Nifty opens flat ahead of settlement; Tata Motors down 1%
Jun 28, 2012No Comments
The BSE Sensex and NSE Nifty opened flat for third consecutive session on Thursday as investors remain cautious ahead of European Union summit scheduled for June 28-29 in Brussels. Asian markets too were mixed in trade.
The market was quite volatile in trade ahead of F&O expiry today. The BSE benchmark rose 44.62 points to 17,012.38 and the NSE benchmark was up 12 points to 5,153.85.
The Indian rupee too has been moving around the 57 as against the US dollar since the announcement of measures to cap rupee’s slide by the Reserve Bank of India.
ICICI Bank, Kotak Mahindra Bank, SBI, Tata Power, Hindalco Industries, Sterlite, L&T, JP Associates, Siemens, ACC, Ambuja Cements, JSPL, Sesa Goa, Tata Steel, Bank of Baroda, PNB, Reliance Industries were supporting the market.
However, Axis Bank fell 1.6% as sources said HSBC Bank Mauritius would sell its stake in the bank via accelerated book building route. It will sell 1.96 crore shares at a price band of Rs 950-970.9/share.
IDFC, Tata Motors, BPCL, Ranbaxy Labs, Dr Reddy’s Labs and HUL, ONGC were under pressure.
The CNX Midcap Index rose 19 points to 7,213. About two shares advanced for every share declining on the National Stock Exchange.
In the second line shares, Manappuram Finance shot up 4.5% today and more than 40% this week.
Indian Hotels gained 2% as Tata Sons hiked stake in the company by 4.78% to 24.36% for Rs 497 crore.
Shree Renuka Sugars was up 1% as sugar prices rallied 3.5% at around 21 cents/lb in international market yesterday.
Brigade Enterprises shot up 6.5%. The company signed JV deal with Govt of Singapore. Brigade will invest Rs 100 crore in JV that will develop residential projects. Company expects revenues of Rs 700 crore in next 3-4 years.
Orchid was up 0.7% while Wockhardt declined 0.5%. Both these stocks hit 52-week high in the June series and pharma was the only sector that included maximum stocks that hit 52-week high in series.
However, Yes Bank was down nearly 2% as sources said HSBC Bank Mauritius would sell its stake in the bank via accelerated book building route. It will sell 1.68 crore shares at price band of Rs 318-324/share.
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