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Sensex, Nifty remain in red as weakness persists

Source : SIFY
Last Updated: Mon, Jul 11, 2011 08:48 hrs
BSE Sensex provisionally ends 1.3 pct lower

Realty, information technology, metal and bank stocks continue to trade weak on the major Indian bourses where the mood remains quite cautious with a negative bias today on the back of weakness in global markets. Caution ahead of key results too contribute to the decline.

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Capital goods and power stocks, which managed to gain some support earlier in the day, are showing signs of weakness now. Oil and healthcare stocks are mostly trading flat. Select consumer durables and FMCG stocks are finding good support. Automobile stocks are also trading mixed.

At 18,739.27, the Sensex is now down 118.77 points or 0.63%. The Nifty is down 38.85 points or 0.69% at 5621.80.

Mahindra & Mahindra, ONGC, ITC, Reliance Communications are up 1.2% - 1.7%. Sterlite Industries is up with a gain of 0.7%, while Tata Motors and Tata Power, the other gainers in the Sensex are up marginally.

Hindalco is down by over 4% due to sustained selling pressure. Infosys, DLF and Jaiprakash Associates are down 25 - 2.3% now. State Bank of India is trading nearly 2% down.

Wipro, Tata Consultancy Services, Maruti Suzuki, BHEL, HDFC Bank, Tata Steel, HDFC, Jindal Steel and Bharti Airtel are trading lower by 0.8% - 1.6%.

DB Realty, Unitech, JSW Steel, Sintex Industries, SAIL, JP Infratech, Axis Bank, Bhushan Steel, Crompton Greaves, Shriram Transport Finance, Vijaya Bank, Sun TV Network, Suzlon Energy and Bank of Baroda are down 2.5% - 5%.

Despite a surge in earnings, shares of Sintex Industries Limited are down by over 3% at Rs 178.50 this afternoon. The company has posted a net profit of Rs 691.318 million for the quarter ended June 30, 2011 as compared to Rs 581.076 million for the quarter ended June 30, 2010. Total Income increased from Rs 5411.339 million for the quarter ended June 30, 2010 to Rs 5742.616 million for the quarter ended June 30, 2011.

On a consolidated basis, the Group has posted a net profit after of Rs 945.762 million for the quarter ended June 30, 2011 as compared to Rs 788.488 million for the quarter ended June 30, 2010. Total Income has increased from Rs 9308.676 million for the quarter ended June 30, 2010 to Rs 11288.336 million for the quarter ended June 30, 2011.

NIIT Technologies Ltd shares are up 1.8% at Rs 185 following an announcement from the company that it has signed a multi-million GBP contract with Eurostar, the high-speed passenger service between the UK and mainland Europe, to provide infrastructure management services for its core business applications. NIIT Technologies has announced that it secured the deal amidst stiff competition from global IT consultancy giants, firmly positioning itself as a long-term strategic managed services partner to Eurostar International.

According to a report from the Society of Indian Automobile Manufacturers, domestic passenger car sales grew by 1.62% to 1,43,370 units in June, 2011, from 1,41,087 units in the same month last year.

Motorcycle sales in the country grew by 14.97% during the month to 8,25,323 units from 7,17,859 units in the corresponding month last year. Total two-wheeler sales increased by 14.59% to 10,71,425 units last month from 9,34,975 units in June, 2010.

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Sales of commercial vehicles jumped by 17.83% to 62,009 units in the month under review from 52,627 units in the year-ago period, SIAM said. Total sales of vehicles across categories registered a growth of 12.84% to 13,62,984 units in June, as against 12,07,934 units in the same month last year.


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