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Wrap-up| RIL, Axis Bank weigh on markets

Wrap-up| RIL, Axis Bank weigh on markets
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First Published: Mon, Apr 25 2011. 05 18 PM IST
Updated: Mon, Apr 25 2011. 05 18 PM IST
Mumbai: Selling in heavyweight stocks such as Reliance Industries and Axis Bank led to a flat closing in benchmark Indian indices on Monday.
Investors are concerned that a slow ramp up in gas production and moderation of refining margins in Asia might impact earnings of Reliance Industries.They also sold Axis Bank shares after it said that net interest margins in the fourth quarter fell due to rising costs of funds.
Sensex: 19,584 –0.09%
Nifty: 5,874 –0.17%
Except for oil & gas, real estate and banking, all sectoral indices closed with gains on the BSE. Buying in HCL Technologies stock helped BSE IT index close with gains.
BSE Consumer Durables: 6,546 +0.97%
BSE IT: 6,260 +0.80%
BSE Oil & Gas: 10,127 –1.76%
BSE Realty: 2,351 –1.26%
However, stocks of Maruti Suzuki and Sterlite Industries gained on robust January-March quarter results. Sterlite Industries gained as much as 3% after the company reported a 35% gain in March-quarter consolidated profits. Shares of Maruti Suzuki also gained after it reported a 0.5% gain in quarterly net profit to Rs 660 crore. According to Reuters, analysts were expecting the carmaker to report net profit of Rs 606 crore.
Investors also bought shares of State Bank of India after the Reserve Bank of India (RBI) relaxed provision coverage norms. The bank is expected to improve its earnings in the fourth quarter of the last fiscal and this financial year as well because of lower provisioning. While HCL Technologies and Sterlite Industries gained the most in the Nifty-50 pack, Axis Bank and Reliance Industries closed the day with maximum losses.
HCL Technologies: Rs 513 +4.15%
Sterlite Industries: Rs 183 +2.82%
Maruti Suzuki: Rs 1,325 +1.38%
State Bank of India: Rs 2,915 +1.89%
Axis Bank: Rs 1,377 –4.83%
Reliance Industries: 1,005 –3.04%
Shares of Mahindra Holidays gained after the company reported a 25% growth in fourth quarter net profits on a 27% rise in total operating income. The company is looking to spend Rs 700-800 crore in the current financial year to expand its portfolio.
Mahindra Holidays & Resorts: Rs 385 +1.94%
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First Published: Mon, Apr 25 2011. 05 18 PM IST
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