Sensex closes flat; HUL gains 7.5% on strong Q1 numbers

It was completely listless trade on Wednesday as the BSE Sensex and NSE Nifty remained in a narrow range due to lack of global and local cues. Globally every market is closely watching development in Eurozone after Spain woes while locally the market is expecting diesel price hike, but sources said price hike would be possible after vice-president election.

The market rebounded today after taking a beating in previous two sessions, which remained in a positive trend for major part of the session. The 30-share BSE benchmark rose 40.73 points to close at 16918.08 and the NSE benchmark gained 10.25 points at 5,128.20.

Global markets too were lacklustre in trade; France's CAC, Germany's DAX and Britain's FTSE were flat while Asian markets closed mixed.

Back home, the Indian rupee was moving around the level of 56 against the US dollar.

Fast moving consumer goods major Hindustan Unilever topped the buying list, rising 7.5% as the company's net profit doubled year-on-year to Rs 1331.2 crore in the quarter ended June 2012.

Oil & gas producers Reliance Industries and ONGC gained around 1% while top telecom operator Bharti Airtel rose 1.4%.

Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank moved up just 0.1%-0.4%. Steel producer Sterlite Industries rallied 2.56%.
 
Top car maker Maruti Suzuki bounced back on short covering, rising 2.34% after losing more than 11% since Thursday due to stoppage of work at its Manesar plant.

However, India's third largest software services exporter Wipro tanked 3% after the company forecast a flattish growth for the second quarter of FY13. Its rivals TCS and Infosys were down 0.4% and 0.77%, respectively.

Healthcare stocks like Sun Pharma, Cipla and Dr Reddy's Labs fell 0.3%-1.3% on profit booking. Capital goods majors Larsen & Toubro and BHEL slipped 1-1.5%.

Results reactions

Eclerx Services surged 11% as its net profit grew by 62% quarter-on-quarter to Rs 49.3 crore in the quarter ended June 2012.

Geometric gained for the third consecutive session today after strong numbers in the June quarter. The stock has touched a 52-week high of Rs 88.80, which rose more than 8% today and 22% in five days.

KPIT Cummins rose 2.6% ahead of earnings after market hours today.

LIC Housing Finance and Lupin were up 1-2%. Lupin has touched a 52-week high of Rs 587.70.

Canara Bank fell 1% as first quarter numbers disappointed street expectations with regards to topline growth and the amount of non-performing loans (NPLs).

In the second line shares, HDIL, Orbit Corp, Balaji Telefilms, Den Networks, IRB Infrastructure and Thomas Cook were down 2-4.5%.

Stride Arcolab lost 2% despite the news that Proparco acquired 20% in the company's Africa unit.

However, sugar stocks like Balrampur Chini, Sakthi Sugars, Bajaj Hindusthan and Dhampur Sugar shot up 4-5%.

The BSE Sensex and NSE Nifty continued to trade higher amid volatility, led by support from banks, oil & gas, FMCG and metals stocks. However, the selling in technology, capital goods, pharma and power has limited the upside.

The BSE benchmark gained 79 points at 16,956.41 and the NSE benchmark rose 22.45 points to 5,140.40.

Fast moving consumer goods major Hindustan Unilever shot up more than 7% in afternoon trade led by value buying interest after its profit after tax increased by 112% year-on-year to Rs 1331.2 crore in the quarter ended June 2012. Cigarette major ITC gained 0.5%.

Country's largest lenders State Bank of India and ICICI Bank were up more than 0.7% while their rival HDFC Bank was up just 0.2%. Oil & gas producers Reliance Industries and ONGC moved up 0.7% and 1.4%, respectively.

Top car maker Maruti Suzuki and steel producer Sterlite Industries rallied 3% each.

However, engineering and construction major Larsen & Toubro and state-owned power equipment manufacturer BHEL were down 0.7%.

Wipro, country's third largest software services exporter remained top loser, falling 2.5% while its rivals TCS and Infosys were flat.

In the second line shares, Bajaj Corp, Wockhardt, Prestige Estate, Tata Global Beverage and Tube Investment rallied 4-6% whereas Responsive Industries, HDIL, Amara Raja Batteries, KSK Energy Ventures and Jaypee Infra lost 3-6%.

Indian equities remained flat, moving around their previous closing values. Even European markets were volatile in early trade. HUL, Sterlite Industries and Maruti topped the buying list whereas L&T, Wipro, Sun Pharma and BHEL were top losers among largecaps.

The BSE benchmark moved up 33.42 points to 16,910.77 and the NSE benchmark gained 8 points at 5,126.05.

Fast moving consumer goods major Hindustan Unilever extended gains, rising nearly 6% as its net profit for the quarter ended June 2012 doubled year-on-year to Rs 1,331.2 crore. Its rival ITC gained 0.6%.

Top lenders State Bank of India and ICICI Bank rose over 0.5% while index heavyweight Reliance Industries gained 0.5%.

State-owned oil & gas producer ONGC was up 0.9%. Country's largest car manufacturer Maruti Suzuki rallied 2% led by short covering while Sterlite Industries jumped nearly 3%.

Engineering and construction major Larsen & Toubro and state-owned power equipment maker BHEL were down more than 1%.

