Good Evening - Apr 30 2007

Key indices opened down nearly 1% as investors booked profits following the 4.5% gain in indices in the last five sessions. Weak Asian markets also hit sentiment. Asian markets were weak today due to a slide in metal prices and on concerns over Japan's economic growth. Bank of Japan today kept its overnight call rate unchanged. Profit sales after five straight sessions of gains and weakness in Asian market dragged Sensex and Nifty nearly 1% early today. The Nifty was weighed down by Cipla shares, which fell 14% to Rs 218 after the company Thursday reported a 34% drop in Jan-Mar net profit to Rs 1.26 bn. Citigroup has reduced the stock's target price to Rs 170. At 10:36AM, Sensex was 14089.57, down 139.37 points or 0.9%. Nifty was at 4135.85, down 42.00 points or 1.0%. The two indices have gained 4.5% over the last five sessions and are now nearing record highs touched in February. Investors here also unwound positions ahead of the weekend. The CNX Midcap Index was flat and S&P CNX 500 Index down 0.6%. On the BSE, there were 725 advances and 821 declines in morning session. Reliance Industries was down on profit sales after reporting better-than-expected Jan-Mar earnings Thursday. Among Nifty gainers: Ranbaxy Lab was up 1.1% at Rs 375, Wipro rose 1.0% to Rs 569, and Tata Motors was up 0.8% at Rs 773. Ranbaxy Lab gained ahead of its Jan-Mar earnings later today. The company's net profit is seen growing 76% on year to Rs 1.2 bn. Automobile shares extended gains as concerns over high interest rates cutting into demand and profits have slightly eased after the RBI left its key rates unchanged at its policy review Tuesday. The BSE Auto Index gained 1%. Investors will eye the inflation rate for week to Apr 14 and earnings of Bharti Airtel for further cues. In the mid trading session, indices were down 2%. Profit sales, after recent gains, and weakness in Asian markets .Sentiment was not affected even as inflation for the week to Apr 14 remained unchanged at 6.09%, against expectations of a rise to 6.14%. At 1:50PM, BSE Sensex was at 13976.08, down 252.80 points, or 1.8% from Thursday. NSE Nifty was at 4100.90, down 76.95 points, or 1.8%. Ranbaxy Laboratories was down 1% after it reported Jan-Mar earnings that missed street estimate. The company's net profit for the quarter was Rs 1.15 bn, up 129% on year. The BSE Healthcare Index shed 4%. Sterlite Industries was down 3% ahead of its March quarter earnings Thursday. Hindustan Zinc, from which Sterlite derives 70% of its profit, Thursday reported fourth quarter earnings below analysts' estimates. Among the few gainers, Siemens India gained 1.3%, Satyam Computer rose 1.4%, while Maruti Udyog rose 1%. Cipla, down 15%, was worst-hit among Nifty stocks. Reliance Industries shares were down 2.5% at Rs 1,555 due to profit-booking. No. of Scrips Value (Crs.) Advances 277 1894 Declines 767 6173 Unchanged 27 81 Total 1071 8148 Bharti Airtel fell 2% to Rs 844 after the company said average revenue per user for Jan-Mar quarter declined 5% from the previous quarter to Rs 406. Key indices ended down 2.4% as investors sold shares of pharmaceutical companies and heavyweights like ONGC, and Tata Steel. Today, Nifty fell more than 2% due to heavy selling in shares of pharmaceutical companies and index heavyweights. Weakness in Asian markets and lack of buying due to caution ahead of the weekend worsened the fall. Today, Bank of Japan left its overnight call rates unchanged. The finance minister and RBI officials meet later today to discuss ECB inflows, according to reports. Sensex ended at 13908.58, down 320.30 points or 2.3%, after touching a low of 13884.53 and a high of 14219.25 intraday. Nifty ended at 4083.50, down 94.35 points or 2.3%. It moved between a low of 4074.30 and a high of 4182.00. The combined turnover on both exchanges was 120 bn. The CNX Midcap Index was down 1% and S&P CNX 500 Index was down 2%. .Pharmaceutical shares were the worst hit in the Nifty after Cipla late Thursday reported Jan-Mar earnings that missed street expectations. The company's net profit for the March quarter was 1.3 bn, down 34%. Cipla shares ended at Rs 217, down 14%, the worst hit in the Nifty. Ranbaxy Laboratories erased the session's losses to end nearly flat at Rs 371. The company reported Jan-Mar net at Rs 1.15 bn, marginally above estimates. The BSE Healthcare Index ended down 4%. Some of the biggest losers today were heavyweights ONGC, down 3.3% at Rs 926, Tata Steel, down 4.1% at Rs 537, and Reliance Industries, down 3.6% at Rs 1,539. Sterlite Industries, which derives 70% of its profits from Hindustan Zinc, fell as Hindustan Zinc Thursday reported Jan-Mar earnings below analysts' estimates. Sterlite details fourth quarter results Thursday. Among the rare gainers, ABB was up 1% at Rs 4,141, extending gains on robust March quarter earnings detailed Wednesday. Tech stocks ended in mixed trend. Infosys was down at Rs 2005.15 with volumes of Rs 330.41 crs, Satyam was up at Rs 467.85 with volumes of Rs 159.98 crs, TCS was down at Rs 1234.50 with volumes of Rs 147.62 crs, and Wipro closed up at Rs 565.75 with volumes of Rs 52.64 crs. Pharma stocks ended negative with exception. Cipla was down at Rs 217.10 with volumes of Rs 406.56 crs, Ranbaxy closed up at Rs 370.70 with volumes of Rs 65.23 crs, Dr Reddy was down at Rs 701.55 with volumes of Rs 27.86 crs, and Sun Pharma closed down at Rs 1038.05 with volumes of Rs 14.08 crs. Banking stocks showed negativity with exception. In the Public Sector banks SBI closed down at Rs 1101.65 with volumes Rs 166.40 crs & Bank Of India closed down at Rs 195.70 with volumes Rs 60.37 crs. In the private sector ICICI Bank closed down at Rs 935.15 with volume of Rs 117.07 crs & Kotak Bank closed up at Rs 521.55 with volumes of Rs 68.97 crs. Auto Stocks ended down. Tata Motors closed down at Rs 749.35 with volumes of Rs.143.63 crs & M&M closed down at Rs 762.25 with volumes of Rs 68.24 crs. While in the 2 wheeler segment stocks, Baja Auto closed down at Rs 2456.30 with volumes of Rs 62.28 crs & Hero Honda closed down at Rs 667.40 with volumes of Rs 11.43 crs. Cement Stocks witnessed negative trend. ACC closed down at Rs 822.45 with volumes of Rs 62.73 crs, India Cement closed down at Rs 176.35 with volumes of Rs 42.63 crs, GACL closed up at Rs 117.35 with volumes of Rs 28.07 crs and Shree Cement closed down at Rs 1050.05 with volumes of Rs 7.06 crs. Nifty ended at 4084 down by 94 points