ONGC, RIL drag Sensex lower to close flat

The Sensex ended on a quiet note led by realty, oil & gas and PSU stocks, while teck, metal and auto stocks were marginally up. After a positive start, the Sensex slipped into red due to profit taking amid volatility. It continued to trade in the negative terrain as European market opened in red on concern that China, the driver of the global recovery, may rein in stimulus measures, overshadowed gains by health-care companies. Finally the index closed on a flat note after touching a high of 17,590.59 and low of 17,425.05.

Rising inflation was the main concern for the day and assurance came in from the Finance Minister who said that the government is taking all the necessary steps to contain inflation.

Asian stocks fell, dragging the MSCI Asia Pacific Index down for the third straight day, after regulators told some of China`s banks to limit lending. Finance and energy companies led the decline.

Indian equities continued to fall for the second day on Wednesday. At the close, the 30-share benchmark index, BSE Sensex ended flat with a decline of 11.57 points or 0.07% at 17,474.49, 18 components registering drop. while the broad based NSE Nifty closed flat with a decline of 3.95 points or 0.08%, at 5,221.70..

Sensex Movers

Oil & Natural Gas Corporation contributed fall of 19.98 points in the Sensex. It was followed by Reliance Industries (16.22 points), H D F C Bank (10.12 points), Sterlite Industries (India) (7.79 points) and Jaiprakash Associates (6.98 points).

However, I C I C I Bank contributed rise of 20.45 points in the Sensex. It was followed by Bharti Airtel (19.4 points), Tata Steel (12.76 points), Infosys Technologies (10.53 points) and Maruti Suzuki India (7.91 points).

Major gainers in the 30-share index were Bharti Airtel (3.41%), Maruti Suzuki India (2.62%), Tata Steel (2.49%), Hindalco Industries (1.78%), I C I C I Bank (1.59%), and Hindustan Unilever (0.98%).

On the other hand, Jaiprakash Associates (3.12%), Oil & Natural Gas Corporation (2.92%), Sterlite Industries (India) (1.79%), D L F (1.76%), Wipro (1.63%), and Reliance Capital (1.55%) were the biggest losers in the Sensex.

Mid & Small-cap Space

The BSE Midcap settled lower -18.99 points or 0.27% at 7,026.92 however the BSE Smallcap gained 6.72 points or 0.07% at 8,982.81 at the closing.

The major losers in the BSE Midcap were Alstom Projects India (1.36%), A I A Engineering (1.2%), Reliance MediaWorks (0.76%), Ackruti City (0.74%) and Aban Offshore (0.46%).

The major gainers in the BSE Smallcap were Alembic (5.39%), Abhishek Industries (4.14%), A B G Shipyard (2.31%), Adhunik Metaliks (0.91%) and Ahluwalia Contracts (India) (0.03%).

Sectors in Limelight

The TECk index was at 3,390.08 up by 24.67 points or by 0.73%. The major gainers were Deccan Chronicle Holdings (5.37%), Dish TV India (3.73%), Bharti Airtel (3.41%), IBN18 Broadcast (3.36%) and Idea Cellular (0.69%).

The Metal index was at 17,937.12 up by 82.68 points or by 0.46%. The major gainers were Jai Corp (20%), Ispat Industries (1.81%), Hindalco Industries (1.78%), Jindal Steel & Power (1.39%) and Jindal Saw (0.58%).

The Auto index was at 7,549.06 up by 32.53 points or by 0.43%. The major gainers were Maruti Suzuki India (2.62%), Bajaj Auto (2.36%), Ashok Leyland (2.02%) and Hero Honda Motors (0.42%).

On the other hand, the Realty index was at 3,930.25 down by 76.66 points or by 1.91%. The major losers were Housing Development and Infrastructure (3.96%), Indiabulls Real Estate (2.04%), D L F (1.76%), Ansal Properties and Infrastructure (0.92%) and Ackruti City (0.74%).

Market Breadth

Market breadth was negative with 1,210 advances against 1,719 declines.

Value and Volume Toppers

Hindustan Copper topped the value chart on the BSE with a turnover of Rs. 2,749.73 million. It was followed by Havell`S India (Rs. 1,768.80 million), Jai Corp (Rs. 1,417.89 million) and Tata Steel (Rs. 1,387.78 million).

The volume chart was led by Cals Refineries with trades of over 24.67 million shares. It was followed by Rashtriya Chemicals & Fertilizers (13.10 million), Vikas Wsp (9.84 million) and Mangalore Chemicals & Fertilzers (8.83 million).

Result

Wipro slipped 1.63% to close at Rs 725.40 in spite of a strong Q3 performance. Wipro, India`s third largest software exporter, announced a rise of 21.27% in consolidated net profit for the quarter ended December 2009. During the quarter, the profit of the company rose to Rs 12.17 billion from Rs 10.04 billion in the same quarter previous year. The consolidated total income for the quarter rose 4.17% to Rs 70.56 billion, when compared with the prior year period.

BASF India announced a phenomenal rise in standalone net profit for the quarter ended December 2009. During the quarter, the profit of the company rose 27.44 times to Rs 112.50 million from Rs 4.10 million in the same quarter last year. Net sales for the quarter for the quarter surged 43.39% to Rs 2,881.90 million, while total income for the quarter jumped 43.39% to Rs 2,881.90 million, when compared with the prior year period.

South India based television broadcasting company, Sun TV Network, today announced results for the quarter ended on Dec.31, 2009. Its net profit after taxes registered a growth of 35.37% and stood at Rs 1,519.40 million for the quarter ended Dec. 31, 2009 as compared to Rs 1,122.40 million for the quarter ended Dec. 31, 2008. Total Income has increased 41.42% from Rs 2,852.70 million for the quarter ended Dec. 31, 2008 to Rs 4,034.30 million for the quarter ended Dec. 31, 2009.

India`s first and largest mortgage finance company, Housing Development Finance Corporation (HDFC) today announced results for the quarter ended on Dec.31, 2009. On standalone basis, it registered an increase of 22.75% in net profit after tax for the quarter ended December 31, 2009. It has posted a net profit after tax of Rs 6,712.50 million for the quarter ended December 31, 2009 as compared to Rs 5,468.30 million for the quarter ended December 31, 2008. Total income has decreased 5.56% from Rs 29,248.40 million for the quarter ended Dec. 31, 2008 to Rs 27,622.10 million for the quarter ended Dec. 31, 2009.

Dr Reddy`s Laboratories, a vertically integrated, global pharmaceutical company, today announced consolidated results for the quarter ended on Dec. 31, 2009. The group has posted a consolidated net loss, attributable to the shareholders of the parent, of Rs 2,330.70 million for the quarter ended Dec. 31, 2009 as compared to net profit Rs 1,591.60 million for the quarter ended Dec. 31, 2008. Total income has decreased 4.76% from Rs 18,552.80 million for the quarter ended Dec. 31, 2008 to Rs 17,670 million for the quarter ended Dec. 31, 2009.