Wrap-up| Markets close flat

Wrap-up| Markets close flat

New Delhi: Easing crude prices did not translate into gains for Indian stocks markets on Wednesday. After opening on a positive note, Indian markets soon lost ground on reports that the government is mulling to control fuel prices again. A quick denial from the government and positive opening in the European stocks helped the benchmark indices recover losses by end of the day.

Sensex: 18,469 0.16%

Nifty: 5,531 +0.18%

DAX: 7,201 +0.5%

Apart from pharmaceuticals and information technology, all the sectoral indices on the BSE closed in positive territory. Real estate, consumer durables and automobile indices led the gains.

BSE Realty: 2,106 +1.7%

BSE Consumer Durables: 5,791 +0.8%

BSE Auto: 8,854 +0.7%

Buying was visible in Anil Dhirubhai Ambani Group companies after CNBC reported that American Tower Co would bid for the tower unit of Reliance Communication. The company also secured a $1.93 billion loan from China Development Bank. Shares of two-wheelers also rose after they posted better than expected February sales.

Reliance Communications: 99.2 +9.4%

Reliance Capital: 501 +3.4%

Bajaj Auto: 1,415 +1.7%

Hero Honda: 1,537 +1.5%

Value buying continued in Reliance Industries stock. The stock gained further ground no Wednesday on reports that the company’s gas output may raise to 67 mmscmd by April this year as more wells come on stream. The company is currently producing 53 mmscmd of gas.

Reliance Industries: 993 +9%

Buying was also visible in selective banking stocks. BNP Paribas analysts led by Manishi Raychaudhuri and Gautam Mehta raised their weight on Indian banking stocks citing strengthening credit growth and attractive valuations.

Kotak Mahindra Bank: 431 +2.1%

Bank of India: 468 +1.8%

ICICI Bank: 1,033 +1.2%

Cairn India led the losers among oil & gas companies. The firm awaits government decision on selling itself to Vedanta. The coming elections in five Indian states have spelled trouble for Indian oil marketing companies. The companies, which are already feeling the heat of rising oil prices, lost further ground on Indian bourses. Investors sold stocks of state-run oil companies on expectations that the government will not let them raise fuel prices till the completion of elections.

Cairn India: 343 –2.3%

BPCL: 551 –1.9%

HPCL: 319 –1.2%

Overall, breath of the market remained mixed with 40.1% of the shares traded on the BSE registering losses.