India Stocks: Off highs ahead of inflation, GDP data; L&T gains
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K.Karthik Raja
May 30, 2008, 1:19:43 AM5/30/08
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India Stocks: Off highs ahead of inflation, GDP data; L&T gains
Friday, May 30
Gains in overseas markets helped key share indices rise 1.4% at
the start of the June futures series, while an extended rally in index
heavyweight Larsen & Toubro aided the upside
However, market came off highs and was trading up 0.5% on caution
ahead of weekly inflation and Jan-Mar gross domestic product data due
around noon, they said.
"Local shares may rise in sympathy with the global markets but the
two big domestic numbers will determine the major course of markets
today and for the next few weeks,"
India's GDP is likely to have slowed down to 8.2% in the last
quarter of 2007-08, analysts said, while inflation rate may rise to a
two-month high of 7.91% for the week to May 17 from 7.82% a week ago.
At 10:20AM, Bombay Stock Exchange's 30-share Sensex was 16384.15,
up 67.89 points or 0.4% after touching a high of 16540.49 in early
trade.
National Stock Exchange's 50-share Nifty was 4867.60, up 32.30
points or 0.7% after touching a high of 4908.85 in early trade.
CNX Midcap Index and S&P CNX 500 Index were up around 1% each.
On BSE, advances led decline 3:1. Larsen & Toubro extended gains
from the previous session to rise over 4% to 2,988 rupees after
surpassing its guidance for 2007-08 (Apr-Mar) and reporting
a 100-basis-point improvement in operating margin.
L&T's net profit for the year ended March was 21.73 bln rupees, up
54.9%.
Sterlite Industries was up 3% at 929 rupees on prospects of rising
commodity prices,
Sun Pharmaceutical Industries was up nearly 3% at 1,420 rupees
after the 5% decline in the previous session. The company may report
Jan-Mar net profit of 2.9 bln rupees, up 38% on year on improved
margins.
Geojit Financial Services was up nearly 8% at 58 rupees on talk
the BNP's open offer for the company is likely to be cleared soon,
dealers said.
The CNX IT index was trading flat as the rupee rose against the
dollar after the government Thursday relaxed norms on external
commercial borrowings by companies
Satyam Computer Services, and Wipro fell 1% each, at 518 rupees
and 506 rupees, respectively.
Reliance Power shares was trading around 250 rupees, compared with
a close of 408 rupees in the previous session. The stock goes ex-bonus
today.
Hero Honda Motors was down 1% at 767 rupees. End
Friday, May 30
Gains in overseas markets helped key share indices rise 1.4% at
the start of the June futures series, while an extended rally in index
heavyweight Larsen & Toubro aided the upside
However, market came off highs and was trading up 0.5% on caution
ahead of weekly inflation and Jan-Mar gross domestic product data due
around noon, they said.
"Local shares may rise in sympathy with the global markets but the
two big domestic numbers will determine the major course of markets
today and for the next few weeks,"
India's GDP is likely to have slowed down to 8.2% in the last
quarter of 2007-08, analysts said, while inflation rate may rise to a
two-month high of 7.91% for the week to May 17 from 7.82% a week ago.
At 10:20AM, Bombay Stock Exchange's 30-share Sensex was 16384.15,
up 67.89 points or 0.4% after touching a high of 16540.49 in early
trade.
National Stock Exchange's 50-share Nifty was 4867.60, up 32.30
points or 0.7% after touching a high of 4908.85 in early trade.
CNX Midcap Index and S&P CNX 500 Index were up around 1% each.
On BSE, advances led decline 3:1. Larsen & Toubro extended gains
from the previous session to rise over 4% to 2,988 rupees after
surpassing its guidance for 2007-08 (Apr-Mar) and reporting
a 100-basis-point improvement in operating margin.
L&T's net profit for the year ended March was 21.73 bln rupees, up
54.9%.
Sterlite Industries was up 3% at 929 rupees on prospects of rising
commodity prices,
Sun Pharmaceutical Industries was up nearly 3% at 1,420 rupees
after the 5% decline in the previous session. The company may report
Jan-Mar net profit of 2.9 bln rupees, up 38% on year on improved
margins.
Geojit Financial Services was up nearly 8% at 58 rupees on talk
the BNP's open offer for the company is likely to be cleared soon,
dealers said.
The CNX IT index was trading flat as the rupee rose against the
dollar after the government Thursday relaxed norms on external
commercial borrowings by companies
Satyam Computer Services, and Wipro fell 1% each, at 518 rupees
and 506 rupees, respectively.
Reliance Power shares was trading around 250 rupees, compared with
a close of 408 rupees in the previous session. The stock goes ex-bonus
today.
Hero Honda Motors was down 1% at 767 rupees. End
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