The markets opened with a negative bias and started tumbling until the decent inflation data for the week improved investors sentiment to some extent. The benchmark indices then closed with moderate losses as many of the BSE sectoral indices had recovered from the negative territory. Capital Goods were hurt most while FMCG and Power made some decent gains amidst the uncertain market conditions. The Rupee opened above 54 which worsened the already bad climate at the stock market. Nevertheless, the downfall of crude helped stocks of some oil marketing companies moving up. The European bourses were trading with moderate gains. The market breadth continued to be weak with more than 64% declines as against 31% advances.
Hindustan Petroleum Corporation Ltd: CMP: ` 282 (+2%)
The shares of this leading oil marketing company alongwith other industry players such as Bharat Petroleum Corporation Ltd. and Indian Oil Corporation jumped against the weak market sentiments on account of decline in crude oil price. The crude oil traded around the lowest levels of past one month in Asian electronic trade.
Reliance Industries: CMP: ` 749 (+1%)
The Sensex heavyweight today reported that the natural gas output in its KG-D6 block on the eastern coast has fallen to the all-time low levels. The production has been recorded at 39.8 mmscmd against the levels of 61.5 mmscmd during FY10. The stock which declined during the weak market had recovered lately with the recovery in broader markets.
Titan Industries: CMP: ` 163 (-2%)
The stock price plunged tracing the fall in the gold price. The decline in gold prices over the last couple of months raised concerns about the degradation of valuation in the inventory hold by the company.
Balrampur Chini Mlls: CMP: ` 34 (-10%)
The stock declined more than 5% following the drop in sugar price at New York Futures for March delivery. The stocks of Shree Renuka Sugars, Triveni Engineering & Industries, Bajaj Hindustan and others were also trading with deep cuts.