Sensex closes 129 points lower on profit booking, global cues

Indian equity benchmarks and the rupee fell on Monday following negative global cues. Investors remain worried about global economic growth after sluggish US jobs data and China's inflation fell to 29-month low. Even the Ketan Parekh's stock market scam news also dampened the sentiment.

The profit booking may be another reason behind today's sell-off. The BSE benchmark dropped 129.14 points to close at 17391.98 and the NSE benchmark slipped 41.80 points to 5,275.15.

It is surely profit taking, says Ambareesh Baliga, COO of Way2Wealth. "Crossing that 5,350-5,400 levels are going to be quite difficult unless we have some good dose of positive news that again I don't think will come too soon. So people are losing a bit of patience," he explained.

He feels the next set of good news can happen only post July 19 (RBI policy day).

The Indian rupee hit an intraday low of 56.06, but got recovered to 55.84 against the US dollar, down 44 paise at 15:31 hours IST. Excessive disappointment or hope build-up is adding to the rupee weakness, says Moses Harding of IndusInd Bank.

France's CAC, Germany's DAX and Britain's FTSE were down 0.4% each as investors are not hopeful of progress on the Eurozone debt crisis at a meeting of finance ministers later in the day in Brussels.

The euro fell to a two-year low of 1.2225 to the dollar in early Asian trade, but did recover slightly to 1.2290 a dollar.

Asian markets closed sharply lower. Shanghai tanked 2.4% as China's inflation fell to 29-month low in June to 2.2% as compared to 3% in May. Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted were down 0.8-1.9%.

Back home, housing finance company HDFC and engineering and construction major by sales Larsen & Toubro went down 1.2% each.

Among metals stocks, Tata Steel, Jindal Steel and Sterlite Industries tanked 1.7-2.5%. Top lenders State Bank of India, ICICI Bank and HDFC Bank slipped over 0.5%.

Two wheeler majors Hero Motocorp and Bajaj Auto, and top car maker Maruti Suzuki were down 2-2.6%.

Cigarette major ITC declined 0.5% and top telecom operator Bharti Airtel dropped 1.5%.

Country's largest software services exporter TCS outperformed, gained 1% ahead of first quarter earnings of FY13 that will be announced on July 12. However, its rival Infosys was down 0.3% as analysts expect the company to lower its forecast for the financial year 2012-13 on Thursday when it will announce its Q1 results.

Declining shares outnumbered advancing by 1738 to 1071 on the BSE. The BSE Midcap and Smallcap indices fell over 1%.

Intelligence Bureau (IB) report, submitted to the top officials of the government, suggests that Ketan Parekh (KP) and his associates are driving up share prices through the creation of false volumes, according to a report by Indian Today. The IB report names companies like Dewan Housing (down 14.5%), Goenka Diamond (plunged 20%), Orchid Chemical (down 5%), IVRCL (down 6.7%), Pantaloon (down 3.5%), TBZ (down 6%) and GMR Infra (tanked 5%) as targeted by the KP and associates.

However, SKS Microfinance, TVS Motor and WWIL gained 5-10.5%.

At 14:57 hours IST: Sensex declines 100 pts; Rel Infra, JP Asso, Ambuja down 3%

Indian equity benchmarks remained under selling pressure since early trade due to weak global cues. Metals, capital goods, power, telecom, banks and HDFC group stocks weighed down the market.

The BSE benchmark went down 114 points to 17,406.98 and the NSE benchmark slipped 39 points to 5,277.95. European markets extended the fall after initial flat trade; France's CAC and Britain's FTSE fell 0.5% each while Germany's DAX declined 0.9% on growth concerns.

Eurozone Finance Ministers' will be meeting in Brussels today to work on details of Summit arrangements, but investors are not hopeful of progress on the euro zone debt crisis.

Back home, the Indian rupee depreciated by 1.05% or 58 paise to 55.98 against the US dollar.

Among frontliners, Reliance Infrastructure, Jaiprakash Associates and Ambuja Cements topped the selling list, falling 3%. Ranbaxy Labs, Jindal Steel, Hero Motocorp, Bajaj Auto, Tata Power and Maruti Suzuki were down 2-2.5%.

HDFC, HDFC Bank, Bharti Airtel and Larsen & Toubro went up 1-1.5%. Index heavyweights Reliance Industries, ICICI Bank and State Bank of India declined 0.4% each.

However, shares of DLF and TCS outperformed, rising 1.5% and 1%, respectively. Hindalco and Dr Reddys Labs moved up 0.5%.

