Sensex down 69 points amid cautious trades; ONGC, L&T surge higher

Source : SIFY
Last Updated: Mon, Jun 04, 2012 09:44 hrs
INDIAN STOCK BROKERS KEEP WATCH ON THE KEY SENSEX SHARE INDEX GRAPH IN BOMBAY.

With the mood still remaning bearish, the market, which came off lower levels after a sharp plunge early on in the session, continues to trade weak.

Amid lingering concerns about the global economy following recent disappointing data from across the globe, investors are extremely hesitant to indulge in any significant buying today. Fairly heavy selling by foreign institutional investors in recent weeks is also contributing to the weak sentiment.

The Sensex, down more than 200 points at one stage, is currently trading at 15,895.67, down 69.49 points or 0.44% from its previous close. The Nifty index is down with a loss of 15.25 points or 0.31% at 4826.35.

ONGC is trading stronger by 2.7% thanks to sustained buying at the counter. Larsen & Toubro has moved up by 1.3% and Reliance Industries is up nearly a percent. HDFC Bank, Hero Motocorp, Tata Motors, Tata Steel and BHEL are up with modest gains, while ICICI Bank and Hindalco are up marginally.

Hindustan Petroleum Corporation, Pantaloon Retail, Indiabulls Real Estate, Rashtriya Chemicals & Fertilizers, BPCL, Hexaware Technologies, Wockhardt, Jaiprakash Associates, Astrazenca Pharma, United Phosphorus, Indraprastha Gas and Glenmark Pharmaceuticals are up 2% - 5%.

GAIL India, Bharti Airtel, DLF, Jindal Steel, Hindustan Unilever and Sterlite Industries are down 2% - 3.3% now. ITC, Tata Power, Wipro, Tata Consultancy Services and Cipla are also trading notably lower.

Bajaj Auto is trading lower by nearly 1.5%. The company has reported an 1.23% increase in motorcycle sales in May at 3,21,922 units. The company had sold 3,17,989 units in the corresponding month last year, it said in a statement. Exports grew 3% in May at 1,30,573 units compared to 1,26,818 units in the same month last year, it added.

In the commercial vehicles category, the company said its sales stood at 30,297 units, as against 40,860 units, a decline of 26%. Total vehicle sales of last month stood at 3,52,219 units compared to 3,58,849 units in the same period a year ago, down 2%, the statement said.

Jubilant Foodworks is down more than 7% at Rs 1142.50, following a rating downgrade of the stock by JP Morgan. The brokerage gave an underweight rating on the stock, citing reasons such as expensive share price, likely tough macro conditions and rising competiton.

Neyveli Lignite Corporation has lost around 6.5%. Bata India, Gujarat Gas, Adani Enterprises, Titan Industries, Cairn India, Petronet LNG, Gujarat Minerals, Mangalore Refineries & Petrochemicals and Oriental Bank of Commerce are all trading lower by 4% - 6%.

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