DLF $2 B Offering in Singapore

123jump.com Staff
13 May, 2008
New York City

Indian stocks on Wednesday reversed early session gains to settle lower in a mixed trade. In Mumbai trading, the 30-share BSE Sensex fell 0.6% or 108.04 at 16,752.86. On the NSE, S&P CNX Nifty fell 1.1% or 54.85 at 4,957.80. Of the Sensex shares, 21 shares gained and 9 shares fell. Of the BSE traded shares, 1,366 shares advanced, 1,341 shares declined while 76 shares remained unchanged.

[R]10:00AM New York, 7:30PM Mumbai – Stocks in India fell in a mixed trade, Reliance Industries decline.[/R]

Market Sentiment

Indian stocks on Wednesday reversed gains recorded in early session to settle lower in a mixed trade.

In Mumbai trading, the 30-share BSE Sensex fell 0.6% or 108.04 at 16,752.86. On the NSE, S&P CNX Nifty fell 1.1% or 54.85 at 4,957.80. Of the Sensex shares, 21 shares gained and 9 shares fell. Of the BSE traded shares, 1,366 shares advanced, 1,341 shares declined while 76 shares remained unchanged.

Turnover

Daily turnover on the BSE amounted to 6,596 crore rupees and on the NSE reached 14,271 crore rupees.

Gainers and Decliners

Of the BSE index shares, Hindalco Industries led the advancers, gaining 3% to 180.20 rupees. TCS declined 3.2% to 898 rupees and the losers in the Sensex index.

Tata Steel surged 1.2% to 853 rupees and JSW Steel rose 3.5% to 959.90 rupees. Jaiprakash Associates gained 2% to 251.25 rupees and ICICI Bank rose 0.4% to 882 rupees. Infosys Technologies closed down 1.8% to 1740 rupees and Wipro lost 3.1% to 492.05 rupees.

State Bank of India gained 0.4% to 1,670 rupees after it signed a memorandum of understanding with Insurance Australia Group for a general insurance venture to tap the fast-growing Indian market.

Oil & Natural Gas Corporation fell 2.6% to 1,002 rupees.

Bharti Airtel fell 2.1% to 821.10 rupees. UAE''s Emirates Telecommunications Corp said on Monday it was evaluating a bid for South African telecom firm MTN. Bharti Airtel is expected to bid for $37 billion for MTN.

Bharat Heavy Electricals fell 0.6% to 1,738 rupees and Larsen & Toubro lost 1.7% to 2,787 rupees. DLF lost 1.3% to 614.10 rupees on news reports that the company is expected to raise $2 billion for a real estate investment trust in Singapore.

Tata Motors fell 2.5% to 652 rupees, Ranbaxy Laboratories declined 2.1% to 484 rupees and ACC was down 2.9% to 681 rupees.

Reliance Update

Reliance Industries lost 2.2% to 2,500.05 rupees. Reliance Communications lost 0.9% to 545 rupees. The company has formed a joint venture with equipment firm Alcatel-Lucent to offer managed network services to domestic as well as international telecom operators.