Sensex ends 277 points down on Europe woes; IT, metals fall 3%
23 April 2012
The BSE Sensex shed more than 300 points intraday - its biggest drop in a month - in late trade on Monday. Eurozone worries and depreciating rupee took a heavy toll on the indexes. The NSE Nifty fell below the 5200 level intraday due to sharp downtrend in banks, technology, metals, auto, telecom and capital goods stocks. However, index heavyweight Reliance Industries outperformed other heavyweights, gaining 0.55%.
The BSE benchmark lost 277.16 points or 1.60% to close at 17,096.68 with 25 stocks staying in the red zone. The NSE benchmark was down 90.25 points or 1.71% at 5,200.60 after hitting an intraday low of 5,187.15.
Political uncertainty in France and Netherlands, coupled with weak economic data from Germany and France, sent European stocks down. In the first round of presidential elections in France, opposition candidate Francois Hollande was leading with 28.8% votes followed by Nicolas Sarkozy with 26.1% votes.
France's CAC was down 1.9% and Britain's FTSE slipped 1.5% while Germany's DAX tanked 2.53%. Even the Dow Jones futures went down 115 points.
Back home, the Indian rupee was trading at 52.49 to the dollar, down 42 paise. It touched an intraday low of 52.55 a dollar.
At 15 hours IST : Sensex sheds 250 pts; SBI down 2.8%, rupee @ 52.55/USD
The BSE Sensex and NSE Nifty stayed more than 1% lower due to consistent fall in banks, capital goods, metals and technology stocks. Even the Indian rupee depreciated further, losing 48 paise to 52.55 a dollar.
Even the European markets continued to trade sharply lower post economic data. France's CAC fell 1.9% post composite PMI data dropped to 6-month low at 48.7 for March. Britain's FTSE was down 1.7% too while Germany's DAX tanked nearly 3%.
Back home, the BSE benchmark went down 247.35 points or 1.42% to 17,126.5 and the NSE benchmark was down 85.45 points at 5,205.40. The broader markets were down 1.4%.
The BSE Realty, Metal, Capital Goods, Power, TECk, IT and Bankex tumbled 2-3%.
Software services exporter Infosys lost 4% as the company is under scrutiny from the US Department of Homeland Security for likely errors in employer eligibility documents of its staff working in the United States, the company said in a statement. Its rival Tata Consultancy Services declined 1% ahead of its quarterly earnings today evening.
Country's largest lender State Bank of India tumbled 2.8% while rivals ICICI Bank and HDFC Bank were down 1.6% and 1.2%, respectively.
Shares of Tata Motors, L&T, Bharti Airtel, BHEL, Sterlite, Hindalco, Jindal Steel and DLF tanked 2-5%.
In the second line shares, GVK power, Kingfisher, United Spirits and Balrampur Chini were down 5-9%.
About two shares declined for every share gaining on the National Stock Exchange.
At 13:49 hours IST: Sensex tanks 1% as Europe extends losses; Infy, SBI dive
The BSE Sensex and NSE Nifty fell 1% each following further decline in European markets. France's CAC lost 1.6% after composite PMI data came in at 6-month low of 48.7 for March. Germany's DAX tanked 2.2% and Britain's FTSE dropped 1.5% while the Dow Jones futures slipped nearly 1%.
The BSE benchmark was down 169.19 points or 1% to 17,204.65 led by 25 components. Meanwhile, the NSE benchmark slipped 59 points to 5,231.75. The Indian rupee too dropped 34 paise to 52.41 a dollar.
Real estate major DLF plunged 4% as the BSE decided to remove the stock from the Sensex 30 and will add Dr Reddy's Labs with effect from June 11.
India's No. 2 software services exporter Infosys, state-owned capital goods company BHEL and top aluminium manufacturer Hindalco Industries tanked 3.5% each.
Among metals stocks, Jindal Steel and Sterlite Industries slipped 2.5% each whereas Tata Steel was flat.
Country's top lender State Bank India tumbled 2.56% whereas its rivals HDFC Bank and ICICI Bank were down nearly 1%.
Engineering and construction major Larsen & Toubro and top commercial vehicle maker Tata Motors declined 1.5% each.
Bharti Airtel, India's largest telecom operator dropped 3.7% post telecom regulatory authority TRAI recommendations. Even Reliance Communications lost 3.5%, but Idea Cellular gained 0.8%.
