(RTTNews) - Thursday, the Indian market finished lower due to a lack of investor participation ahead of the release of wholesale inflation data in the evening. Earlier in the day, the market opened on a negative note tracking weak cues from the rest of the global markets. The market remained range bound and extremely volatile since then, as traders looked forward to the outcome of the Nuclear Suppliers Group meeting in Vienna. Additionally, profit taking by traders and weak opening of the European markets weighed on market movement.

On the BSE, market breadth was slightly positive led by second-line stocks. Totally, 1332 stocks gained compared to 1259 stocks that declined. Realty, FMCG, oil/gas and metal companies were among the major losers. Realty stocks declined sharply ahead of the release of wholesale inflation report, while banking stocks ended with modest losses. Capital goods and power companies remained subdued ahead of the decisive NSG meeting in Vienna. However, IT and healthcare stocks attracted some buying to finish with modest gains.

After trading in a range of 14,994-14,766, the BSE Sensex ended at 14,899, down 151 points or 1.00% over the previous close. The small-cap index ended down 0.11%, the mid-cap index declined 0.13% and the broad-based BSE 500 index lost 0.79%. Meanwhile, the S&P CNX Nifty index ended at 4,448, down 56 points or 1.25%.

Sterlite Industries (down 3.69%), ONGC (down 2.97%), HDFC Bank (down 2.80%), Reliance (down 2.75%), ITC (down 2.62%), Hindustan Unilever (down 2.49%), Reliance Infrastructure (down 2.32%), Reliance Communication (down 1.89%), DLF India (down 1.34%), NTPC (down 1.33%), Tata Steel (down 1.17%) and BHEL (down 1.10%) were among the major decliners.

However, Maruti Suzuki, Hindalco, Jaiprakash Associates and Tata Power posted notable gains.

Stocks in news

Mukand declined 1.49% after the company signed a joint venture agreement with Vini Iron and Steel Udyog, for captive mining of a coal block in Jharkhand. Swaraj Mazda spurted 14.64% following stake sale reports by Mahindra & Mahindra, which holds a 14.04% stake in the company. Tata Motors closed down 0.24% to Rs.428.80, off its early low of Rs.418, after the company suspended work at its ultra-small car plant in Singur.

BHEL declined 1.12% following reports the company is talking to several foreign firms including Alstom, Siemens and General Electric to sell its 49% stake in a greenfield locomotive plant, which it plans to set up at a cost of Rs.1000 crore. Moser Baer India soared 9.47% after its wholly owned photovoltaic subsidiary signed a pact with a consortium of global investors.

Bombay Dyeing & Manufacturing added 2.97% following reports the company may rake in Rs.900 crore by next year by selling a small part of the 8-lakh square feet commercial property being developed in Mumbai. ONGC drifted down 2.97% on reports the company could list its wholly owned overseas exploration unit ONGC Videsh in 2009. However, the company has officially denied these reports.

Ashok Leyland declined 3.24% after the company reported a 20.40% decline in its vehicle sales in August compared to same month last year. Sona Koyo Steering Systems spurted 19.06% on reports the company is foraying into new verticals like aerospace and windmill technology to reduce dependence on automotive sector.

Cadila Healthcare added 2.41% after the company received an approval from the US Food & Drug Administration for its hypertension drug Ramipril in multiple strengths. Apollo Tyres declined 3.13% even as the company said its factory at Perembra (Kerala) would resume normal operations effective from September 3. GAIL India rose 3.70% after the company’s board of directors approved a bonus issue to its shareholders in the ratio of 1:2.

Austral Coke and Projects closed at Rs.225.20 on its debut on the Bombay Stock Exchange, a premium of around 15% compared to its IPO price of Rs.196. Meanwhile, the recently listed Resurgere Mines & Minerals plunged 20% to Rs.500.55 after rising to Rs.740.00 intra-day.

Rohit Ferro Tech rose 2.11% after the company said it has started commercial production at its Bishnupur unit. PBA Infrastructure rose 3.21% after the company secured new orders worth Rs.122.04 crore from Pimpri Municipal Corporation, Maharashtra.

Asian Markets

Markets across the Asia-Pacific ended mostly lower. South Korea’s KOSPI Composite index ended down 0.03%, Hong Kong’s Hang Seng index declined 0.95% and Japan’s Nikkei 225 index lost 1.04%, while China’s Shanghai Composite index finished up 0.03%.

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Posted in Categories: Eurozone, Japan, Releases, Stocks, USA.

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