Sensex stages modest recovery after losing over 160 points

Last Updated: Fri, Jun 01, 2012 07:09 hrs
BSE Sensex seen opening lower, GDP data eyed

Due to fairly heavy selling in key stocks from information technology, oil, power, capital goods and banking sectors, the market plunged sharply around noon and is still trading notably lower.

Pharmaceuticals, automobile and PSU stocks too are mostly down in negative territory. Select stocks from realty, consumer durables and FMCG sectors are finding some support.

According to a survey, India's manufacturing sector kept up its steady expansion in May, with fast-rising output evened out by slowing growth of domestic order books. The HSBC manufacturing Purchasing Managers' Index, compiled by Markit, slipped marginally to 54.8 in May from 54.9 in April. It has stayed above the 50 mark, that separates growth from contraction, for a little over three years now.

The BSE benchmark Sensex, which declined to 16,052.54, is currently down 115.69 points or 0.71% at 16,102.84. The broader 50-stock Nifty index of the National Stock Exchange is down with a loss of 40.95 points or 0.83% at 4883.30, slightly off the day's low of 4869.25.

Among Sensex stocks, only ITC (1.3%) and Hindalco (up nearly a percent) have moved up sharply. Maruti Suzuki is up by around 0.2%. The company has announced that it sold 98,884 units in May 2012, down 5%, against sale of 104073 units in the same period a year ago. Coal India, Sun Pharmaceutical Industries and Tata Steel, the other gainers, are up marginally.

Jindal Steel, HDFC Bank, Larsen & Toubro, Reliance Industries and NTPC are down 1.5% - 2.5%. ONGC, Hero Motocorp, HDFC, DLF, Hindustan Unilever, State Bank of India and Bajaj Auto are trading lower by 1% - 1.4%. GAIL India, BHEL, Tata Power and Cipla are also trading notably lower.

Information technology majors Infosys, Wipro and Tata Consultancy Services are trading lower by around 2% from their previous closing levels. Stocks from this space are trading lower today amid a slew of weak U.S. economic reports.

Adani Enterprises is trading lower by about 5%. Apollo Tyres, Asian Paints, Sun TV Network, Pantaloon Retail, GMR Infrastructure, Shriram Transport Finance, Hexaware Technologies, Bank of Baroda, Zee Entertainment, Godrej Industries, Eicher Motors and Dr Reddy's Laboratories are all trading lower by 3% - 4.5%.

Punjab National Bank, United Phosphorus, IDFC, Ranbaxy Laboratories, Glenmark Pharmaceuticals, Mangalore Refineries & Petrochemicals, HDIL, Alstom T & D, Cairn India, Godrej Consumer Products, Cental Bank of India and Cummins India are also down sharply in negative territory.

Indraprastha Gas has spurted more than 6%. United Spirits, Ultratech Cement, Container Corporation, Coromandel International, JP Power, Gujarat State Petronet, Financial Technologies, IRB Infrastructure, Oberoi Realty and Nestle India are also trading notably higher.

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