Back home, on the BSE sectoral front, drowning the markets lower were the stocks from Information Technology, TECk and Realty space, while stocks from FMCG, Oil & Gas and Consumer Durable space were holding on to their ground. Meanwhile, Industrial output in May rose a slower-than-expected 5.6 per cent from a year earlier, government data showed on Tuesday. April's industrial output growth was revised downwards to 5.8 percent from 6.3 percent.
Among other individual stocks, Essar Oil gained 2% in morning trades, in an otherwise weak market. The company reported a turnaround in Q1 net profit. On the back of robust refining margins, the company has reported a net profit of Rs 469 crore for the quarter ended June 30. The company had posted a loss of Rs 70 crore during the corresponding previous quarter. On the other hand, CMC slipped 3% in morning trades after reporting a 25% drop in Q1 net profit and Sintex Industries too lost 3% lower at Rs 173, extending its Monday's 3% fall, after reporting lower than expected consolidated net profit of Rs 94.58 crore for the quarter ended June 30, 2011. Meanwhile, on consolidated basis, Infosys' profit for the quarter has surged 15.73% at Rs 1722.00 crore as compared to Rs 1488.00 crore for the quarter ended June 30, 2010. Its total income has increased by 23.16% at Rs 7928.00 crore for the quarter under review as compared to Rs 6437.00 crore for the similar quarter of the previous year.
The 30 share index tanking off over 150 points is currently trading near its 18500 level, while the broadly followed index - Nifty - losing over 50 points is currently trading close to 5500 level. The broader indices being no different were trading lower with a cut of over 0.25% each. The overall market breadth on BSE was in the favour of declines which have thumped advances in the ratio of 750:1337, while 99 shares remained unchanged.
The BSE Sensex is currently trading at 18,536.01, down by 185.38 points or 0.99%. The index has touched a high and low of 18,583.32 and 18,460.12 respectively. There were 6 stocks advancing against 24 declines on the index.
The broader indices too have slipped deep into the red; the BSE Mid cap and Small cap indices were down by 0.48% and 0.42% respectively.
The top gaining sectoral indices on the BSE were, FMCG up by 0.72%, Oil and Gas up by 0.25%, CD up by 0.13%and PSU up by 0.09%. While, IT down by 3.52%, TECk down by 2.69%, Realty and Auto were down by down by 1.26% and Metal down by 1.10% were the top losers on the index.
The top gainers on the Sensex were ITC up by 1.01%, HUL up by 0.53%, ONGC up by 0.52%, Bharti Airtel up by 0.46% and NTPC was up by 0.32%.
On the flip side, Infosys down by 4.95%, Wipro down by 2.71%, Tata Motors up by 2.52%, Jindal Steel up by 1.88% and Hindalco Industries down by 1.83% were the top losers on the index.
Meanwhile, an Empowered Group of Ministers (EGoM) on food chaired by Finance Minister Pranab Mukherjee on July 11, removed the ban on export of non basmati rice and approved the revised National Food Security Bill suggested by the food ministry and key recommendations made by National Advisory Council and Prime Minister Economic Advisory Council (PMEAC). However, the implementation of food security bill will take long time as it will be referred to state governments for their inputs before forwarding to the cabinet, then to parliament before sending to a parliamentary standing committee. The entire process is long and its implementation is likely to happen next year. A food ministry official said that we will be lucky if the process is cleared by December this year.
The EGoM also allowed export of 1 million tonne of non basmati rice conditionally from the open market. Each agency/trader is allowed to export an upper limit of 12500 tonnes at an MEP of $400/tonne. The Central stock would be tapped into only for very limited g-to-g exports to neighboring countries. However, the EGoM delayed its decision on exports of wheat, following disagreements over whether the private sector should be allowed to access subsidized wheat from the Central stocks but allowed limited 6.5lt of wheat product exports. The ministry had asked for 3 million tonnes of wheat and non basmati rice.
The draft food security bill made by food ministry has recommend to cover 75% of rural poor and 50% of urban poor population, this recommendation will mean procurement of around 65 million tonne of foodgrains to service Public Distribution System (PDS), welfare programmes and bill itself. On the other hand, NAC had recommend to cover around 90% of the population to benefit both general and priority sector.
At that level procurement from the total marketable surplus of grains by the Centre would work out to slightly over 35%, itself considered high and possibly inflationary to a food subsidy bill of Rs 83,000 crore. The bill for implementing the NAC's suggestions is pegged at an estimated Rs 1 lakh crore for an entire year. At present, the Centre buys around 29% of the total marketable grain surplusThe S&P CNX Nifty is currently trading at 5,564.20, down by 51.20 points or 0.92%. The index has touched a high and low of 5,577.65 and 5,535.45 respectively. There were 13 stocks advancing against 36 declines on the index, while a stock remained unchanged.
The top gainers of the Nifty were ITC up by 0.96%, BPCL up by 0.86%, GAIL and Grasim were up 0.73%, and Bharti Airtel up by 0.64%.
Infosys
down by 4.99%, Wipro down by 2.73%, Tata Motors down by 2.55%, Jindal
down by 1.98% and HCL Technologies was down by 1.88%, were the major
losers on the index.
All the Asian counterparts were trading in the
red; Shanghai Composite dipped in red by 1.26%, Hang Seng plunged 1.99%,
Jakarta Composite slid 0.92%, KLSE Composite declined 0.44%, Nikkei 225
dropped 1.24%, Straits Times lost 0.91%, Seoul Composite was down with a
cut of 2.06% and Taiwan Weighted shed 1.96%
No comments:
Post a Comment