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Markets dip; Cairn rises on counter-bid hopes

Markets dip; Cairn rises on counter-bid hopes
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First Published: Tue, Aug 24 2010. 11 31 AM IST
Updated: Tue, Aug 24 2010. 11 31 AM IST
Mumbai: Indian shares fell 0.2% on Tuesday with financials leading the losses as weak global equities weighed on sentiment and investors were cautious about the health of the global economic recovery.
Explorer Cairn India bucked the trend and gained the most amongst BSE-100 components, boosted by expectations of a counter-bid by Indian state firms.
In reaction, state-run explorer Oil & Natural Gas Corp dropped 0.8%.
By 10:52am, the 30-share BSE index was trading down 0.19% at 18,374.69, with two-third of its components declining.
Elsewhere, the MSCI’s measure of Asian markets other than Japan was down 0.6% while Japan’s Nikkei shed 1.3%.
“Global cues are not supporting today. Also, some profit booking is not ruled out before expiry (of monthly derivatives contracts on NSE on Thursday),” said Kunal Sukhani, manager of institutional equities at Asian Markets Securities.
Cairn India shares rose as much as 3.4% to Rs355, with around 1 million shares traded on the BSE, close to double the 90-day average volume.
Financials slid on worries the central bank may hold on to a tightening monetary stance to fight inflation.
Top lender State Bank of India was down 0.7% while leading private lenders ICICI Bank and HDFC Bank shed 0.2% and 1% respectively. Mortgage lender Housing Development Finance Corp dropped 0.4%.
IT bellwether Infosys Technologies shed 0.6% after gaining 0.8% on the previous session.
In the broader market, losers led gainers in the ratio of 1.1:1 in volumes of 132 million shares.
The 50-share NSE index was down 0.4% at 5,520.70.
STOCKS
State-run firms Indian Oil Corp and Oil India rose 1.1% and 0.1% respectively after the Economic Times reported they were in talks to buy 20% each in Essar group’s gas block in Myanmar.
DQ Entertainment was up 1.8% at Rs111.55 as it said it has signed an agreement with footwear maker Off Road Ltd to manufacture a collection based on DQ Entertainment’s animation series ‘The Jungle Book´.
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First Published: Tue, Aug 24 2010. 11 31 AM IST
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