Flat Stocks in Mumbai Trading; Weak Rupee

123jump.com Staff
24 Mar, 2009
New York City

Prime Minister Singh suggested that the economy will regain its vigor in the next six months as economic stimulus takes hold. Rupee declined in the trading as crude oil rallies in the recent months and exports remain weak. Reliance gained but IT stocks declined.

[R]10:00AM New York, 7:30 PM Mumbai – Prime Minister suggested that the economy will regain its vigor in the next six months as economic stimulus takes hold. Rupee declined in the trading as crude oil rallies in the recent months and exports remain weak.[/R]

Indian stocks ended flat on investor jitters ahead of the upcoming elections. Rupee edged lower at close and the recent rise in crude oil prices contributed to the currency’s weakness.

In Mumbai, the BSE 30-share Sensex Index rose 0.5% or 47.02 to 9,471.04, and CNX Nifty declined 0.04% or 1.20 to 2,938.70.

Of the stocks traded on the BSE, 1,143 rose, 1,413 that declined, and 57 were unchanged.

Trading Statistics

Daily turnover on the BSE rose to 4,245 crore rupees from 3,718.74 crore rupees yesterday.

Economy May Recover in Six months

Economic Times of India reported today that Prime Minister Manmohan Singh said the economy will rebound in the next six to seven months as the stimulus package begins to take effect.

“I am confident because of the stimulus that our government has announced, we will see in six to seven months revival of the economy in a very big way,"" said Singh.

Tax Collection Drive

Separately the online edition of ET reported that the government''s direct tax collection of 3,12,000 crore rupees as of March 17 includes 18,000 crore rupees from regular tax payers and corporations trying to evade payments.

The Tax revenue authority official Saroj Bala said 18,000 crore rupees were recovered post assessment from demands raised by the department from the taxpayers till March 17.

Of the total recovery made, 13,000 crore rupees was collected from regular tax payers and 5,000 crore rupees was collected from corporate assesses.

Gainers & Losers

Reliance Industries gained 0.8% to 1,451.65 rupees and Cairn India fell 2.2% as crude oil prices dropped 1.3% to $53.12 per barrel.

Financial stocks rose. ICICI Bank advanced 2.4% to 355.10 rupees, HDFC Bank gained 6.3% to 940.50 rupees, State Bank of India State Bank of India edged up 1.1% to 1,034.65 rupees and HDFC soared 2.3% to 1,564.45 crore rupees.

IT stocks rose. TCS increased 0.3% to 521.35 rupees, HCL Technologies gained 0.6% to 104.35 rupees and Wipro jumped 1.4% to 242.30 rupees.

Infosys Technologies fell 0.6% to 1,322.95 rupees.

DLF declined 0.7%.

Hindustan Unilever jumped 0.2% after the company’s direct tax payment increased 30% to 130 crore rupees in the fourth quarter ended March from the same period a year earlier.

ITC rose 0.5% and Ranbaxy Laboratories jumped 1.8%.

Tata Motors fell 2.4% to 162.05 rupees, but Mahindra & Mahindra gained 1.2% on news the company will acquire Birmingham, UK based van maker LDV.

Larsen & Toubro climbed 0.5% to 607.90 rupees.