However, Reliance Industries continued to hold its 1% upmove and even ONGC stayed 0.6% higher.
Declining shares outnumbered advancing by 1008 to 405 on the National Stock Exchange.
At 12:48 hours IST: Sensex falls 100 pts on weak Europe cues; Re at 52.35/USD
The BSE Sensex fell more than 100 points while the NSE Nifty tested the 5250 level following weak opening of European markets. France's CAC and Germany's DAX dropped 1.4% while Britain's FTSE declined 0.95%. China's Shanghai lost over 1% after the HSBC flash PMI came in at 49.1 in April as against 48.3 in March.
The BSE benchmark was down 118 points or 0.68% to 17,255.71 and the NSE benchmark fell 41.45 points to 5,249.40. Even the Indian rupee extended losses, falling by 28 paise to 52.35 a dollar.
Country's second largest software services provider Infosys tanked over 3.6% while its rivals TCS and Wipro were flat.
Top lender State Bank of India tumbled 2% whereas rival ICICI Bank was down 0.7%.
State-owned capital goods company Bharat Heavy Electricals went down 3%, and engineering and construction major Larsen & Toubro slipped 1%.
Tata Motors, top commercial vehicle maker too declined further, losing 1.3% while Bajaj Auto and M&M were down 1% each.
However, Reliance Industries, India's most valued stock stayed 1% higher post its quarterly earnings. Tata Steel too gained 1% and state-owned oil & gas producer ONGC was up 0.7%.
At 12:09 hours IST: Sensex slips; Infosys drops 2.5%, SBI, ICICI, L&T down too
The BSE Sensex and NSE Nifty dropped nearly 0.5% amid volatility, weighed down by Infosys and State Bank of India. Shares of ICICI Bank, BHEL and L&T too were down. However, Reliance Industries with its 1% gain was playing a supportive role today. The Indian rupee depreciated by 16 paise to 52.23 a dollar in afternoon trade, which also weighed somewhat on the market.
The BSE benchmark fell 65.44 points to 17,308.40 and the NSE benchmark was down 25 points to 5,266.05.
Listen to the accompanying audio for more mid-market updates..
Infosys, country's No. 2 software services exporter tumbled 2.5% as the company is under scrutiny from the US Department of Homeland Security for likely errors in employer eligibility documents of its staff working in the United States, the company said in a statement.
India's largest lenders State Bank of India and ICICI Bank were down 1.3% and 0.5%, respectively.
Engineering and construction company Larsen & Toubro declined 0.6% and capital goods company BHEL tanked over 2%.
However, index heavyweight Reliance Industries gained 1% as major brokerage houses kept buy target on the stock post its results for fourth quarter of FY12. State owned ONGC too went up 0.8%.
Housing finance company HDFC and private sector lender HDFC Bank moved up 0.4% each.
At 11:21 hours IST: Nifty hovers around 5300; SBI, RIL, Infosys most active
The NSE Nifty continued to move in a narrow range around the 5300 level since the opening trade. The reason may be the expiry that will take place on Thursday. Reliance Industries' fourth quarter earnings could not even help market rally today, though company surprised the street by reporting gross refining margin at USD 7.6 a barrel as against USD 6.8 a barrel QoQ.
Oil & gas producers and index heavyweights Reliance Industries and ONGC were up 1.2% and 0.7%, respectively.
The BSE benchmark gained 22 points at 17,396.12 and the NSE benchmark moved up 2.6 points to 5,293.45.
Country's largest coal mining company Coal India rose nearly 1%. Tata Steel and SAIL, country's largest steel producers rallied 1% and 2.8%, respectively.
Maruti Suzuki, top car maker was up 0.8%.
However, Reliance Communications topped the selling list, falling over 2%.
DLF, India's largest real estate firm by market cap dropped 1.7% as the BSE will excluded the stock from its benchmark index Sensex from June 11 and in place of that, it will include Dr Reddy's Labs.
Tata Power, Infosys, BPCL, Hindalco and BHEL were down around 1.5%.
Most active shares on the BSE were AP Paper Mills with 7.27 lakh shares and Hexaware Tech with 14.53 lakh shares, which gained 18% and 0.3% amid heavy volumes, respectively. State Bank of India, Reliance Industries and Infosys too were most active.
