Indian shares edged lower in early trading on Thursday as investors adopted a wait-and-see approach ahead of WPI inflation report due today for clues as to whether the RBI will cut its policy rates next week. Asian markets are trading mostly lower, further dampening sentiment.
The benchmark BSE Sensex is currently down 123 points or 0.63 percent at 19,240, while the broader Nifty index is down 44 points or 0.75 percent at 5.807. Banking, consumer durable, auto and metal stocks are bearing the brunt of the selling, while healthcare, IT and FMCG stocks are little changed.
Among the prominent decliners in the Nifty pack, Siemens, JP Associates, HDFC Bank, Jindal Steel, Mahindra & Mahindra, GAIL, Tata Motors, Bharti Airtel, Bajaj Auto and Axis Bank are down 1-3 percent.
Oil India is moving down 0.4 percent on declaring a second interim dividend of Rs.12 per share for 2012-13. NALCO is losing 2.9 percent ahead of its stake sale through an auction tomorrow. Tata Motors is declining 2 percent on posting a 22 percent in February global sales.
MRPL is losing half a percent on saying it is no more interested in buying out the West Bengal Government’s share in Haldia Petrochemicals. Kennametal India is plunging 12.7 percent after the company set a floor price of Rs.435 a share for the offer for sale by its parent Kennametal Inc.
BHEL is little changed on reports a new defense procurement policy is on the anvil. Maruti Suzuki is gaining 0.8 percent on reports it will take a call on beginning construction of its Gujarat plant in April.
Hexaware Technologies is adding 0.4 percent as it inaugurated its third global delivery center in Mexico. Sintex Industries is moving up half a percent after redeeming FCCBs worth $291 million.
Indian shares extended declines for a third day in a row on Wednesday, weighed down by weak Asian and European cues as renewed concerns about a slowdown in China and uncertainty over Europe’s economic outlook kept investors at bay. Hitting their lowest level in almost a week, both the BSE Sensex and the broader Nifty index ended down over a percent each.
by RTT Staff Writer
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