In the second line shares, TVS Motor, Manappuram Finance, Fresenius Kabi, Wockhardt and Zydus Wellness shot up 4-8.5% whereas Dewan Housing, Chambal Fertiliser, India Cements, GSFC and Voltas were down 4-13%.

In the smallcap space, Globus Spirits, SKS Microfinance, Walchandnagar, Numeric Power and SPML Infra surged 10-20%. However, Orient Refractories, IVRCL Assets, JK Cement, Inventure Growth and Warren Tea slipped 6-10%.

At 13:44 hours IST: Sensex slips 150 pts; midcap, smallcap down over 1%

The 30-share BSE Sensex slipped 150 points following major fall in Asian markets in late trade. Shanghai tanked 2.4% and Hang Seng dropped nearly 2%. Nikkei, Straits Times and Kospi were down over 1%.

The BSE benchmark declined 150.42 points to 17,370.70 and the NSE benchmark was down 50.10 points to 5,266.85. The broader markets like BSE Midcap and Smallcap indices slipped 1.1% each.

Country's largest lender State Bank of India and ICICI Bank plummeted 0.7% each. Oil & gas producer Reliance Industries too was down 0.7%.

Housing finance company HDFC, top telecom operator Bharti Airtel, drug maker Sun Pharma and steel manufacturer Sterlite Industries tumbled 1.5% each.

Engineering and construction major by sales Larsen & Toubro and private sector lender HDFC Bank were down 1.35% and 1.9%, respectively.

Shares of Tata Steel, Bajaj Auto, Jindal Steel, Tata Power and Maruti Suzuki went down 2-2.5%.

However, country's largest software services exporter TCS outperformed, rising 1.4%. Dr Reddy's Labs and Tata Motors were marginally higher.

The euro hovered near a two-year low on Monday as the darkening global growth outlook kept risk assets under pressure, and with investors not hopeful of progress on the euro zone debt crisis at a meeting of finance ministers later in the day. France's CAC, Germany's DAX and Britain's FTSE were trading marginally lower.

At 12:36 hours IST: Sensex, Nifty drop 1%; HDFC Bank, Tata Steel plunge 2%

The BSE Sensex and NSE Nifty fell 1% each in afternoon trade due to further sell-off in metals, telecom, capital goods, power and banks stocks. Index heavyweights Reliance Industries and State Bank of India too extended losses.

The BSE benchmark dropped 168.70 points to 17,352.42 and the NSE benchmark went down 56 points to 5,261.15, but European markets opened flat.

Private sector lender HDFC Bank tanked 2.35% and housing finance company HDFC was down 1.8%. Top lenders State Bank of India and ICICI Bank declined 0.87% and 0.13%, respectively.

Oil & gas producers Reliance Industries and ONGC fell over 0.5%. Top telecom operator Bharti Airtel tumbled 2%.

Engineering and construction major by sales Larsen & Toubro slipped 1.6% and state-owned power equipment manufacturer BHEL was down 1.3%.

Shares of Tata Steel, Bajaj Auto, Jindal Steel, Maruti Suzuki, Hero Motocorp, Tata Power and Hindalco plunged 2-3%.

However, country's largest software services exporter TCS rose 1% and top commercial vehicle maker Tata Motors was up 0.23%.

The broader markets saw major fall as compared to benchmarks; the BSE Midcap and Smallcap indices were down 1.3% each.

The market breadth too was weak; about two shares declined for every share advancing on the National Stock Exchange.

In the second line shares, TVS Motor, Fresenius Kabi, Wockhardt, Himadri Chemical and Manappuram Finance gained 3-7% whereas Dewan Housing crashed 14%. HCC, KSK Energy Ventures, Indiabulls Real and Pantaloon Retail slipped 5%.

The rupee today breached the 56-mark, down 59 paise at 56.01 against the US dollar on the Interbank Foreign Exchange on high demand for the American currency from banks and importers.

At 11:30 hours IST: Nifty remains below 5300; Rupee touches 56/$

Indian equity benchmarks continued to trade lower due to fall in metals, pharma, capital goods, power and telecom stocks. Indian rupee touched the 56 level that depreciated by 61 paise to 56.01 against the US dollar.

The BSE benchmark declined 69.18 points to 17,451.94 and the NSE benchmark was down 27 points at 5,289.95.

Housing finance company HDFC and private sector lender HDFC Bank tanked 1.5% each. State Bank of India was down 0.4% whereas ICICI Bank gained 0.3%.

Telecom operators Bharti Airtel and Reliance Communications tumbled 2% each. Engineering and construction major by sales Larsen & Toubro was down 1.3%.

