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McClatchy-Tribune  04/29/2014 3:51 AM ET
Sensex slips 85 points; metal, FMCG stocks fall [Mint, New Delhi :: ]

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April 29--MUMBAI -- The 30-share bellwether BSE Sensex on Monday was trading over 85 points lower led by shares of metal, FMCG and banks.

At 12.09pm, the Sensex was trading down 0.39%, or 87.7 points, at 22,543.91, while the National Stock Exchange's (NSE's) broader 50-share Nifty was trading lower by 0.31%, or 21.25 points, at 6,740 points.

The gainers included Wipro Ltd that was trading up 1.08% at Rs.534.75 and Sun Pharmaceuticals Industries Ltd that rose 0.66% to Rs.639.4.

Among the losers, Tata Steel Ltd fell 2.86% to Rs.413.7 and Hindustan Unilever Ltd (HUL) slips 2.08% to Rs.568.50.

The BSE IT and Teck was the top sectoral gainers, up 0.4% and 0.29%, respectively. The BSE metal index was the top sectoral loser, down 1.53%. The FMCG and Bankex were down 0.75% each.

Redington India Ltd was trading at Rs.89 on BSE, up 3.01%, from previous close after Times of India reported that Japan's Itochu Corp. in talks to buy Redington India for $500 million.

Bharti Airtel Ltd was trading at Rs.337 on BSE, down 0.27%, ahead of its earnings. A Bloomberg poll of 26 analysts estimates Rs.1,004.7 crore net profit and Rs.22,417.3 crore net sales.

IRB Infrastructure Developers Ltd was trading at Rs.120 on BSE, up 2.7%, after it got an order worth Rs.3,200 crore from the National Highways Authority of India (NHAI).

SKS Microfinance Ltd was trading at Rs.260.65 on BSE, up 2.62%, after it reported 10-fold increase in its net profit. It posted a net profit of Rs.27.12 crore in the March quarter compared with Rs.2.7 crore during the same period last year as it benefited from higher demand for loans outside its home base of Andhra Pradesh.

Aditya Birla Money Ltd, Alstom T&D India Ltd, Federal Bank Ltd, Dabur India Ltd, TVS Motors Co. Ltd and Bharti Airtel Ltd will be in focus on account of March quarter earnings announcement.

Since the beginning of this year, the BSE Sensex has gained 6.45%, while foreign institutional investors have bought $5.05 billion from local equity markets.

Wockhardt Ltd was trading at Rs.793.65 on BSE, up 10.01%, from previous close. On Monday, it said that Himachal Pradesh's drug controller has revoked a suspension on the manufacturing, sale and distribution of its irritable bowel syndrome (IBS) drug. Since 25 April, Wockhardt shares gained 22.51%.

Asian markets trimmed early gains as investors turned cautious ahead of the US Fed meet and emerging crisis in Ukraine. Shanghai Composite was trading up 0.56%, Hong Kong's Hang Seng was up 0.35% while Japan's Nikkei Stock Average was closed for trading on account of Showa Day.

Wall Street indices ended in the green as investors weighed continuing deal frenzy in the pharmaceuticals sector against the possible impact of tougher sanctions on Russia. The Dow Jones Industrial Average closed up 0.5%, S&P 500 advanced 0.3%, while Nasdaq Composite closed flat.

 

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