Asian Market Commentary
Indian Market Lower In Early Trade
11/3/2009 12:24 AM ET
(RTTNews) -
The Indian market is trading weak in early trading on Tuesday amid worries about global economic growth. Disappointing earnings announced by some top bluechip companies such as Hindustan Unilever and Reliance Communication over the weekend also dampened investor sentiment.
Currently, the BSE Sensex is trading at 15,857, down 38 points or 0.24% and the S&P CNX Nifty is trading at 4,684, down 0.58%. The BSE mid-cap index is moving down 0.81% and the small-cap index by 1.42%.
The market breadth on the BSE is extremely negative, with 1347 decliners versus 673 gainers. Sector-wise, realty, capital goods, consumer durables, banking and metal stocks are showing notable losses.
Among the major decliners, Reliance communication is plunging nearly 6%, Hindalco Industries is down 5.45%, Hindustan Unilever is losing 3.89%, DLF is down 3.16% and Wipro is moving down 2.73%.
TCS, Reliance Industries, Infosys, Tata Steel, Reliance Infrastructure, SBI, Bharti Airtel, Sterlite Industries, ACC, Tata Power and Jaiprakash Associates are the other prominent losers.
On the other hand, Grasim Industries, Sun Pharma, Tata Motors, ITC, Mahindra & Mahindra, HDFC, Larsen & Toubro, HDFC Bank, ONGC and Maruti Suzuki are trading in positive territory.
Larsen & Toubro is up 0.82% on winning a contract worth Rs 6,897 crore from Mahagenco for a 2000-MW Supercritical power plant.
ACC is down 0.61% after its shipments in October fell modestly to 1.69 million tonnes from 1.70 million tonnes in the year-ago month.
Bajaj Auto is rising 1.24% after its October motor cycle sales grew 52 year-over-year. Tata Motors is gaining 1.28% on posting a 34% rise in vehicle sales in October.
Hero Honda Motors is down 0.11% after reporting a modest rise in October sales at 354,156 units versus 352,449 units in the corresponding month last year. Maruti Suzuki India is up 0.39% on reporting a 32% rise in total sales in October.
KEC International is up 1.67% after its board approved a merger with RPG Cables Boards. Karuturi Global is surging up nearly 6% on reports about funds raising.
Nagarjuna Construction is rising 1.76% on reporting a modest 4% year-over-year rise in quarterly net profit. Ackruti City is losing nearly a percent after its consolidate net profit plunged 84% from a year earlier. Reliance Capital is down nearly 4% on posting a 32% decline in its quarterly consolidated net profit.
by RTT Staff Writer
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