Metals stocks were under pressure as copper fell over 2.5% on Friday. Jindal Steel and Tata Steel plunged 2.5-3%. Hindalco, Coal India and Sterlite Industries were down 0.8-1.4%.

However, software services exporters TCS and Infosys gained 1.3% and 0.2%, respectively. Cigarette major ITC and top commercial vehicle maker Tata Motors rose 0.7% each.

About two shares declined for every share advancing on the National Stock Exchange.

Crude rebounded after a sharp downtrend on Friday. Brent crude rose rose 0.5% to USD 98.70 a barrel and NYMEX crude went up 0.44% to USD 84.82 a barrel today; both tanked 2.5-3% on Friday.

Asian markets extended losses; Hang Seng tanked 1.5% while Shanghai, Nikkei, Straits Times and Kospi were down over 1.1%. Taiwan Weighted declined 0.7%.

At 10:21 hours IST: Nifty, Sensex pare losses; TCS, Infosys, ICICI Bank lead

The BSE Sensex and NSE Nifty pared half of losses led by buying interest in TCS and Infosys. ICICI Bank, ONGC, Tata Motors and ITC too were quite supportive. However, the selling in metals, power, healthcare stocks, and Bharti, L&T, HDFC and HDFC Bank has limited the recovery.

The BSE benchmark fell 53.22 points to 17,467.90 and the NSE benchmark was down 21.4 points to 5,295.55. Asian markets remained under pressure; Shanghai, Hang Seng, Straits Times, Nikkei and Kospi were down 1% each while Taiwan Weighted went down 0.8%.

Country's largest software services exporters TCS and Infosys rose 1.2% and 0.5%, respectively ahead of their earnings for quarter ended June 2012 that scheduled for July 12.

FMCG majors ITC and HUL were trading marginally higher. Top private sector lender ICICI Bank went up 0.3% while State Bank of India too recovered, but HDFC and HDFC Bank lost 1.25% each.

Utility vehicle maker M&M and commercial vehicle manufacturer Tata Motors gained 0.5% whereas Maruti Suzuki, Bajaj Auto and Hero Motocorp were down 0.6-1.8%.

Engineering and construction major by sales Larsen & Toubro and top telecom operator Bharti Airtel declined 1% each.

Among metals and mining stocks, Tata Steel, Jindal Steel, Coal India, Hindalco and Sterlite Industries dropped 0.5-1%.

The Indian rupee depreciated by 44 paise to 55.84 against the US dollar.

At 9:21 hours IST: Sensex falls 100 pts on weak Asia cues; Re slips to 56/$

The BSE Sensex opened with a 100 points gap down on Monday after trading in a consolidation phase last week. Global markets were down because of no signs of further monetary easing by central banks. Asian markets were down 1%.

Indian rupee, which showed smart recovery after EU summit, was moving down towards 56 level. It was down by 47 paise to 55.87 against the US dollar today.

The BSE benchmark declined 100.43 points to 17,420.69 and the NSE benchmark was down 31.75 points to 5,285.20.

Ahead of Q1 earnings this week: Infosys slipped 1.7% while TCS gained 0.6%.

Reliance Infrastructure, JSPL, Ambuja Cements, Tata Steel, Hindalco, JP Associates, Reliance Industries, ONGC, BHEL, Wipro, HCL Tech, Sterlite Industries, HDFC Bank, Kotak Mahindra Bank, PNB, Bank of Baroda and SBI were under pressure in early trade.

However, DLF rose 0.7% as MCA inspection found no account faults.

The CNX Midcap Index fell 42 points to 7,470. About two shares declined for every share advancing on the National Stock Exchange.

GMR Infra, IVRCL, NCC, Lanco Infratech, Shree Renuka and Bajaj Hindusthan tumbled 1-3%.

JSW Steel tanked 2% after Credit Suisse report. Company denied reports (by Credit Suisse) of company understated debt by Rs 11,900 crore in FY12 misleading.

Orchid Chemical plunged 4% and Pantaloon Retail slipped 2.5% after India Today reported about Intelligence Bureau report on Ketan Parekh's stock market scam.

Textile stocks like Alok Industries, S Kumars and Arvind were down 1.5-2%.

However, Indraprastha Gas was up 3.35% as the company increased CNG price in Delhi by Rs 2.90/kg and Rs 3.30/kg in Noida & Ghaziabad.

Subex went up 2.5% as on extension of date for FCCB.

TVS Motor, UB Holdings and Kingfisher Airlines were up 2%.