Top software services exporters TCS and Infosys declined 0.4%-0.6% while their rival Wipro tumbled 2.7% after flattish forecast for second quarter by the company.

Drug producers Sun Pharma, Dr Reddy's Labs and Cipla were down 0.6%-1.4%. Housing finance company was down 0.4%.

The BSE Sensex and NSE Nifty continued to move in a narrow range since early trade due to lack of global and local cues. The market seems to have priced in Spain woes and lack of support to foreign direct investment (FDI) in retail. It is eagarly waiting for the Reserve Bank of India's move on July 31 and some more June quarter earnings.

The BSE benchmark gained 34.15 points at 16,911.50 and the NSE benchmark rose 11.4 points to 5,129.35.

Fast moving consumer goods major HUL remained top gainer among largecaps, rising 5.5% after its profit after tax doubled to Rs 1331 crore helped by property sale during the quarter ended June 2012. Cigarette major ITC was up 0.8%.

Country's largest lenders State Bank of India and ICICI Bank were up 0.6%-0.8%. Shares of Naveen Jindal's flagship company JSPL rose 0.7% ahead of first quarter numbers today.

Private steel producer Sterlite Industries rallied 3%. Top car maker Maruti Suzuki moved up 1.8% on short covering.

However, capital goods majors Larsen & Toubro and BHEL were down 0.9% and 1.5%, respectively.

Wipro, country's third largest software services exporter tanked 3% after the company has guided for a flattish growth in the second quarter. It met street expectations on Tuesday, with a consolidated net profit of Rs 1,580.2 crore in April-June, up 18% year-on-year.

Top software services exporter TCS and commercial vehicle maker Tata Motors were down 0.6% each.

Indian equity benchmarks were completely lacklustre in trade today following mixed Asian cues. FMCG major HUL topped the buying list, rising nearly 4% after stronger than expected numbers in June quarter while third largest software services exporter Wipro fell over 3% as the company could not report stellar performance in the first quarter of FY13.

The BSE benchmark was up 32 points at 16,909.24 and the NSE benchmark gained 8 points at 5,126.20. The broader markets too were choppy in trade.

Siddharth Bhamre of Angel Broking believes that the global factors would decide the future course of the market. "We will be more on the mercy of global cues rather than internals of markets because internal market statistics are not working accordingly," he said.

Though the direction of market is not very clear at this point of time, his outlook is not very bearish. He expects to see some bounce back in the Nifty till the July series expires.

Cigarette major ITC, private sector lender ICICI Bank and software services exporter Infosys gained over 0.5%.

Top car maker Maruti Suzuki gained 1.5% as traders covered their short positions. The stock fell more than 11% since last Thursday due to stoppage of work at its Manesar plant.

Private steel maker Sterlite Industries rallied over 2%.

However, country's largest software services exporter TCS declined 0.55%. Engineering and construction major Larsen & Toubro was down 0.3% and state-owned power equipment manufacturer BHEL lost 1.2%.

Advancing shares outnumbered declining by 639 to 539 on the National Stock Exchange.

In the second line shares, Cholamandalam, Wockhardt, Prestige Estate, Tata Global Beverage and Welspun Corp gained 3-5% whereas Responsive Industries, Elantas Beck, Anant Raj Industries, HDIL and Jaypee Infra fell 3-6%.

The BSE Sensex and NSE Nifty bounced back with 0.4% gains each on Tuesday after losing in previous two sessions. Traders covered somewhat short positions as they feel the market looked oversold in last two sessions. Stocks, which most beaten down yesterday, saw buying interest.

The BSE benchmark rose 67.42 points to 16,944.77 and the NSE benchmark was down 19.45 points at 5,137.40.

The Indian rupee hit the 56 level in early trade, falling by 0.17% to 56.06 against the US dollar.

FMCG major HUL shot up over 2.5% and Cairn India was up 1.5% after strong numbers in first quarter of FY12.

Top car maker Maruti Suzuki rebounded with 1.5% gains after taking a beating since last Thursday.

L&T, Kotak Mahindra Bank, Bank of Baroda, Axis Bank, ICICI Bank, Sterlite, Tata Steel, JSPL, Hindalco Industries, Bharti Airtel, Infosys and State Bank of India were on buyers' radar.

However, Wipro fell nearly 2% as numbers were not quite spectacular. Results were in-line with expectations.

Coal India, ITC, Sun Pharma and M&M were under pressure in early trade.

The CNX Midcap Index gained 15 points at 7,242. About two shares advanced for every share declining on the National Stock Exchange.

In the second line shares, Idea Cellular fell 1.5% after lower than expected numbers in the quarter ended June 2012.

Tata Global Beverage was up 1% and Rallis India went up 2% after results.

HPCL and IOC gained nearly 1% as oil marketing companies hiked petrol price by 70 paise per litre yesterday.

Geometric rose another 1.5% after rising more than 13% yesterday due to strong numbers in Q1.

SKS Microfinance was up 2%. However, Godrej Industries dropped 2.5% as company's IPP opened today with a price band of Rs 210-235 a share.

LIC Housing Finance was down 1.6% ahead of first quarter numbers today.