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Indian stocks close flat after lackluster trade

Indian stocks close flat after lackluster trade
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First Published: Wed, Jul 06 2011. 06 53 PM IST
Updated: Wed, Jul 06 2011. 06 53 PM IST
New Delhi: A brewing debt crisis in Portugal and lack of positive cues on the domestic front led to lackluster trading in the Indian stock markets. After a positive opening, Indian stocks soon lost ground as investors cautiously weighed the fallout of a downgrade in Portugal’s credit rating. Moody’s Investor Service downgraded the Portugal’s credit rating to junk status. While the downgrade bought back the fears of another sovereign debt crisis, investors shied away from taking fresh positions ahead of the corporate earnings season.
Sensex: 18,726 –0.09%
Nifty: 5,625 –0.12%
FTSE 100: 5,999 –0.41%
Shares of Anil Dhirubhai Ambani Group and cement companies led the losses in the Nifty. Stocks of cement firms ACC, Ambuja Cements and JP Associates lost over 1% each on concerns of weak cement dispatches in June. According to IIFL estimates, cement industry’s dispatches might have registered a muted y-o-y growth of 2-4% in June.
Reliance Communications: Rs 96 –2.81%
Reliance Capital: Rs 593 –2.63%
Tata Power: Rs 1,287 –2.28%
JP Associates: Rs 80 –1.52%
Ambuja Cements: Rs 127 –1.17%
ACC: Rs 960 –1.04%
Meanwhile Tata Motors, HDFC, Hindalco and Sesa Goa registered notable gains of over 1% each. Hindalco rose 1.50% on a report that the environment ministry is planning to approve a proposal to mine coal in Madhya Pradesh. The block provides coal to power plants run by Hindalco and Essar Power.
Tata Motors: Rs 1,037 +2.07%
HDFC: Rs 712 +1.69%
Hindalco: Rs 189 +1.50%
Sesa Goa: Rs 290 +1.24%
At the sectoral level, banking, healthcare and power stocks led the losses. The sharp correction in Tata Power stock weighed on the BSE Power index.
BSE Bankex: 12,915 –0.93%
BSE Healthcare: 6,387 –0.44%
BSE Power: 2,598 –0.28%
Ahead of the June quarter earnings, jittery investors pared their holdings in the banking stocks. High cost of funds and revised provisioning norms are expected to impact margins of the banks in June quarter.
Canara Bank: Rs 526 –2.45%
ICICI Bank: Rs 1,075 –1.98%
Kotak Mahindra Bank: Rs 478 –1.25%
Union Bank: Rs 296 –1.18%
State Bank of India: Rs 2,443 –1.16%
Meanwhile, shares of Goodyear India surged on speculation that the company is looking to delist from the stock exchanges. According to a Reuters report, as on March, foreign promoter holding in the company stood at 74%.
Goodyear India: Rs 349 +1.94%
Overall, 46.76% of the stocks traded on the BSE closed the day with losses.
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First Published: Wed, Jul 06 2011. 06 53 PM IST
More Topics: Markets Update | BSE | NSE | Sensex | Nifty |