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Sensex opens flat; Wipro down 7%

Sensex fell by 32.56 pts to 17,174.73,with stocks of IT,capital goods,auto and realty sectors succumbing to profit-booking.

Written by Agencies | Mumbai |
April 25, 2012 9:42:54 am

The BSE benchmark index Sensex today declined by over 32 points in early trade,as funds and retail investors booked profits after yesterday’s gains.

The 30-share index,which had gained 110.61 points yesterday,fell by 32.56 points,or 0.18 per cent,to 17,174.73,with stocks of IT,capital goods,auto and realty sectors succumbing to profit-booking.

Similarly,the wide-based National Stock Exchange index Nifty shed 11.20 points,or 0.21 per cent,to 5,211.45.

Brokers said profit-booking by speculators after yesterday’s gains led to the fall in select stock prices here.

In addition,a cautious approach adopted by participants ahead of tomorrow’s monthly expiry in the derivatives segments also influenced the trading sentiment,they added.

In the Asian region,Hong Kong’s Hang Seng index rose by 0.08 per cent,while Japan’s Nikkei Index gained 0.94 per cent in morning trade. The US Dow Jones Industrial Average ended 0.58 per cent higher yesterday.

PREOPEN: Indian Stocks to Watch

GLOBAL MARKETS ROUNDUP

* Asian shares rose on Wednesday as firm US corporate earnings,signs of an improving US housing market,and healthy demand for euro zone sovereign debt stoked risk appetite,while focus shifted to the Federal Reserve’s meeting.

* The Dow and the S&P 500 rose on Tuesday after strong earnings and upbeat outlooks from big manufacturers like 3M Co ,but Apple’s slide ahead of its results drove the Nasdaq down.

KEY EVENTS TO WATCH

* India’s top drugmaker Ranbaxy Laboratories Ltd. will announce a key R&D development in New Delhi. (1030 GMT)

INDIAN STOCKS TO WATCH

EARNINGS

* Wipro Ltd reported consolidated net profit at 14.81 billion rupees in the March 2012 quarter,versus consensus forecast of 15.05 billion rupees. It posted consolidated net sales for the quarter at 98.36 billion rupees.

* India’s Supreme Court on Tuesday asked the government to conduct an auction of 2G radio spectrum by August 31,giving more time to companies whose licenses are set to be revoked after the court’s ruling in February.

* India may produce 24.5 million tonnes of sugar in 2012/13 against 25.8 million tonnes estimated for the current year.

* PSA Peugeot Citroen said it may build cars in India with General Motors,its new global alliance partner,effectively scrapping a planned 650 million euro ($850 million) investment in its own factory.

OTHER FACTORS TO WATCH

* Indian debt/FX factors to watch

* Euro near 3-wk high on Dutch debt sale

* Brent slips,narrows spread vs stronger US oil

* Foreign institutional investor flows

* For closing rates of Indian ADRs

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