Follow Us:
Monday, July 16, 2018

Sensex sheds 40 pts on profit-booking

The 30-share index,which gained over 547 pts in the last four sessions,fell by 40.19 points to 17,389.79

Written by Agencies | Mumbai | Published: July 2, 2012 9:48:06 am

Snapping a four-day rising streak,the BSE benchmark Sensex fell by over 40 points in early trade today as funds and retail investors booked profits at prevailing levels.

The 30-share index,which gained over 547 points in the last four sessions,fell by 40.19 points,or 0.23 per cent,to 17,389.79 with stocks of oil and gas,auto and banking sectors succumbing to profit-booking.

Similarly,the wide-based National Stock Exchange index Nifty declined by 11.90 points,or 0.23 per cent,to 5,267.00.

Brokers said profit-booking by speculators after recent strong gains following government’s moves to revive the economy and clarity on tax-avoidance rules,snapped the four-day rising streak.

They,however,added that a firming trend on Asian bourses following Friday’s gains in the global markets capped the losses.

Meanwhile,in Asian region,Japan’s Nikkei Index rose by 0.16 per cent,while Hong Kong market remained closed.

Pre Open::Sensex Nifty to watch


* The Nifty futures in Singapore Exchange rose 0.2 percent,while the MSCI Asia-Pacific index excluding Japan rose 0.4 percent.

* US stocks surged on Friday to close out a sour quarter on a high note as investors cheered an agreement by European leaders to stabilize the region’s banks,a pact that helped remove some of the uncertainty that has plagued markets.

* Asian shares rose on Monday with sentiment brightening at the start of the third quarter after Europe agreed to shore up the region’s banks,while investor attention is turning to the health of the US economy.


* Indian mutual fund industry officials and the stock market regulator will meet finance ministry officials on Monday to discuss ways to prep up the sagging mutual fund industry,which is battling regulatory hurdles amid a poor market.

* The government will release monthly trade data for May. (0630 GMT)

* An Indian ministerial panel meets to discuss the base price for an upcoming 2G mobile airwaves auction. (1030 GMT)

* India’s manufacturing PMI for June. (0500 GMT)

* June sales figures for Maruti Suzuki India and Hero MotoCorp.



* The Union finance ministry is pushing for an overhaul in the government policy on foreign direct investment (FDI) in single-brand retailing to accommodate the demands of companies such as the Scandinavian furniture giant IKEA.

* The Empowered Group of Ministers (EGoM) on telecom has dropped a clause in rules which,if not reversed,could create a significant problem for incumbent operators.

* State Bank of India,the country’s largest lender,has raised its interest rate by 25 basis points to 9 percent for three to five year tenor deposits of less than 1.5 million rupees ($26,900),the bank said in a statement on Saturday.

* In order to promote the sagging mutual fund industry,finance ministry may advise Sebi to consider re-introduction of entry load for brokers.

* The government plans to invest around 130 billion rupees over a period of eight years to promote electric and hybrid vehicles in the country and the Department of Heavy Industries is expected to seek Cabinet approval for the same within the next three months.

* HDFC Bank has decided to cut its benchmark lending rate by 0.2 per cent,making loans cheaper for borrowers.

* The Health Ministry’s likely notification,which may make it mandatory for beverage firms making colas to declare caffeine content on their labels,could have a significant impact on not only on established beverage firms but also smaller,regional brands.

* The Petroleum Ministry looks set to reject the price Reliance Industries has proposed for gas it will produce from below coal seams,CBM,citing a 2010 ruling of the Supreme Court that had not commented on CBM pricing.

* Residents of New Delhi,who limit their power consumption to 200 units per month,may get some cushion from the recent power tariff hike with the city government planning to continue marginal subsidy in place for such consumers.


* Subsidiary of state owned Gujarat State Petroleum Corporation,Gujarat State Petronet Ltd entered into an agreement for syndicated loan of 50.8 billion rupees with a consortium of 14 banks for its upcoming Mallavaram-Bhopal-Bhilwara-Vijaipur pipeline project.

* The Panna-Mukta-Tapti fields in the western offshore that accounts for approximately 6.5 percent of India’s domestic oil and gas production has reached the production milestone of 500 million barrels of oil equivalent cumulative oil and gas production,said the consortium operating the fields in a statement.

* Reliance Industries will reopen its retail petrol pumps in Gujarat and begin selling the fuel at the same price as charged by PSU oil companies,the company said.

* In the second major relief to cash-strapped airlines this month,jet fuel (ATF) prices were cut by about 2 per cent on Saturday.

* State-run energy giant ONGC may spend as much as $8.8 billion over the next five years to buy oil and gas assets globally to supply India’s burgeoning energy needs,a report said Friday.

* The Power Grid Corporation of India Limited a state-owned power transmission company has earmarked 60 billion rupees for expansion plans in Southern region,a senior official said.

* GVK Group is planning to achieve financial closure for its USD 10 billion Alpha Coal project in Australia by the first quarter of 2013,GV Sanjay Reddy,Vice Chairman of GVK Power and Infrastructure Ltd said. (Economic Times)

* State-owned manganese-ore maker MOIL Ltd plans to invest 2.4 billion rupees to nearly double the capacity of its Balaghat mine in Madhya Pradesh to 0.8 million tonnes per annum (LTPA).


* Reliance Globalcom,the underseas cable unit of Indian mobile operator Reliance Communications,said on Monday it had launched a joint venture with Iraq that substantially expands the country’s broadband and telecommunications links to the outside world.


* Reliance Infrastructure Ltd.,one of the largest road developers in the country,has commenced the operation of its sixth road project worth 8 billion rupees entailing four laning of Gurgaon – Faridabad and two laning of Ballabhgarh – Sohna road.

* The slowing Indian automotive market is taking a toll on the tyre industry that is planning to rationalise production in tandem with the weakening domestic market and channelise excess stocks to exports.

* Mahindra & Mahindra’s June vehicle sales rise to 16 percent to 41,322 vehicles from 35,584 vehicles a year ago.

* Tata Motors reported sales for June,down 3 percent to 64,341 vehicles from 66,358 vehicles a year earlier.

* TVS Motors June sales down 7.5% to 168,693 vehicles from 182,456 vehicles a year earlier.


* FMCG major Dabur India said its subsidiary Dabur International Ltd has divested its entire stake in UAE-based group firm Weikfield International.

* The Swedish cosmetics firm,Oriflame,best known for its skin lotions,creams and moisturisers,is in talks to acquire a health drink maker in India,a deal if consummated could take it into an entirely new and unrelated business in a country that is seeing an upsurge in the consumption of health and wellness products.

* The UK-based casual dining restaurant chain,PizzaExpress,has kicked off the process of starting its India operation,almost eight months after it signed a joint venture partnership with the Bharti Family Office. Ramit Mittal has been appointed CEO for the India business.


* Indian debt/FX factors to watch

* Euro,commodity currencies hold gains; PMIs eyed

* US crude falls $1 after weak China data

* Foreign institutional investor flows

* For closing rates of Indian ADRs

For all the latest News Archive News, download Indian Express App