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Indian stocks see-saw, ends flat

Indian stocks see-saw, ends flat
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First Published: Thu, Jul 14 2011. 04 55 PM IST
Updated: Thu, Jul 14 2011. 04 55 PM IST
Mumbai: Indian stocks closed flat as investors were concerned with the fallout of the Wednesday’s blasts in Mumbai. June inflation numbers which came in at 9.44% and weak overseas markets didn’t help sentiment.
Stock markets in Europe fell after Moody’s Investors Service kept the US credit rating under review. The move comes in the midst of a deepening debt crisis in the European region. Fitch, on Wednesday, downgraded Greece’s credit rating to CCC status. According to a Bloomberg report, this is the lowest Fitch ratings’ grade for any country in the world.
Sensex: 18,618 +0.12%
Nifty: 5,599 +0.26%
FTSE 100: 5,846 –1.01%
TCS, Reliance Communications, GAIL and Bajaj Auto led the losses in the Nifty shares. Ahead of the June quarter earnings, investors pared their holdings in TCS. The selling was triggered by weak Infosys results and the adverse macroeconomic environment in the company’s key markets – the US and Europe.
Bajaj Auto lost 1.50% after the company reported profits that fell short of analysts’ expectations. Read more...
TCS: Rs 1,119 –2.60%
Reliance Communications: Rs 96 –2.09%
GAIL: Rs 455 –1.85%
Bajaj Auto: Rs 1,430 –1.50%
At the sectoral level, real estate and banking stocks led the gains on the BSE. Interest rate sensitive stocks gained on speculation that the Reserve Bank of India might pause in its rate tightening cycle. The IT index on the other hand lost 1.47% on selling in shares of TCS and Infosys.
BSE Realty: 2,198 +2.26%
BSE Bankex: 12,879 +1.04%
BSE IT: 5,835 –1.47%
Stocks of Power Finance Corporation and Rural Electrical Corporation surged on reports that the government has taken steps to help distribution companies repay the loans. According to a Bloomberg report, state governments agreed to clear all dues to distribution companies and pay subsidies in advance.
Power Finance Corporation: Rs 213 +10%
Rural Electrical Corporation: Rs 221 +7.93%
Overall, about 53.63% of the stocks traded on the BSE closed the day with gains.
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First Published: Thu, Jul 14 2011. 04 55 PM IST
More Topics: Markets update | Stock | Sensex | BSE | NSE |