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Sensex down 59 points on profit-booking

Sensex had gained 81.63 pts yesterday but moved down by 58.74 to 16,853.97 pts today.

Written by Agencies | Mumbai | Published: May 8, 2012 9:59 am

The BSE benchmark index Sensex fell by nearly 59 points in opening trade today as investors booked profits after yesterday’s gains.

The 30-share barometer,which had gained 81.63 points in the yesterday’s highly volatile session,moved down by 58.74,or 0.34 per cent,to 16,853.97 points in early trade.

Similarly,the wide-based National Stock Exchange index Nifty declined by 12.50 points,or 0.24 per cent,to 5,101.65 points.

Brokers said the fall in stock prices was mostly due to profit-booking by participants after yesterday’s gains following Finance Minister Pranab Mukherjee announced a slew of measures to provide relief to the equity markets and postponed implementation of the General Anti-Avoidance Rules by one year.

In the Asian region,the Hong Kong’s Hang Seng index up 0.05 per cent,while Japan’s Nikkei was quoted 0.57 per cent higher in early trade.

PRE-OPEN: Indian stocks to watch

GLOBAL MARKETS ROUNDUP

*Shares and riskier assets recovered on Tuesday from the previous day’s plunge,as sentiment improved on hopes Spain would use public funds to bolster its struggling banks.

*US stocks rose on Monday as investors brushed off Europe’s election results,as the S&P 500 rebounded from early losses to end nearly unchanged on Monday.

KEY EVENTS TO WATCH

* US Secretary of State Hillary Clinton meets India’s Foreign Minister Somanahalli Mallaiah Krishna in New Delhi and both will address a joint news conference after their meeting. (0500 GMT)

*RBI Deputy Governor Subir Gokarn to address an event in Hyderabad (0710 GMT)

*India’s top aluminium producer Hindalco Industries is expected to report fiscal Q4 profit fell on lower prices and higher input costs.

*Other Jan-March earnings from Dena Bank,Glenmark Pharma,and Kotak Mahindra Bank

INDIAN STOCKS TO WATCH

FINANCE

*SKS Microfinance posted a 3.3 billion loss in the Jan-March quarter,wider than its 697.7 million rupees loss a year ago.

*Bank of India said it has received all regulatory approvals,completing formalities for the acquisition of a 51 percent stake in Bharti Axa.

ENERGY/COMMODITIES

*BGR Energy says its Iraq contract valued at $80.50 million has been terminated and that contractual claims of the company will be settled with mutual agreement.

*India’s fire-damaged 60,000 barrel-per-day (bpd) Numaligarh refinery will extend its shutdown by about 25 days to the end of May.

*Mangalore Refinery and Petrochemicals Ltd has restarted two of three crude distillation units (CDUs) at a 300,000 barrel-per-day (bpd) plant that was closed more than a week ago because of water shortages,traders said on Monday.

PHARMA

*Drug maker Jubilant Life Sciences reported a Jan-March net loss of 635.3 million rupees versus 617.2 million rupees profit for the same period a year ago.

*Elder Pharmaceuticals is exploring options to sell its nutrition products business,two sources with direct knowledge of the development said.

One of the sources said Elder is looking for a valuation of roughly $60 million to $75 million for the business,which includes about 20 brands,and that discussions are at a very early stage. AIRLINES

* India’s Kingfisher Airlines will start paying January salaries starting from Wednesday,Chairman Vijay Mallya wrote in a letter to employees,as the debt-laden carrier struggles to retain staff.

OTHER FACTORS TO WATCH

*Indian debt/FX factors to watch

*Euro dips but market positioning may lend support

*Oil dips as Europe’s election results fan uncertainty

*Foreign institutional investor flows

*For closing rates of Indian ADRs

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