3:30 Market close: The market ended on lower note. The Sensex was down 134.91
points at 28709.87 and the Nifty slipped 44.70 points at 8712.05. About 1261
shares have advanced, 1584 shares declined, and 200 shares are unchanged.
Bharti was up 7 percent, while Coal
India, M&M, BHEL and Hero are top gainers inthe Sensex. Among the losers
were HDFc, Hindalco, HUL, Sun Pharma and Tata Steel.
03:19 pm Market check: The Sensex is down 142.66 points or 0.5 percent at 28702.12,
and the Nifty down 44.95 points or 0.5 percent at 8711.80. About 1228 shareshave advanced, 1592 shares declined, and 201 shares are unchanged.
03:10 pm Air India, HMT to shut
down? Five public sector undertakings
(PSUs) will be closed down by the government, which has included some of the
best known state-run enterprises like Air India, MTNL and Hindustan Shipyard,
in the list of 65 sick PSUs, Lok Sabha was informed today.
The five state-runorganisations to be closed down include three HMT units whose brand of watches
and tractors once ruled the market, Heavy Industries Minister Anant Geete said
during Question Hour, adding that their employees were being offered a
"very good" VRS package. However, he did not name the other PSUs
which are slated to be closed down.
02:50pm Gold schemes: Official says the government is likely to scrap existing
gold deposit schemes as these schemes have not yielded desired results.
The government is likely to launch
gold monetisation scheme by May with nominal interest and is likely to price
gold bonds in line with gold metal rates.
02:35pm Market extends losses: The Sensex dropped 232.58 points to 28612.20 and the Nifty
shed 68.55 points to 8688.20.
About 1144 shares have advanced,
1587 shares declined, and 211 shares are unchanged on the Bombay Stock
Exchange.
02:30pm Mphasis in News: Homegrown IT/ITeS firm Mphasis is looking to hive off
its domestic business process outsourcing (BPO) into a separate arm while it
explores the option of selling it.
Sources have told CNBC-TV18 that the
HP-owned company, which has likely appointed two investment bankers to conduct
a sale for the business, is undertaking the move as part of its strategy to
focus on high-margin businesses.
The consolidation strategy is part
of Mphasis’ own strategy before the US giant HP itself looks to sell its
controlling stake in the company, sources said.
Mphasis’ domestic business employs
about 12,000 employees across four call centres in the country, and earns
revenues of about Rs 1,200 crore.
Mphasis was owned by Barings PrivateEquity Partners till it was purchased by EDS in 2006, after which it fell in
HP’s lap after the latter acquired EDS in 2008.
But under HP, Mphasis has seen its
revenues fall, with analysts citing the US company’s struggle for strategic
direction itself with respect to whether it should focus on services or
products. Currently, HP owns a 60.5 percent stake in Mphasis.
02:00pm Market Check
The market extended losses in
afternoon trade with the Sensex losing 136.87 points to 28707.91. The Nifty
lost 45.65 points to 8711.10. Banking & financials, oil, metals, power and
FMCG stocks led the market down while telecom and select technology stocks
outperformed.
The BSE Midcap and Smallcap indices
declined too, down 0.3-0.4 percent. About 1163 shares have advanced, 1524
shares declined, and 215 shares are unchanged on the BSE.
Market is headed towards
consolidation in the near term, cautions big bull Rakesh Jhunjhunwala. But
there is nothing to worry until and unless Nifty moves below 8000.
In an exclusive conversation withRamesh Damani and N Jayakumar, Jhunjhunwala says he expects the market to pause
for a while after what has been a dream run for the bull market in the last one
year.
Housing finance company HDFC topped
the selling list, down 3.7 percent followed by HDFC Bank, L&T, Reliance
Industries, ONGC, HUL, Wipro, Hindalco Industries, Sesa Sterlite and Tata Steel
with 1-2 percent loss.
However, Bharti Airtel shot up 7
percent. The stock saw a relief rally as the day on day jump in bid prices for
900 mhz has fallen to 2 percent versus 5 percent earlier raising hopes of some
moderation in bidding.
Meanwhile, the rupee fell further today, trading at fresh 2-month low of 62.69 against close of 62.55 yesterday due to rise in dollar and increased demand for the dollar from importers.
Meanwhile, the rupee fell further today, trading at fresh 2-month low of 62.69 against close of 62.55 yesterday due to rise in dollar and increased demand for the dollar from importers.
No comments:
Post a Comment