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Wrap-up| Markets end flat after volatile trading

Wrap-up| Markets end flat after volatile trading
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First Published: Tue, Apr 26 2011. 05 45 PM IST
Updated: Tue, Apr 26 2011. 05 45 PM IST
Mumbai: Indian stocks closed flat after a volatile trading session today. After a weak opening, Indian stocks lost ground by mid-day as concerns about the impact of rising input costs on operating profits led to selling in some of the larger manufacturing companies such as Maruti Suzuki India Ltd and Hindustan Unilever Ltd.
However, positive opening in the European markets and buying in cement stocks helped the benchmark indices regain most of the lost ground in the final hour of trading. Stock markets in Europe opened on a positive note after UBS reported better than estimated earnings.
Sensex: 19,545 –0.20%
Nifty: 5,868 –0.10%
STOXX 50: 2,949 +0.44%
FTSE 100: 6,041 +0.39%
Maruti was the biggest loser among Nifty stocks. Royal Bank of Scotland Group lowered the price target for Maruti Suzuki to Rs 1,283 rupees from Rs 1,337 as the Indian car maker’s operating profit was 5% below its forecast, Reuters reported. The brokerage expects the demand for cars to weaken in the short term.
Buying in cement stocks helped Indian indices contain losses.
Better than expected March quarter results by ACC lifted sentiment on cement stocks. ACC reported a net profit of Rs 350 crore in the January-March quarter, higher than the estimate of Rs 320 crore, predicted by a Reuters poll of 14 brokerages.
Grasim: Rs 2,512 +1.98%
Ambuja Cement: Rs 157 +1.48%
ACC: Rs 1,126 +1.21%
Maruti Suzuki: Rs 1,299 –2.07%
Hindustan Unilever: Rs 282 –2.04%
Most sectoral indices on the Bombay Stock Exchange (BSE) ended the day with negative returns. The BSE consumer durables index lost the most. Pharma companies were among the few gainers.
BSE Consumer Durables: 6,490 –0.80%
BSE Healthcare: 6,191 +0.42%
Shares of GMR Infrastructure and GVK Power and Infrastructure fell after the Supreme Court ruled that private developers at Delhi and Mumbai would not be allowed to charge an airport development fee on passengers. The order is expected to impact both the companies as they currently charge an airport development fee of Rs 200-1,200 on the passengers. GMR Infrastructure operates the Delhi airport. GVK Power and Infrastructure manages the Mumbai airport. Read more...
GMR Infrastructure Rs: 38 –3.16%
GVK Power and Infrastructure: Rs 25 –4.38%
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First Published: Tue, Apr 26 2011. 05 45 PM IST
More Topics: Markets Update | BSE | NSE | Sensex | Nifty |