Even shares of all paper manufacturers were witnessing value buying interest. Ballarpur Industries surged 5% and West Coast Paper spiked 16.5%.
At 10:22 hours IST: Choppy Sensex trades higher; broader markets outperform
The BSE Sensex and Nifty extended somewhat gains amid a choppy trade. The upmove was supported by banks, auto stocks and index heavyweight Reliance Industries while the fall in Infosys has capped the upside.
The BSE benchmark rose 67 points or 0.4% to 17,440.73 led by 21 components. Meanwhile, the NSE benchmark advanced 19 points to 5,310.
Reliance Industries, India's most valued stock jumped 1.5% after company's surprised gross refining margin offset lower than expected topline and bottomline for the fourth quarter of FY12. Gross refining margin for the quarter ended March 31, 2012 came in at USD 7.6 a barrel as against USD 6.8 a barrel in the previous quarter.
Country's largest lenders State Bank of India and ICICI Bank were up over 0.5% while their rival HDFC Bank rose 0.33%. Housing finance company HDFC was up 0.6%.
Top commercial vehicle maker Tata Motors, country's largest two-wheeler producer Hero Motocorp and top car maker Maruti Suzuki went up 0.3-0.6%.
Tata Consultancy Services, software services provider climbed 0.5% ahead of its earnings for the fourth quarter that schedule to be announced in today evening.
However, Infosys stayed lower as the company is under scrutiny from the US Department of Homeland Security for likely errors in employer eligibility documents of its staff working in the United States, the company said in a statement. The stock fell 1.4%.
Realty major DLF was down over 1% as the stock will be excluded from the Sensex with effect from June 11. Dr Reddy's Labs will be re-entered in the same index.
The broader markets outperformed benchmarks - the BSE Midcap and Smallcap indices were up 0.5-0.8%. Nearly two shares advanced for every share falling on the BSE.
At 9:20 hours IST: Sensex, Nifty volatile; RIL up 0.5%, Infosys falls 1%
The BSE Sensex and NSE Nifty started of trade with mild gap down on first day of the week, but immediately rebounded. Overall it was a volatile opening ahead of expiry on Thursday.
The BSE benchmark was up 37 points to 17,410.56 and the NSE benchmark went up 12.65 points to 5,303.50.
Index heavyweight Reliance Industries dropped 0.6% initially, but bounced back with 0.5% gains. Company surprised the street by reporting gross refining margin at USD 7.6 a barrel versus USD 6.8 a barrel QoQ while its net profit fell 4.6% to Rs 4,236 crore during the same period..
DLF fell over 2% while Dr Reddy's Labs gained nearly 1% after the BSE has decided to
Software services provider Infosys lost 1% after The Economic Times reported that the foreign brokerage firm CLSA sent letter to the company on performance.
Ambuja Cements, Sterlite Industries, JSPL and JP Associates too were under pressure.
However, Cairn India was up 1%, even after the company reported a fall of 11% YoY and 3.35% QoQ in its consolidated net profit of Rs 2,186 crore due to forex loss of Rs 217 crore versus Rs 38 crore YoY.
M&M, Maruti, Hero Motocorp, BHEL and L&T were other gainers.
The CNX Midcap rose 23 points to 7,649. About two shares advanced for every share declining on the National Stock Exchange.
IDBI Bank was up 2.5% as its Q4 net profit increased to Rs 770 crore from Rs 516 crore (YoY).
Viceroy Hotels was up 3% and Raymond was up 1.3%.
Max India went up 3% as The Economic Times reported that the company will sell Polypropylene biz for Rs 800 crore.
IVRCL, Pantaloon, IFCI, IGL, Arvind, Apollo Tyres, Ashok Leyland and Jain Irrigation were up 1-2%.
Shrenuj & Company shot up 5%.
However, GVK Power was down 2% after The Economic Times reported that Changi Airport backed out of planned deal with GVK; it was to invest Rs 2,200 crore in its subsidiary for 26% stake.
Shree Renuja, Crompton, India Cement, PFC and REC were down 0.3-1%.
Asian markets were moderately lower in early trade. China's Shanghai was flat. HSBC flash PMI came in at 49.1 in April versus 48.3 in March and 49.6 in February.