Listless market ends flat for 3rd day, ICICI Bank up 2%

The BSE Sensex and NSE Nifty closed listless trade flat for the third consecutive session on Friday. ICICI Bank topped the buying list after better than expected numbers for Q4. Technology stocks too helped the market while State Bank of India, Reliance, BHEL, L&T and ITC were under pressure.

The BSE benchmark rose just 3.58 points, to close at 17,134.25 after hitting an intraday high of 17,242.15 and low of 17,022.09. Meanwhile, the NSE benchmark gained 1.6 points at 5,190.60 on first day of May series.

The Sensex opened with more than 100 points gains today, but the fall in European markets due to Spain downgrade dragged Indian equities down in afternoon trade.

France's CAC, Germany's DAX and Britain's FTSE rebounded with moderate gains later on, but our markets stayed flat with a negative bias.

At 14:11 hours IST: Volatile Sensex stays lower; ICICI up 3% post strong Q4 nos

The BSE Sensex and NSE Nifty retained downtrend, even after the European markets recouped early trade losses. France's CAC, Germany's DAX and Britain's FTSE was opened with a cut of 0.5-1.2% as rating agency Standard & Poor's cut Spain's rating to BBB+/A-2 from A/A-1, citing significant risks to economic growth and budgetary performance. These indices were flat in trade.

Back home, the BSE benchmark fell 45.41 points or 0.27% to 17,085.26 and the NSE benchmark declined 14.20 points or 0.27% to 5,174.80. The broader indices were down 0.5%.

Private sector lender HDFC Bank (which gained 1% in morning trade) erased all gains, losing 0.3%. Top lender State Bank of India dropped further, falling over 2% while ICICI Bank shot up over 3% after its net profit jumped a whopping 31% year-on-year to Rs 1,902 crore and net interest income increased 23.7% to Rs 3,104 crore in the quarter ended March 31, 2012.

Index heavyweights Reliance Industries, Larsen & Toubro, ITC and Bharti Airtel lost nearly 1%. Coal India, largest coal mining company gained over 2%.

However, buying interest in technology stocks was supporting the market quite nicely. Top software services exporters TCS, Infosys and Wipro moved up 0.5-1%.

About two shares declined for every share rising on the National Stock Exchange.

At 12:34 hours IST: Sensex turns negative; European mkts fall on Spain woes

The BSE Sensex and NSE Nifty wiped out all morning gains due to fall in Reliance Industries and State Bank of India. Bharti Airtel, L&T and ONGC too were under pressure. However, the buying interest in technology and private banks has capped the downside.

The BSE benchmark fell 20 points to 17,110.91 and the NSE benchmark was down 4 points to 5,185.10.

European markets like France's CAC and Germany's DAX tanked over 1% while Britain's FTSE slipped 0.5% after rating agency Standard & Poor's cut Spain's rating to 'BBB+/A-2' from 'A/A-1' (which is still better than India's BBB-). ''Spain's budget trajectory will likely deteriorate against a background of economic contraction," the S&P said.

Back home, India's most valued stock Reliance Industries and state-owned oil & gas producer ONGC were down 0.7% and 0.5%, respectively.

Country's largest lender State Bank of India tanked 1.5% while its rival ICICI Bank (ahead of quarterly results) and HDFC Bank gained 1.6% and 0.5%, respectively.

Top telecom operator Bharti Airtel too tanked 1.55% and larget coal mining company Coal India dropped nearly 2%.

Realty firm DLF tumbled over 2%. Tata Motors, top commercial vehicle maker declined 0.7% while M&M gained 1.3%.

Engineering and construction company Larsen & Toubro lost 0.6% while state-owned BHEL rose 0.5%.

Country's largest software services providers TCS, Infosys and Wipro were up 0.3% each.

Even the market breadth turned negative; about 623 shares advanced while 723 shares declined on the National Stock Exchange.

At 11:39 hours IST: Sensex volatile; ICICI, Axis Bank up 2.5% ahead of results

The BSE Sensex continued to trade higher amid volatility due to consistent buying interest in ICICI Bank and Tata Consultancy Services. Larsen & Toubro, BHEL, ITC and HDFC Bank too were supporting the market.

The BSE benchmark moved up 84 points or 0.49% to 17,214.44 and the NSE benchmark went up 26.15 points or 0.5% to 5,215.15.

Largest private sector lenders ICICI Bank and Axis Bank shot up 2.5% each ahead of their fourth quarter numbers. Analysts on average expect both banks to report better numbers as compared to a year ago period. Siemens too gained 2% ahead of second quarter numbers. Its rival HDFC Bank gained 1% while State Bank of India dropped 0.4%.

