Indian shares end flat, Reliance dips 3.7pc
Tuesday, 28 July 2009
MUMBAI, July 27 (Dow Jones): A fall in heavyweight Reliance Industries, the nation's biggest company by market value, offset gains in consumer goods stocks and some other blue chips as Indian shares ended flat Monday.
The Bombay Stock Exchange's benchmark Sensitive Index closed at 15,375.04, a tad below Friday's close of 15,378.96. It traded range-bound between a low of 15,228.46 and a high of 15,463.09 during the session. The 30-stock index has risen nearly 14pc in the past two weeks.
Reliance, which has a 13.6pc weight in the Sensex, ended down 3.7pc at INR1,938.55, after it reported Friday a drop in net profit for the third straight quarter due to lower refining margins and higher depreciation costs.
Net profit at India's biggest private refiner by output fell 11.5pc on year to INR36.36 billion in the first quarter ended June 30, while sales dropped 23pc to INR320.55 billion.
However, market participants said that with the current month's derivatives contract expiring Thursday, traders would cover short positions and this would limit the downside for Indian shares this week.
"The shorts are still there... the markets should remain positive for the week," said independent investment adviser S.P. Tulsian.
A Dow Jones Newswires technical analysis tips the index in a 14,600-16,000 range for the week.
On the National Stock Exchange, the 50-stock S&P CNX Nifty index also ended flat at 4,572.30, against Friday's close of 4,568.55.
Total traded volume on the Bombay Stock Exchange was INR60.39 billion, compared with Friday's INR68.34 billion. Gainers beat decliners 1,682 to 952, while 93 stocks were unchanged.
Among other major losers, Oil and Natural Gas, India's largest oil producer, gave up most of Friday's 3.1pc gain to end down 2.8pc at INR1,094.65. Drug maker Ranbaxy lost 2.0pc to settle at INR273.95.
Investors booked profits in auto stocks which had soared Friday. Mahindra & Mahindra lost 1.8pc to INR816.15, while Maruti Suzuki, the nation's largest auto maker by sales, shed 0.6pc to INR1,369.95.
However, Tata Motors rebounded from an intraday low of INR356.80 to close up 0.4pc at INR374.95 after it reported - minutes before the end of trade - a 58pc on-year jump in first quarter unconsolidated net profit to INR5.14 billion. Consumer goods stocks rose sharply on buying by foreign funds, dealers said.
Hindustan Unilever, which reports first quarter results Tuesday, soared 5.9pc to INR298.75 to be the biggest per centage gainer among the Sensex stocks. ITC, India's largest cigarette maker by sales, rose 3.1pc to INR238.70.
DLF, the nation's largest property developer by sales, ended up 4.7pc at INR412.10, while Tata Power rose 5.5pc to INR1,237.10 to be among the other major gainers.
The Bombay Stock Exchange's benchmark Sensitive Index closed at 15,375.04, a tad below Friday's close of 15,378.96. It traded range-bound between a low of 15,228.46 and a high of 15,463.09 during the session. The 30-stock index has risen nearly 14pc in the past two weeks.
Reliance, which has a 13.6pc weight in the Sensex, ended down 3.7pc at INR1,938.55, after it reported Friday a drop in net profit for the third straight quarter due to lower refining margins and higher depreciation costs.
Net profit at India's biggest private refiner by output fell 11.5pc on year to INR36.36 billion in the first quarter ended June 30, while sales dropped 23pc to INR320.55 billion.
However, market participants said that with the current month's derivatives contract expiring Thursday, traders would cover short positions and this would limit the downside for Indian shares this week.
"The shorts are still there... the markets should remain positive for the week," said independent investment adviser S.P. Tulsian.
A Dow Jones Newswires technical analysis tips the index in a 14,600-16,000 range for the week.
On the National Stock Exchange, the 50-stock S&P CNX Nifty index also ended flat at 4,572.30, against Friday's close of 4,568.55.
Total traded volume on the Bombay Stock Exchange was INR60.39 billion, compared with Friday's INR68.34 billion. Gainers beat decliners 1,682 to 952, while 93 stocks were unchanged.
Among other major losers, Oil and Natural Gas, India's largest oil producer, gave up most of Friday's 3.1pc gain to end down 2.8pc at INR1,094.65. Drug maker Ranbaxy lost 2.0pc to settle at INR273.95.
Investors booked profits in auto stocks which had soared Friday. Mahindra & Mahindra lost 1.8pc to INR816.15, while Maruti Suzuki, the nation's largest auto maker by sales, shed 0.6pc to INR1,369.95.
However, Tata Motors rebounded from an intraday low of INR356.80 to close up 0.4pc at INR374.95 after it reported - minutes before the end of trade - a 58pc on-year jump in first quarter unconsolidated net profit to INR5.14 billion. Consumer goods stocks rose sharply on buying by foreign funds, dealers said.
Hindustan Unilever, which reports first quarter results Tuesday, soared 5.9pc to INR298.75 to be the biggest per centage gainer among the Sensex stocks. ITC, India's largest cigarette maker by sales, rose 3.1pc to INR238.70.
DLF, the nation's largest property developer by sales, ended up 4.7pc at INR412.10, while Tata Power rose 5.5pc to INR1,237.10 to be among the other major gainers.