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Markets close flat after volatile trade

Markets close flat after volatile trade
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First Published: Mon, Jun 13 2011. 04 46 PM IST
Updated: Mon, Jun 13 2011. 04 46 PM IST
Mumbai: Easing crude prices and buying in capital goods stocks helped Indian markets overcome renewed fears of slowdown in the global economy. After opening with losses, Indian markets recovered in second half of the day as falling crude prices led to buying in oil & gas stocks. Crude prices fell for second consecutive day on concerns about slowing growth in the US and China. Brent crude at $118.54 fell by 0.20% on speculation that slowing growth in major economies will decrease demand for petroleum products.
Sensex: 18,266 –0.01%
Nifty: 5,482 –0.05%
Power, pharmaceutical and oil & gas stocks led the gains among the Nifty 50 stocks. Easing crude prices and reports that the oil minister is pressing for a meeting of the Group of Ministers on fuel price hike led to gains in PSU oil company scrips.
JP Associates: Rs 84 +3.68%
Cipla: Rs 340 +2.27%
NTPC: Rs 179 +2.13%
BPCL: Rs 617 +1.86%
GAIL: Rs 450 +1.29%
Reliance Industries lost 2.11% after the company, over the weekend, announced acquisition of Bharti group’s stake in Bharti AXA insurance venture.
Hindalco: Rs 180 –2.38%
Reliance Industries: Rs 924 –2.11%
Sesa Goa: Rs 280 –2.02%
At the sectoral level, consumer goods, capital goods and power stocks led the gains on the BSE. While fears of slowdown in global economy sent metal stocks lower, sharp fall in Reliance Industries stock led to losses in oil & gas index.
BSE Consumer Durables: 6,865 +1.39%
BSE Power: 2,560 +0.74%
BSE Capital Goods: 13,356 +0.71%
BSE Metal: 14,738 –0.99%
BSE Oil & Gas: 9,358 –0.74%
Investors bought capital goods stocks after April IIP numbers showed a 14.5% year-on-year growth in capital goods segment. Stocks such as Punj Lloyd, Reliance Infrastructure and Areva T&D gained over 2% each. Larsen & Toubro gained 0.84% after the company said it received orders worth Rs 110 crore.
Punj Lloyd: Rs 70 +7.59%
BGR Energy: Rs 498 +2.47%
Areva T&D: Rs 265 +2.29%
Reliance Industrial Infrastructure: Rs 581 +2.17%
Max India surged 7.78% after the company said its board allotted about 24 million equity shares of Rs 2 each at a premium of Rs 214.75 per equity share to a unit of Goldman Sachs on conversion of debentures.
Max India: Rs 179 +7.78%
Overall, 48.93% of the shares traded on the BSE closed the day with gains.
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First Published: Mon, Jun 13 2011. 04 46 PM IST
More Topics: Markets update | Asia | Oil | US stocks | Crude |