MARKET SLIPS INTO THE RED
DATE: 23/04/2012
Key benchmark indices reversed direction to hit fresh intraday lows in early afternoon trade as weak Asian stocks dampened sentiment. The barometer index, BSE Sensex, was down 74.96 points or 0.43%, up about 10 points from the day's low and off close to 145 points from the day's high. The market breadth was positive. Index heavyweight Reliance Industries (RIL) trimmed intraday gains.
Realty stocks extended recent losses. Most FMCG stocks extended recent gains after Farm Secretary P.K. Basu said today India is likely to have normal monsoon in 2012 and the government will give a detailed region-wise forecast coming Thursday. IT stocks were mixed. India's second largest software services exporter by revenue, Infosys, fell 3% on reports that the company is under scrutiny from US authorities for likely errors in employer eligibility documents of its staff.
The market moved into the positive terrain after opening lower. The market extended initial gains to hit fresh intraday high in morning trade. A bout of volatility was witnessed as key benchmark indices moved into the positive terrain after slipping into the red for a brief period in mid-morning trade. The market reversed direction to hit fresh intraday low in early afternoon trade.
BSE Sensex was down 74.96 points or 0.43% to 17,298.88. The index rose 70.34 points at the day's high of 17,444.18 in morning trade. The index fell 86.82 points at the day's low of 17,287.02 in early afternoon trade.
The S&P CNX Nifty was down 34 points or 0.64% to 5,256.85. The Nifty hit a high of 5,310.55 and a low of 5,255.75 in intraday trade.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1,260 shares gained and 1,175 shares fell. A total of 111 shares were unchanged.
From the 30-share Sensex pack, 20 fell while the rest rose. Bhel, Tata Power Company and Jindal Steel & Power shed by between 2.1% to 2.3%.
Index heavyweight Reliance Industries (RIL) rose 1% to R 738.75, off the day's high of R 745.40. The company after market hours on Friday, 20 April 2012, reported 21.2% fall in net profit to R 4236 crore on 16.7% rise in turnover to R 87833 crore in Q4 March 2012 over Q4 March 2011. The company reported GRM (gross refining margin), the difference between the price of petroleum products and crude oil, of $7.6 per barrel in Q4 March 2012 compared with GRM of $6.8 per barrel in Q3 December 2011 and $9.2 per barrel in Q4 March 2011.
IT stocks were mixed. India's third largest software services exporter by revenues Wipro was flat.
India's second largest software services exporter by revenues Infosys fell 3% on reports that the company is under scrutiny from US authorities for likely errors in employer eligibility documents of its staff. The stock was the top loser from the Sensex pack. Infosys' shares saw a steep fall recently after a weaker-than-expected revenue growth outlook for the current fiscal year. India's largest software services exporter by revenues Tata Consultancy Services (TCS) rose 0.36% ahead of its FY 2012 results today, 23 April 2012.
POWERED BY: CAPITAL MARKET NEWS
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