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Wrap-up| Indian stocks close flat after volatile trade

Wrap-up| Indian stocks close flat after volatile trade
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First Published: Mon, May 09 2011. 06 04 PM IST
Updated: Mon, May 09 2011. 06 04 PM IST
Mumbai: A rebound in crude prices and weak cues from European stock markets contained gains in Indian stocks. After falling below $110 a barrel last week, Brent crude for June settlement rose sharply above $112 on bargain hunting by traders and a weak US Dollar.
The reversal in crude prices brought back fears of fuel price-led inflation. While this led to selling in interest-rate sensitive stocks, a weak opening in the European stock markets also weighed on the investor sentiment.
Sensex: 18,528 +0.05%
Nifty: 5,551 –0.01%
FTSE 100: 5,949 –0.46%
Stoxx 50: 2,917 –1.20%
On the sectoral level, automobile stocks led the losses on the BSE. Shares of automobile companies came under selling pressure after data released by the Society of Indian Automobile Manufacturers (Siam) showed that car sales in India rose at the slowest pace in nearly two years.
According to Siam, car sales registered a year-on-year growth of 13.2% in April. Sales of trucks and buses, on the other hand, registered a growth of 8.2%, the slowest growth since September 2009.
BSE FMCG index gained 1.2%. Buying in HUL, Nestle India and Marico helped the index register notable gains. Rebounding commodity prices in the international markets also lifted shares of the metal companies.
BSE Auto: 9,100 –1.29%
BSE Bankex: 12,624 –0.37%
BSE FMCG: 3,687 +1.24%
BSE Metal: 15,476 +0.74%
Maruti Suzuki: Rs 1,240 –2.24%
Ashok Leyland: Rs 48 –2.40%
Tata Motors: Rs 1,178 –1.90%
Bajaj Auto: Rs 1,294 –1.84%
Shares of Hindustan Unilever surged as much as 3.5% after the company said its board had approved a proposal to spin-off its FMCG exports business. The sharp surge in HUL shares has helped the BSE FMCG index close with gains.
Hindustan Unilever: Rs 284 +3.55%
Nestle India: Rs 4,153 +3.22%
Marico: Rs 131 +2.46%
Investors gave thumbs down to Piramal Healthcare’s plan to enter the financial services business. The company on Friday said it would enter this business and announced the acquisition of IndiaReit Fund Advisors and IndiaReit Investment Managers.
Piramal Healthcare: Rs 417 –8.99%
Due to some technical fault, we are unable to upload mid-day commentary.
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First Published: Mon, May 09 2011. 06 04 PM IST
More Topics: Markets update | Asia | Oil | US stocks | Auto |