Money May 29, 2012
After yesterday's gain, the markets closed flat on Tuesday. The BSE Sensex, the barometer of the Indian economy, closed at 16,438, up 28 points from the day's low and off 106 pts from the day's high. The S&P CNX Nifty closed below the 5,000 mark at 4,990. The index hit a high of 5,020.15 in intraday trade, its highest level since 10 May 2012.
Of the 13 sectoral indices, eight closed in the green, major gainers being IT, Teck, realty. Amongst the 30-share Sensex pack, Wipro, Coal India and Maruti were the top gainers. The market may remain volatile this week as traders roll over positions from the near-month May 2012 series to June 2012 series. The May 2012 derivatives contracts expire on Thursday, 31 May 2012.
It was a result specific day as many companies reported their March quarter earnings. Tata Motors closed marginally lower by 0.3 percent ahead of its March 2012 quarter results. The steet will also be anticipating the Q4 GDP data numbers which will be released on Thursday.
Stock specific news :
•Power Grid Q4 net profit came in at Rs 1,032 cr, up 37%. Stock rose by 1.32%
•Welspun Corp Q4 cons net profit at Rs 118.5 cr vs Rs 118 cr (YoY), stock gained 1.5%
•Hotel Leela Q4 net profit at Rs 210 cr against Rs 11 cr (YoY), stock gained 4%
•SAIL Q4 net profit at Rs 1,577 cr vs 1,530 cr yoy, stock gained 2%
•Venky India Q4 net profit comes in at Rs 18 Cr vs Rs 15.5 cr (YoY), stock gains 14% to Rs 386.5
•Bajaj Electrical falls 9 percent after net profit fell 15 percent to Rs 49 crore, hurt by continued sluggishness in E&P business.
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