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Regulation: Vaswani’s stock

Manipulation, time & again

The Securities and Exchange Board of India’s (SEBI) action in the...

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Market manipulation: Ashika escapes

The Securities and Exchange Board of India ignores various kinds of manipulation by this stock...

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Share prices to have staggered upmove: Thursday Closing Report

More positives news needed to sustain gain. Watch for a close above 5,200 for a possible target of 5,250

The small reversal till 5,270 is expected to be a slow one. The Nifty tried to go above yesterday's high but it fell on lower volumes today.

The domestic market is taking cues from the global arena in the absence of any domestic triggers. After decent gains yesterday, the market opened lower today, tracking the weak Asian indices. The Nifty opened 33 points lower at 5,128 and the Sensex fell 74 points to resume trade at 17,057. The IT sector was the biggest loser in early trade.

However, select buying pushed the indices into positive terrain within the first 15 minutes. But the gains were short-lived as the benchmarks soon succumbed to selling pressure taking the indices to the day's lows. At the lows, the Nifty fell to 5,121 and the Sensex to 17,022. Buying interest, once again, supported the benchmarks in their recovery into the green, but with weekly food inflation figures coming at a four-and-half month high for the week ended 30th July, the market witnessed a marginal drop.

A positive opening of the key European bourses lifted the spirits once again, helping the indices rise to their intraday highs in noon trade. At the highs, the Nifty rose to 5,185 and the Sensex touched 17,208. But comments from commerce secretary Rahul Khullar that uncertainties in the US and Europe would dent export growth, put pressure on the market, resulting in the indices trading sideways for the rest of the session. The Nifty closed down 23 points at 5,138 and the Sensex fell 71 points to finish trade at 17,059.

The advance-decline ratio on the National Stock Exchange was 791:941.

Among the broader indices, the BSE Mid-cap index shed 0.16% and the BSE Small-cap index lost 0.19%.

In the sectoral space, the BSE Fast Moving Consumer Goods index gained 0.03% while the BSE Oil & Gas settled unchanged. The top losers were BSE Bankex (down 1.04%, BSE TECk, BSE Realty (down 0.86% each), BSE Consumer Durables (down 0.84%) and BSE Capital Goods (down 0.69%).

Major Sensex gainers were HDFC (up 2.34%), NTPC (up 1.51%), Coal India (up 1.17%), Hindalco Industries (up 1.06%) and ITC (up 0.48%). Tata Power (down 4.31%), Maruti Suzuki (down 2.52%), Jindal Steel (down 2.43%), Bharti Airtel (down 2.42%) and ICICI Bank (down 2.20%) settled at the bottom of the index.

The Nifty gainers were led by HDFC (up 2.68%), Reliance Infrastructure (up 2.65%), Reliance Capital (up 2.42%), Kotak Bank (up 2.16%) and NTPC (up 1.31%). The main losers on the benchmark were Tata Power (down 4.60%), Axis Bank (down 3.05%), Maruti Suzuki (down 2.95%),  Bharti Airtel (down 2.91%) and BHEL (down 2.27%).

Markets in Asia recovered from their early loses to end mixed on fears of the European debt crisis spreading following a threat to France's debt rating from rating agencies.

Meanwhile, Japan's core machinery orders jumped 7.7% in June from a 3% growth in the previous month, office data showed. The increase implies that the economy has made a progress after the March earthquake; however, global events are likely to see a slowdown in orders, going forward.

The Shanghai Composite surged 1.27%, the Jakarta Composite added 0.15% and the Seoul Composite gained 0.62%. On the other hand, the Hang Seng declined 0.95%, the KLSE Composite fell 0.27%, the Nikkei 225 slipped 0.63%, the Straits Times tanked 0.88% and the Taiwan Weighted shed 0.22%.

Back home, foreign institutional investors were net buyers of stocks worth Rs152.87 crore on Wednesday. Similarly, domestic institutional investors were buyers of shares worth Rs289.95 crore.

Reliance Infrastructure's net profit after tax for the quarter ended 30 June 2011 surged 74.82% at Rs430.49 crore compared to Rs246.25 crore for the corresponding quarter last year. Total income increased 59.12% to Rs 3,769.97 crore for the first quarter of the current fiscal from Rs2,369.43 crore for the same quarter last year. The stock climbed 2.65% to close at Rs484.25 on the NSE.

Hotel Leelaventure, a five-star hotel chain, is set to sell its property in Kovalam, Kerala, for Rs500 crore. The move is seen as a debt-reduction measure. The property, Leela Resorts Kovalam, is being sold to non-resident Indian industrialist Ravi Pillai. The company will subsequently enter into a management pact with Mr Pillai to handle the property for 30 years. The scrip tumbled 6.11% to Rs43 on the NSE.

Tata Global Beverages' profit after tax for the June 2011 quarter zoomed 355.02% to Rs 164.49 crore against Rs36.15 crore in the corresponding quarter last year. Total income increased 14.50% to Rs 525.92 crore for the quarter under review from Rs 459.31 crore for the same quarter last year. The stock declined 3.61% to Rs102.80 on the NSE today.

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