakrishna industries has touched new high at Rs 290.
Market breadth at this time is negative where of total 2731 stocks traded, 1062 stocks have advanced while 1550 stocks have declined. 119 stocks have remained unchanged.
With the two countries grading being revised to negative we expect market to remain under pressure.
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