BSE Sensex down 59 points in early trade on profit-booking

Written by PTI | Mumbai | Updated: Mar 4 2013, 15:11pm hrs
SensexThe BSE benchmark Sensex today fell by over 59 points to 18,859.06 in early trade. (Reuters)
The BSE benchmark Sensex today fell by over 59 points to 18,859.06 in early trade as funds and retail investors booked profits after recovery in the previous session amid a mixed trend in the Asian region.

The 30-share barometer, which gained 56.98 points in the previous session on Friday, moved down by 59.46 points, or 0.31 per cent, to 18,859.06, led by the weakness metals, capital goods, power and banking sector stocks.

Similarly, the wide-based National Stock Exchange index Nifty, moved down 22.50 points, or 0.39 per cent, to 5,697.20.

Brokers said besides profit-booking by speculators, a mixed trend at the Asian markets after US lawmakers failed to prevent the imposition of USD 85 billion in spending cuts that kicked in at the end of last week, influenced the sentiment.

In the Asian region, Nikkei at the Japan stock market, was trading 0.50 per cent higher, while Hong Kong's Hang Seng index shed 1.02 per cent in early trade today.

Stocks to watch-March 4

(Reuters): Nifty futures on the Singapore Exchange fell 0.6 percent. The MSCI-Asia Pacific index, excluding Japan fell 1.2 percent.

Asian shares eased on Monday, as worries about China tightening its grip on the property sector on the eve of the country's annual parliamentary meetings compounded weak sentiment already dampened by a patchy global growth outlook.

U.S. stocks advanced modestly on Friday, leaving the S&P 500 with slight gains in a volatile week as strong economic data overshadowed growth concerns in China and Europe and let investors discount the impact of expected U.S. government spending cuts.


RBI officials, including Governor Duvvuri Subbarao, to attend OECD-World Bank conference in New Delhi.

Finance Minister P. Chidambaram addresses representatives of industry associations Tata Global Beverages Ltd news conference.


India will make it easier for foreign investors to claim tax concessions offered under bilateral tax treaties by simplifying the process of proving residency of the country from which the investment originates.

Indian Finance Minister P. Chidambaram sought to ease concerns it was targeting double taxation treaties on Friday, saying a proposal that sparked alarm among foreign investors was clumsily worded.

Staking his credibility on meeting a deficit-cutting target, Chidambaram is likely to be forced to scale back spending in the upcoming fiscal year after delivering a federal budget that makes aggressive revenue assumptions. ENERGY/COMMODITIES

India's finance minister P. Chidambaram appealed to people not to buy so much gold as a way of reducing hefty imports, speaking on television a day after his 2013/14 budget surprised traders by keeping gold import duty unchanged at 6 percent.

Indian authorities said on Sunday they had resumed acquiring land for South Korean steelmaker POSCO's planned $12 billion steel mill in Odisha state under tight security.

The Essar group is planning to expand its presence in the African continent by setting up a 10-million tonne port in Mozambique, at a cost of $275 million, Business Standard reported without saying how it had obtained the information.

Adani Enterprises Ltd set the floor price at 220 rupees per share for a share sale by promoter Adani Agro on Monday.

Indian Oil Corp. raised gasoline prices by 1.40 rupees a litre, excluding local taxes from Saturday, due to rising global prices of gasoline rupee, a company statement said on Friday.


Jaguar Land Rover is investigating the potential of manufacturing cars in India, company sources said, as the British luxury carmaker looks to build on its growth in emerging markets with the help of Indian parent Tata Motors Ltd .

Mahindra and Mahindra Ltd has opted to delay the initial public offering of its two-wheeler subsidiary and will instead invest 2.65 billion rupees through a rights issue, The Financial Express reported, citing unidentified sources.

India's top car makers reported falling sales in February as high costs and sluggish economic growth continued to weigh on demand, threatening to result in the industry's first decline in annual sales in a decade.

Hero MotoCorp Ltd said February sales fell 4.2 percent to 501,271 vehicles from 523,465 vehicles a year ago.


S. Kumars Nationwide Ltd plans to raise about 6 billion rupees by selling shares of its Reid and Taylor (India) Ltd unit through a qualified institutional placement, having put its initial public offer plan on the back burner, according to three investment bankers familiar with the development.


Unitech Ltd wants to add allegations linked to the manipulation of Libor to an existing dispute with Deutsche Bank, in a move that could set a precedent for cases against other banks.

Tata Communications Ltd plans to sell properties across Delhi, Mumbai and Chennai to raise more than 25 billion rupees to raise capital in the wake of continuing losses, two people with direct knowledge of the development said.


Following the failure of the Deccan Chronicle Holdings Ltd to repay a term loan of 2.5 billion rupees, IDBI Bank has invited bids to transfer the publisher's rights on the trademarks of four publications, according to a request for proposal document floated by the bank on Feb. 27.