Sensex sheds 65 pts, Nifty 22 on weak Asia - stocks to watch: Godrej Industries, JSW Steel

Feb 07 2013, 11:24 IST
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Nifty futures on the Singapore Exchange rose 0.2%. (Reuters) Nifty futures on the Singapore Exchange rose 0.2%. (Reuters)
SummarySensex has lost almost 366 points in past five sessions.

The BSE benchmark Sensex today declined by 65 points in early trade on sustained selling by funds amid a weakening trend on other Asian bourses.

The 30-share barometer fell by 64.99 points, or 0.33 per cent, to 19,574.73 in first five minutes of trading. The index had lost almost 366 points in past five sessions.

Stocks of power, capital goods, metal, consumer durable and banking sectors declined due to profit-booking.

Similarly, the wide-based National Stock Exchange index Nifty fell by 22.75 points, or 0.38 per cent, to 5,936.45.

Brokers said sustained selling by funds amid weakening trend on other Asian bourses mainly influenced the trading sentiment.

In the Asian region, Japan's Nikkei Index was down 0.97 per cent, while Hong Kong's Hang Seng index shed 0.39 per cent in early trade.

The US Dow Jones Industrial Average ended 0,05 per cent up in yesterday's trade.

GLOBAL MARKETS ROUNDUP

* Nifty futures on the Singapore Exchange rose 0.2 percent. The MSCI-Asia Pacific index, excluding Japan rose 0.3 percent.

* Asian shares edged lower ahead of a European Central Bank policy decision and remarks from ECB President Mario Draghi on prospects for the euro zone economy.

* US stocks ended mostly flat on Wednesday, taking another pause in the recent rally that has driven the S&P 500 to five-year highs, as transportation and technology shares lost ground.

* Sensex fell for 5th day, NTPC, Coal India shares down over 2%, Nifty positive at close on Wednesday.

FACTORS TO WATCH

* Advance 2012/13 GDP data (0530 GMT)

* Last day of two-day Reserve Bank of India board meeting

* The Indian government to sell about $2.14 billion worth of shares in NTPC Ltd. The floor price has been set at 145 rupees, or a 4.5 percent discount to its Wednesday's close.

* ACC Ltd, Ambuja Cements Ltd quarterly earnings.

INDIAN STOCKS TO WATCH

FINANCIAL/REGULATORY

* Indian tax authorities are claiming the Indian arm of Vodafone Group PLC under-priced shares issued to a Mauritius-based group company in order to pay lower taxes, * India's finance minister warned on Wednesday that cuts in the security budget could affect the country's defence preparedness and said he will spend more money on security when the economy recovers.

* The finance ministry is looking at taxing transactions on commodity exchanges to provide better regulation and monitoring of the market, said finance ministry officials.

ENERGY/COMMODITIES

* Godrej Industries Ltd's October-December net profit more than doubled to 1.79 billion rupees from 847.3 million rupees a year earlier.

* JSW Steel Ltd and Jindal Power and Steel have secured a key green clearance to mine iron ore and manganese in the Saranda Forests located in a Naxal-affected area of Jharkhand.

* The United States on Wednesday filed a challenge with the World Trade Organization over elements of India's national solar program, which it said discriminates against foreign solar products in violation of a core global trade rule. INFRASTRUCTURE

* The home ministry has barred Adani Ports and Special Economic Zone Ltd, Gammon India Ltd, Lanco Infratech Ltd, Punj Lloyd Ltd and IVRCL from participating in three domestic port projects due to security issues, a senior official in the shipping ministry said.

AIRLINES

* India could be "shut out" of the market for aircraft finance if carriers such as troubled Kingfisher Airlines Ltd fail to return planes they cannot pay for, a senior banker said.

IT

* Tech Mahindra Ltd posted flat earnings for its third fiscal quarter, falling short of expectations, hurt by a one-off payment at unit Satyam Computer Services Ltd. PHARMA

* Cipla Ltd reported a 25.5 percent rise in quarterly profit on robust sales but slightly missed street estimates as taxes surged.

PROPERTY

* Private equity fund Fidelity India Capital Advisor will purchase around 15 percent stake in home furnisher and decorator Kurlon for 1.5-2 billion rupees,

Stocks More on Godrej Ltd

Company INFO More on Godrej Ltd

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