×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Wrap-up| Indian markets close flat; Capital goods rebound

Wrap-up| Indian markets close flat; Capital goods rebound
Comment E-mail Print Share
First Published: Tue, May 24 2011. 05 28 PM IST
Updated: Tue, May 24 2011. 05 28 PM IST
Mumbai: Lack of positive cues and consolidation led to listless trading in Indian equities. After opening on a positive note, the benchmark stock market indices traded in a tight range as investors cautiously tracked the developments in Europe. After a sharp fall on Monday, stock markets in Europe rebounded as commodities rallied.
Traders sent crude prices higher after Goldman Sachs and Morgan Stanley increased their forecasts for oil. Brent crude for July settlement gained 1.4% to $111.65 a barrel. The rebound in commodities and lack of clarity on European debt crisis held back domestic investors from taking fresh positions.
Sensex: 18,011 +0.10%
Nifty: 5,394 +0.15%
FTSE 100: 5,856 +0.35%
Cement and banking stocks led the gains in the Nifty 50. Shares of Ambuja Cement and ACC gained more than 2.8% each. Reliance Communications rose 1.47% after the company said it added 2.94 million cellular users in April.
Ambuja Cements: Rs 137 +4.62%
ACC: Rs 997 +2.87%
Punjab National Bank: Rs 1,056 +2.49%
Reliance Communications: Rs 83 +1.47%
However, the gains were negated by the sharp fall in DLF, Reliance Infrastructure, ITC and GAIL. Bank of America-Merrill Lynch lowered its price target on GAIL India to Rs 419 from Rs 441 after the company reported a 14% fall in March quarter profits.
DLF: Rs 218 –2.06%
Reliance Infrastructure: Rs 537 –2.02%
GAIL India: Rs 428 –1.59%
On the sectoral level, capital goods and banking stocks led the gains on the BSE. After gaining for the last two trading sessions, investors booked profits in FMCG stocks. The BSE FMCG and real estate indices closed as the biggest losers.
BSE Capital Goods: 12,958 +1.19%
BSE Bankex: 11,880 +0.81%
BSE Realty: 2,016 –0.58%
BSE FMCG: 3,748 –0.94%
Larsen & Toubro extended its gains on Tuesday. Alstom Projects, Crompton Greaves and Suzlon Energy are the other stocks that helped the BSE Capital Goods index close with notable gains.
Larsen & Toubro: Rs 1,649 +2.30%
Alstom Projects: Rs 552 +1.31%
Crompton Greaves: Rs 251 +1.60%
Suzlon Energy: Rs 49 +1.34%
Overall, the breath of the market remained negative. About half the stocks traded on the BSE closed the day with losses.
Comment E-mail Print Share
First Published: Tue, May 24 2011. 05 28 PM IST
More Topics: Markets Update | BSE | NSE | Sensex | Nifty |