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Sensex, Nifty drift down into negative territory

Source : SIFY
Last Updated: Mon, May 14, 2012 06:13 hrs
BSE Sensex rises in choppy trade

Amid stock specific activity, the market, which opened on a firm note this morning, has drifted down into the negative zone now.

Consumer durables, automobile, FMCG, metal and healthcare stocks are among the notable gainers. Bank, capital goods and PSU stocks are off their highs. Information technology stocks too have pared most of their early gains.

Oil, power and realty stocks are a bit subdued. Buying remains highly stock specific in midcap and smallcap segments. The market breadth is slightly positive.

The Sensex, which eased to 16,256.43 from the day's high of 16,390.33, is currently down 20.62 points or 0.13% at 16,272.36. The Nifty is down 19.15 points or 0.4% at 4909.75.

In the currency market, the rupee edged up marginally in early trades, quoting at 53.59 against the dollar, as compared to Friday's close of 53.63. A surge in foreign fund inflow and slightly positive equity market aided the rupee's upmove.

Automobile stocks Bajaj Auto, Mahindra & Mahindra and Maruti Suzuki are up 1.2% - 2.2% now. Sesa Goa, GAIL India, NTPC, Larsen & Toubro, BPCL, ICICI Bank, Sterlite Industries, Coal India, IDFC, Ranbaxy Laboratories, Wipro and Tata Steel are also trading notably higher.

Jaiprakash Associates is down by over 2.7%. HCL Technologies, ONGC, DLF, Reliance Infrastructure, Asian Paints, Ambuja Cements, Bank of Baroda and HDFC Bank are trading lower by 1% - 1.8%.

Bhushan Steel Ltd has posted a net profit of Rs 330.89 crore for the quarter ended March 31, 2012 as compared to Rs 287.96 crore for the quarter ended March 31, 2011. The stock is down marginally at Rs 437 at present.

Shares of Ruchi Soya Industries Ltd are down 0.3% at Rs 92.50. The company has has reported a net profit of Rs 30.89 crore for the quarter ended March 31, 2012 as compared to Rs 21.77 crore. For the year ended March 31, 2012, the company posted a net profit of Rs 124.87 crore, as compared to Rs 213.21 crore for the year ended March 31, 2011.

Chambal Fertilisers & Chemicals Ltd said that its net profit was Rs 93.19 crore for the quarter ended March 31, 2012 as compared to Rs 67.72 crore for the quarter ended March 31, 2011. The stock is up 2.5% at Rs 71 now.

Oracle Financial Services Software Ltd shares are down nearly 4% at Rs 2468. The IT firm repoted a net profit of Rs 499.50 crore for the quarter ended March 31, 2012, as compared to a net profit of Rs 335.18 crore it had posted in the corresponding quarter last fiscal.

Divi's Laboratories Limited shares moved up by over 5% in early trades this morning thanks to strong results. The company has reported a sharp 24% year-on-year jump in net profit for the quarter ended March 31, 2012. The Board of Directors of the company has also recommended a handsome dividend of 650% or Rs 13 per share for the financial year 2011-12. The stock is up nearly 4% at Rs 854.


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