TCS, top IT services exporter jumped 1.5% and cigarette major ITC rose 0.6%. Capital goods majors L&T and BHEL were up 0.9-1.4%.

However, oil & gas producer Reliance Industries and top telecom operator Bharti Airtel were down 0.66% and 1%, respectively.

In the second line shares, Bajaj Finserv, Welspun Corporation, Indiabulls Financial, Mahindra Holiday and Zydus Wellness rallied 5-8% while AstraZeneca, Redington, Himadri Chemical and Kirloskar Oil fell 2.5-5%.

HCC tanked 4% after company reported a higher than expected net loss of Rs 54 crore for the fourth quarter of FY12 while analysts on average had expected a loss of Rs 20 crore. The company had reported a profit of Rs 23 crore in the corresponding quarter of last fiscal.

United Spirits fell 1.7% on profit booking after rising 13% in previous two sessions.

However, Biocon rallied 2.5% as pharmaceutical company reported better than expected topline as well as bottomline numbers in its fourth quarter of FY12. Its net profit fell 3% to Rs 98 crore in the January-March quarter of 2012 from Rs 101 crore in a year ago period.

About 1413 shares have advanced, 937 shares declined, and 1069 shares are unchanged.

At 10:19 hours IST: Sensex advances 0.5%; Reliance, Bharti, SBI underperform

The BSE Sensex and NSE Nifty stayed higher amid choppy trade, supported majorly by private banks, capital goods and technology stocks. However, the fall in index heavyweights State Bank of India, Reliance Industries and Bharti Airtel has limited the upside; these stocks were down 0.5% each.

The BSE benchmark gained 80.50 points at 17,211.17 and the NSE benchmark rose 27.45 points to 5,216.45. The broader markets outperformed benchmarks - the BSE Midcap and Smallcap indices were up 0.7% each.

Today is the first day of May series. PN Vijay, Portfolio Manager says, May has the potential to be explosive, and take the Indian stock market back into the game, if a few things happen. ''One, the Budget is passed in next ten days. Secondly, there is clarification on GAAR issue,'' he asserts.

Country's largest private sector lender ICICI Bank went up 1.7% ahead of fourth quarter earnings. Analysts on average expect the bank to report a massive growth of 22% year-on-year in its profit after tax of Rs 1,768 crore for the fourth quarter of FY12. Its rival HDFC Bank was up 0.77%.

Software services providers Tata Consultancy Services and Wipro moved up 0.8% each while rival Infosys was flat.

Engineering and construction major Larsen & Toubro went up 0.7% whereas state-owned Bharat Heavy Electricals gained 1.5%.

Mahindra and Mahindra, top utility vehicle maker climbed nearly 2% ahead of sales numbers for April that schedule to be announced on next week.
Cigarette major ITC rose 1%. However, largest coal mining company Coal India's shares dropped 1.5%.

At 9:19 hours IST: Sensex up 100 pts; ICICI rises 1% ahead of Q4 nos

The BSE Sensex and NSE Nifty opened flat on first day of April series as indicated by SGX Nifty and following mixed Asian cues, but immediately both indices extended gains over 0.6% in early trade. Private banks, technology, capital goods, auto and metal stocks gained.

The BSE benchmark was up 104 points or 0.6% at 17,235 and the NSE benchmark moved up 31.55 points or 0.6% to 5,220.55.

Among frontliners, L&T, HDFC Bank, ONGC, Jaiprakash Associates, Sterlite Industries, Bharti Airtel, M&M, PNB, Axis Bank, Hero Motocorp, Cairn, Ambuja Cements, ITC and Bajaj Auto were trading higher.

Ahead of fourth quarter numbers today: ICICI Bank gained 1%. Axis Bank rose 0.5% and Jindal Steel went up 1.5%.

However, Reliance Industries, Coal India, Sun Pharma, Ranbaxy Labs, Bank of Baroda and HUL were under pressure.

The CNX Midcap Index rose 47 points to 7,436. About two shares advanced for every share falling on the National Stock Exchange.

In the second line shares, HCC and Lanco Industries declined 1.5% ahead of fourth quarter numbers.

Punj Lloyd, IRB Infra and IVRCL were up 1-1.5%. WWIL, S Kumars Nationawide and Mcleod Russel moved up 2%.

Hexaware was down 1% post disappointing numbers in fourth quarter.