Realty, Financials Decline

123jump.com Staff
04 Sep, 2008
New York City

Stocks in Mumbai trading fell as investors seek to take profit after a recent surge of benchmark by 10%. The fall in crude oil prices had powered the recent rebound in indexes and widely held stocks. Tata hopes to launch much anticipated small car Nano on or near initial launch schedule despite daily demonstration at its plant in West Bengal. UCO Bank plans to raise 600 crore rupees by the end of this year.

[R]2:00PM New York, 7:30 PM Mumbai- Indian stocks fall on profit taking. Tata to roll out widely anticipated smallest car Nano on time.[/R]

Market Sentiment

In Mumbai, the BSE 30-share Sensex fell 1% or 150.76 to 14,899.10, and the CNX Nifty declined 1.12% or 56.25 to 4,447.75. Of the stocks traded on BSE, 1,332 rose, 1259 declined, and 94 were unchanged.

Trading Statistics

Turnover on the NSE''s futures & options stood at 46,290.5 crore rupees from 58,889.38 crore rupees on Tuesday September 2, 2008.

Maruti Suzuki increased 2.93% to 683.90 rupees, Hindalco Industries gained 2.39% to 126.60 rupees, Jaiprakash Associates edged up 1.79% to 176.75 rupees and Tata Power Company advanced 1.70% to 1,088 rupees.

[Tata Motors to Launch in Time

Reuters News reported that Tata Motors chairman Ratan Tata said today that the company will roll out the smallest car in the world, Nano as close to the initially slated launch date in October. The company is facing daily protests at its manufacturing plants from farmers who claim that they were not paid for their land where Nano manufacturing plant is located.

Ratan Tata said, “We obviously want to launch as we had planned. And we''ll do everything possible to come as close to the planned launch as we possibly can.”

Gainers & Losers

Stocks fell led by realty stocks on profit taking after yesterday’s gains. Reliance Industries dropped 2.75% to 2,152.65 rupees.

Financial stocks were mixed. Axis Bank slipped 3.26% to 734.90 rupees, HDFC Bank declined 2.80% to1, 303.90 rupees, and Kotak Mahindra Bank slipped 1.62% to 639.45 rupees.

State Bank of India and ICICI Bank however increased 0.91% to 1,535.25 rupees and 0.69% to 718.25 rupees respectively.

UCO Bank rose 4.56% to 42.40 rupees on news the lender plans to raise 600 crore rupees from follow on public offering in the final quarter of this year.

Realty stocks fell. Indiabulls Real Estate fell 10.24% to 289.35 rupees, Housing Development & Infrastructure dropped 3.11% to 315.70 rupees, Unitech slid 2.62% to 165.15 rupees and DLF lost 1.34% to 522.75 rupees.

Tech stocks rose. Aptech soared 4.25% to 239.35 rupees, Financial Technologies rallied 2.63% to 1,458.75 rupees, Roltas India advanced 2.11% to 341.40 rupees and Tech Mahindra increased 1.86% to 771.40 rupees.

Infosys Technologies also gained 0.80% to 1,789.55 rupees.

Healthcare stocks increased. Sun Pharma Advanced Research Company increased 4.38% to 100.10 rupees, Wockhardt surged 4.25% to 211 rupees, Piramal Healthcare soared 3.71% to 345 rupees, Biocon edged up 2.74% to 410.80 rupees and Cadila Healthcare rallied 2.41% to 344.60 rupees.

Bombay Dyeing & Manufacturing Company increased 2.97% to 581.35 rupees on reports the company may raise 900 crore rupees from the sale of a commercial property it is developing in Central Mumbai.

PBA Infrastructure climbed 3.21% to 67.60 rupees after securing a contract worth 122.04 crore rupees from Pimpri Municipal Corporation for laying roads.

Sona Koyo Steering Systems gained 20% to 17.80 rupees on news the company plans to diversify into aerospace and windmill technology.