Save for a brief while at the start and for a few minutes before the closing bell, the Indian stock market was down in negative territory on Tuesday, with investors mostly treading cautiously, amid worries about near term gloabl economic outlook following some weak economic data out of China. Profit taking after recent strong gains too rendered the market weak.
The benchmark indices Sensex and Nifty managed to eke out small gains, thanks largely to some hectic buying in some blue chip stocks during the fag end of the session.
While the Sensex, which declined to 19,04208, ended the day with a gain of 9.53 points or 0.05% at 19,179.36, the Nifty closed at 5836.90, nearly 50 points off the day's low of 5791.55, recording a gain of 2.50 points or 0.04%.
Healthcare, information technology and oil stocks edged higher, while shares from capital goods, realty and consumer durables sectors closed weak. Bank and metal stocks recovered well and ended on a mixed note. FMCG, power and automobile stocks too turned in a mixed performance.
Hero Motocorp ended nearly 3% up. Sun Pharmaceutical Industries (2.6%), Bajaj Auto (2.4%), Reliance Industries (1.8%), ICICI Bank (1.2%), Wipro (1%) and Dr Reddy's Laboratories (1%) closed on a high note.
Kotak Bank notched up a gain of 2.2%. Grasim Industries, HCL Technologies, Jaiprakash Associates and Ranbaxy Laboratories gained 1% - 1.8%.
Hindalco, Infosys, Tata Steel, HDFC, Axis Bank, ACC and Tata Consultancy Services ended with modest gains.
Jindal Steel & Power ended nearly 4% down. DLF lost 1.9%. HDFC Bank declined by 1.8%. The bank has reported a net profit of Rs 1889.84 crore for the quarter ended March 31, 2013 as compared to Rs 1453.08 crore for the quarter ended March 31, 2012. Total income increased from Rs 9189.93 crore for the quarter ended March 31, 2012 to Rs 11,127.54 crore for the quarter ended March 31, 2013.
For the year ended March 31, 2013, the bank has posted a net profit of Rs 6726.28 crore as compared to Rs 5167.07 crore for the year ended March 31, 2012.
Cairn India closed lower by 1.3%. Cairn India announced after trading hours on Monday that its consolidated net profit after giving impact of scheme of arrangement for earlier periods rose 17.26% to Rs 2563.60 crore on 29.93% growth in total income to Rs 4582.52 crore in the January - March 2013 quarter.
State Bank of India, Larsen & Toubro, IDFC, GAIL India, BHEL, Reliance Infrastructure, Mahindra & Mahindra, Hindustan Unilever, Tata Motors and Ambuja Cements also ended notably lower.
Indiabulls Real Estate spurted 8.7%. Amara Raja Batteries, MRF, Jet Air India and JSW Energy gained 4% - 5%. Bharat Forge, Financial Technologies, JP Power, Siemens, ABB, Mphasis, Gujarat Minerals, Idea Cellular, Godrej Consumer Products and MCX ended higher by 2.5% - 4.5%.
Motherson Sumi, Adani Enterprises, Reliance Communications, Unitech, Glaxosmithkline Consumer Healthcare, Mahindra & Mahindra Financial Services, Federal Bank, Bata India, Jain Irrigation Systems and Max India were some of the major losers.
The market breadth was slightly negative. Out of 2492 stocks traded on BSE, 1227 stocks declined. 1134 stocks moved up and 131 stocks ended flat.
According to a report released by the Prime Minister's Economic Advisory Council, India's GDP may surge 6.4% in 2013-14, higher than an estimated 5% growth for the fiscal year 2012-13. In 2013-14, the headline WPI inflation is expected to be around 6%, compared with provisional figure at 5.96% at the end of 2012-13, the report said.
On the external sector, the Current Account Deficit is expected to ease to 4.7% of GDP in 2013-14 from an estimated 5.1% of GDP in 2012-13. The net FDI inflow is expected at $24 billion in 2013-14 from an estimated $18 billion in 2012-13. In contrast, FII inflows are seen sliding to $18 billion in 2013-14 from an estimated $24 billion in 2012-13, the report from PMEAC said.