Sensex rangebound; HUL, Sterlite Ind top gainers
10 May 2011
Indian equity benchmarks were trading rangebound in late afternoon trade. Banks, capital goods stocks were trading weak while some buying was seen in FMCG and realty stocks.
Housing finance company HDFC has announced its fourth quarter results. The company's Q4 net profit was up 23% at Rs 1,142 crore as against Rs 926 crore, in the same quarter previous year.Its January-December quarter net operating income at Rs 1,655 crore, growth of 23% versus Rs 1339 crore. The stock was trading at Rs 663.55, down Rs 0.55, or 0.08%.
Cairn says continue to work with GoI to get approvals for Vedanta Deal. Cairn India was quoting at Rs 341.75, down Rs 1.30, or 0.38%.
From the general trend in the market, N Sethuram, CIO, Daiwa Mutual Funds said there could be a little more of correction. But in terms of the valuation of the stocks and the general market as a whole, we are at levels where the valuations are quite comfortable. I do not see any case for the markets to go down much further from these levels," he said.
Top gainers on the Sensex were HUL at Rs 296.50 up 4.24%, Sterlite Ind at Rs 173.15 up 2.33%, NTPC at Rs 175.85 up 1.77%, Reliance Comm at Rs 90.95 up 1.68% and Cipla at Rs 305.40 up 0.83%.
Top losers on the Sensex were Tata Steel at Rs 585.40 down 1.56%, Reliance Infra at Rs 588.95 down 1.53%, HDFC Bank at Rs 2,246 down 1.5%, Hero Honda at Rs 1,718.85 down 1.32% and M&M at Rs 699.90 down 1.29%.