The market, which gave up some gains after a splendid start and a subsequent upmove, very nearly tumbled into the red this afternoon with several blue chip stocks taking a sharp retreat due to a moderately severe bout of selling pressure.
The Sensex, which tumbled to 18,219.25 from a high of 18,440, is now at 18,253, up just 55.80 points or 0.3% over its previous closing mark. The Nifty index of the National Stock Exchange is up 16 points or 0.3% at 5498, well off the day's high of 5551.90.
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Metal stocks are among the most prominent losers. JSW Steel, which suffered some sharp losses late last week on reports about alleged illegal purchase of Iron Ore. The company, had on Friday, reacting to a report of the Karnataka Lokayukta about alleged illegal purchase of Iron ore by JSW Steel, clarified that all transactions have been done in a legally compliant manner. Despite the clarification, the stock is on a southbound journey again and is currently down with a loss of nearly 12% at Rs 682.
Jindal Saw has lost around 6.5% at Rs 142.60 and Ispat Industries is down by a little over 6%. SAIL is down with a loss of over 5% with disappointing quarterly results dragging it down sharply. Nalco, Jindal Steel, Bhushan Steel and Sesa Goa are down 2.5% - 4.5%. Hindustan Zinc, Sterlite Industries and Hindalco are also trading sharply lower at present.
BHEL, Maruti Suzuki, Reliance Industries, HDFC Bank, Cipla and State Bank of India are down with modest losses.
IT bellwether Infosys is up nearly 1.5% at Rs 2806. Mahindra & Mahindra, Bajaj Auto, Larsen & Toubro, HDFC and Tata Motors are trading higher by 1% - 1.4%. Jaiprakash Associates, Tata Power, ICICI Bank, Bharti Airtel, ITC, NTPC and Tata Steel are also trading firm.
Adani Enterprises is off the day's high, but still remains firmly entrenched in positive territory. At Rs 631.50, it is up nearly 8% over its previous closing price. Manappuram General Finance, Ranbaxy Laboratories, Mahindra & Mahindra Financial Services, Jubilant Foodworks, Dabur India, Rajesh Exports, Idea Cellular, Adani Power, Power Grid Corporation, Gujarat State Petronet, Glenmark Pharmaceuticals, Power Finance Corporation and Godrej Industries are also up with impressive gains.
Sun TV Network is down 4.8% at Rs 306. The company has announced that it posted a net profit of Rs 1876.20 million for the quarter ended June 30, 2011 as compared to Rs 1709.50 million for the quarter ended June 30, 2010. Total income increased from Rs 4517.20 million for the quarter ended June 30, 2010 to Rs 4712.80 million for the quarter ended June 30, 2011.
Financial Technologies, Educomp Solutions, Indiabulls Financial Services, Crompton Greaves, DB Realty, BGR Energy, Thermax, BF Utilities, Reliance Capital, IRB Infrastructure and JSW Energy are also down with sharp losses.
KEC International reported net profit of Rs 33.1 crore for quarter ended June 2011 against Rs 26.4 crore. Net revenue was at Rs 1022.5 crore as against Rs 846 crore. The stock is up 1.6% at Rs 80.15 at present.
ARSS Infrastructure Projects has bagged orders aggregating to Rs 233.53 crore order from Punjab Infrastructure Development Board and Angul (R&B) Division, Angul, Odisha. The stock is down with a modest loss at Rs 395.
TVS Motor is up 8.7% at Rs 53.60 on strong buying support. The company has reported a 45.65% jump in net profit to Rs 58.80 crore for the quarter ended June 30, 2011. The company announced today that total sales in July rose 14% to 189,962 vehicles from 166,214 vehicles a year ago. Total two wheeler sales grew by 14% to 186,672 vehicles, while exports increased 34% to 28,542 vehicles in July.
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According to the data released by the Commerce Ministry today, India's exports grew by an impressive 46% to $29 billion in June, 2011, despite uncertainty in the US and European markets. Merchandise exports aggregated to $20 billion in June, 2010. During the April-June quarter, overseas shipments grew by 46% to $79 billion.
Oil and non-oil imports increased by 30% and 47.8%, respectively, during the month under review to $10 billion and 26.6 billion. During the first quarter, oil imports grew by 18.1% to $30.5 billion from $26 billion. Non-oil imports, too, increased by 45% to $80 billion from $55 billion in April-June 2010-2011.