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Tuesday, June 1, 2010

Sensex dips on selling activity; Metal drops

Indian equities dropped on Tuesday erasing earlier gains. The Sensex continues to decline further following weak Asian cues. On sectoral front, metal, capital goods, realty and banking stocks traded lower, while healthcare and consumer durable gained. At 9.59 a.m., the Sensex was trading down 111.90 points or 0.66% at 16,832.73. Meanwhile, the Nifty was trading lower by 35.70 points or 0.70% at 5,050.60.

The 30-share benchmark index, BSE Sensex opened flat with a decline of 1.81 points or 0.01% at 16,942.82, while the broad based NSE Nifty began flat at 5,086.30.

On global front, Asian stocks fell, as investors speculated over the future of Japan`s prime minister and Chinese manufacturing growth slowed.

Sensex Movers

Reliance Industries contributed fall of 24.77 points in the Sensex. It was followed by ICICI Bank (16.7 points), Larsen & Toubro (14.66 points), Housing Development Finance Corporation (13.39 points) and HDFC Bank (8.12 points).

However, Tata Consultancy Services contributed rise of 3.71 points in the Sensex. It was followed by Sun Pharmaceutical Industries (3.62 points), I T C (2.04 points), Oil & Natural Gas Corporation (1.91 points) and Mahindra & Mahindra (1.6 points).

Major gainers in the 30-share index were Cipla (1.03%), Tata Consultancy Services (0.67%), ACC (0.53%), Mahindra & Mahindra (0.51%), Maruti Suzuki India (0.49%), and Oil & Natural Gas Corporation (0.30%).

On the other hand, Hindalco Industries (2.30%), Sterlite Industries (India) (1.81%), Housing Development Finance Corporation (1.46%), ICICI Bank (1.36%), Larsen & Toubro (1.30%), and Tata Steel (1.22%) were the biggest losers in the Sensex.

Mid & Small-cap Space

The BSE Mid and small caps outperformed their larger counterparts gaining 0.35% and 0.53% respectively.

The major gainers in the BSE Midcap were Anant Raj Industries (1.41%), Core Projects and Technologies (0.54%), Ackruti City (0.32%), Aban Offshore (0.22%) and Allcargo Global Logistics (0.09%).

The major gainers in the BSE Smallcap were Adhunik Metaliks (2.05%), Provogue (India) (1.98%), Advanta India (1.27%), Abhishek Industries (0.6%) and Action Construction Equipment (0.31%).

Sectors in Limelight

The Metal index was at 14,953.24, down by 193.43 points or by 1.28%. The major losers were Hindalco Industries (2.3%), NMDC (1.51%), Jindal Steel & Power (0.97%), JSW Steel (0.95%) and Jindal Saw (0.9%).

The Capital Goods index was at 13,525.64, down by 131.78 points or by 0.96%. The major losers were A I A Engineering (2.82%), Bharat Electronics (1.42%), Bharat Heavy Electricals (1.08%), A B B (0.79%) and BEML (0.74%).

The Realty index was at 3,072.82, down by 25.1 points or by 0.81%. The major losers were Parsvnath Developers (2.77%), D B Realty (1.47%), Housing Development and Infrastructure (1.04%), Indiabulls Real Estate (0.32%) and D L F (0.18%).

On the other hand, the HC index was at 5,536.94, up by 46.67 points or by 0.85%. The major gainers were Aurobindo Pharma (1.65%), Dr Reddy`S Laboratories (1.35%), Apollo Hospitals Enterprise (1.08%), Cipla (1.03%) and Cadila Healthcare (0.81%).

Market Breadth

Market breadth was positive with 1,221 advances against 895 declines.

Value and Volume Toppers

Hindusthan National Glass & Industries topped the value chart on the BSE with a turnover of Rs. 1,480.03 million. It was followed by Hindustan Copper (Rs. 341.29 million), Sesa Goa (Rs. 277.95 million) and Educomp Solutions (Rs. 272.84 million).

The volume chart was led by Cals Refineries with trades of over 15.15 million shares. It was followed by Hindusthan National Glass & Industries (6.78 million), I F C I (3.45 million) and JM Financial (2.76 million).

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