Ø INDICES: Sensex -367 at 16546 (-2.17%),
NIFTY -114 at 5000 (-2.23%), CNXMIDCAP -107 at 7133 (-1.48%)
Ø SECTORAL PERFORMANCE: BANKEX
-2.84%, AUTO -2.4%, CAPITAL GOODS -3.44%, HEALTHCARE -0.88%, Metal -1.67%, OIL
& GAS -0.78%, IT -2.62%, FMCG -2.45%, PSU -0.57%, REALTY -1.32%, Consumer
Durables -1.07%, POWER -2.52%
Ø MARKET BREADTH: 103 Advances,
390 Declines (BSE 500)
Ø VOLUMES: BSE $0.39bn (1.23%), NSE $2.05bn
(-7.19%), F&O $24bn (-6.73%)
Ø TODAY'S GAINERS: Coal 1.89%,
HNDL 1.82%, GAIL 1.52%, SAIL 0.65%, HUVR 0.21%
Ø TODAY'S LOSERS: JPA -7.91%,
RPWR -6.19%, RCOM -5.72%, TCS -5.7%, JSP -5.07%
MARKET COMMENTARY:
Indian benchmarks weaken further to continue its trade in
red in the late afternoon session as conservative investors started selling
frontline blue chip counters. Besides nervous market participants resorted to
largely across the board profit booking following the disappointing start for
European stock markets as the uncertainty over European debt trouble was far
from over since Greek leaders were busy in cross-party talks to form a
government, and with the chances for a coalition slim, a new set of elections
is likely. Traders were seen piling up position in FMCG, PSU and Realty sector
while selling was witnessed in IT, and Capital Goods (CG) sector. Besides, lot
of activity has been noticed in Realty stocks as on May 7, the finance minister announced a roll-back of
the proposal for tax deduction at source (TDS) of 1% on the sale of immovable
property. On the global front, the Asian markets were trading in green barring
Shanghai Composite and Hang Seng while the European markets were trading in red
on pessimistic note. On the home turf, the Indian market continued to be under
pressure as a result, the market breadth has also weakened.
NEWS ON TODAYS MOVERS:
Ø IT stocks fell
by 3.57% after US-based tech major Cognizant Technology Solutions on Monday, 7
May 2012, lowered its revenue guidance for 2012.
Ø Reliance
Industries fell 1.07% after oil minister, S. Jaipal Reddy, reportedly said
today, 8 May 2012, that output from the company's KG-D6 block is projected to
decline further in 2014-15.
Ø DLF traded in
green, on report the company plans to sell a majority stake in its life
insurance joint venture to India's HCL Group for about Rs 500 crore.
Ø IRB
Infrastructure Developers rose 0.59% on bargain hunting after the stock tumbled
30.24% in the preceding four sessions to Rs 119.70 on 7 May 2012 from a recent
high of Rs 171.60 on 30 April 2012.
Ø L&T fell 3.67%
to, with the stock sliding on profit booking after Monday's 4.78% rally, after
the company said its overseas joint venture firm has secured a large contract
from Sadara Chemical Company.
Ø
Shriram Transport
Finance Company tumbled 6.45% after consolidated net profit fell 3.78% to Rs
328.78 crore on 12.03% growth in total income to Rs 1583.37 crore in Q4 March
2012 over Q4 March 2011.
Ø
Kotak Mahindra Bank
fell 3.74% after consolidated net profit rose 6.01% to Rs 520.92 crore on
43.10% increase in total income to Rs 4363.59 crore in Q4 March 2012 over Q4
March 2011.
Ø
Hindalco Industries
rose 1.82% after net profit jumped 42% to Rs 639.99 crore on 15.89% increase in
total income to Rs 7807.57 crore in Q4 March 2012 over Q3 December 2011.
CORPORATE NEWS:
Ø Jubilant in
talks with more intl food retailers for india: kaul
Ø Eclerx
services agrees to acquire us-based kpo co. agilyst
Ø Hcl Infosystems
names jaitley president of enterprise solutions
Ø Aban offshore
signs contract for deployment of jack-up rig
Ø Aban offshore
sees revenue from deployment of $26.46m
:aban in
Ø Gokarn says
economic instability affecting india's growth
Ø * Dena bank
fy12 net 8.03 bln rupees vs 6.12 bln
:dbnk in
Ø MEENA: india
state-run banks bad loans rise to 2.84% in fy12
Ø * Bajaj Hindustan
2q net 87.8 mln rupees vs 728.2 mln
:bjh in
Ø Kotak Mahindra
bank declares dividend of 0.6 rupee-shr
:kmb in
Ø Kotak Mahindra
bank fy12 net 10.9 bln rupees vs 8.18 bln
Ø Shriram
transport finance 4q profit 3.2b rupees vs 3.42b
Ø Shriram
transport to pay final dividend of 4 rupees-shr
Ø Hindalco
industries 4q profit 6.4 bln rupees vs 7.08 bln
Ø TRAI to hike
price for 2G spectrum 8 times.
Ø RIL D6 gas
output may slip to 20 mscmd: Oil Min
Ø PNGRB refuses
marketing margin; +ve for GAIL and PLNG
Ø DLF mulls to
sell insurance JV to HCL
Ø Air India
flights cancelled as 100 pilots refuse to work
Ø L&T Group
Co. bags Saudi Chemicals order
ECONOMIC NEWS:
Ø India sees
kg-d6 natural gas output at 28 mcmd in 2012-13
Ø India sees
kg-d6 natural gas output at 24 mcmd in 2013-14
Ø India 2011-12
sugar consumption may total 21.5 mln tons: isma
Ø India may have
4m tons of sugar for exports from 2011-12 output
Ø U.S. sees
india as partner in broad pressure on Iran: clinton
Ø India junior
fm palanimanickam comments in a parliament reply
Ø Rbi's Gokarn
says India’s fy13 growth may be `slightly better'
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