The market may remain volatile today, 23 February 2012, as traders roll over positions in futures & options (F&O) segment from the near-month February 2012 series to March 2012 series. The near-month February 2012 F&O contracts expire today, 23 February 2012.
BSE Sensex was down 27.32 points or 0.15% to 18,117.93. The index rose 64.33 points at the day's high of 18,209.56 in early trade. The index fell 69.64 points at the day's low of 18,075.61 in mid-morning trade, its lowest level since 16 February 2012.
The S&P CNX Nifty was down 3.90 points or 0.07% to 5,501.45. The index hit a low of 5,481.55 in intraday trade, its lowest level since 15 February 2012. Nifty hit a high of 5,519.55 in intraday trade.
The market breadth, indicating the overall health of the market, was weak. On BSE, 1,593 shares fell and 777 shares rose. A total of 83 shares were unchanged
Among the 30-share Sensex pack, 18 fell while rest of them rose. Tata Power Company, DLF and Bharti Airtel fell by between 2.07% to 4.55%. HDFC Bank, Hindustan Unilever and Bhel rose by between 0.45% to 1.49%.
State Bank of India rose 2% after the bank's deputy managing director, R. Venkatachalam, denied media reports that the bank was close to offering a bailout loan package to Kingfisher Airlines.
Shares of State Bank of India (SBI) had slumped 7.91% on Wednesday, 22 February 2012, after media reported that the bank has extended a R 1200 crore relief package to cash-strapped Kingfisher Airlines, including working capital of R 400 crore, bank guarantee of R 500 crore and loan repayment extension worth R 250-300 crore.
Metal stocks fell across the board on profit booking. Jindal Steel & Power, JSW Steel, Sail, Hindustan Zinc, Tata Steel, and Hindalco Industries fell by between 0.31% to 2.92%.
Sterlite Industries (India) fell 4.75%, with the stock extending Wednesday's 6.62% slide. Sesa Goa rose 0.25% after tumbling 4.18% on Wednesday. As per media reports, the Vedanta Resources group may merge iron ore firm Sesa Goa with copper and aluminium maker Sterlite Industries to simplify and consolidate its corporate structure.
Auto stocks slipped for the second straight day on profit taking. India's largest car maker by sales Maruti Suzuki India declined 0.92%. Commercial vehicles maker Ashok Leyland shed 1.79%, with the stock expending Wednesday's 4.29% losses.
India's largest motorcycle maker by sales Hero MotoCorp declined 1.8%. The company said after trading hours on Wednesday, 22 February 2012, that it has entered into a partnership with US-based motorcycle company Erik Buell Racing (EBR). As part of the partnership, Hero MotoCorp will receive support in terms of technology and design to develop future models from EBR -- the East Troy, Wisconsin-based firm, which specializes in designing and manufacturing powerful and high-speed motorcycles. Hero MotoCorp exited a 26-year-long joint venture with Japan's Honda Motor Company in March 2011.
India's second largest motorcycle maker by sales Bajaj Auto rose 0.4% to R 1807.65. The stock had hit a record high of R 1,838.90 in intraday trade on Wednesday, 22 February 2012.
India's largest utility vehicles maker Mahindra & Mahindra (M&M) shed 1.56%. M&M's consolidated net profit, adjusted for extra-ordinary items, rose 13.2% to R 831.80 crore on 27.6% growth in gross revenue and other income to R 16488.40 crore in Q3 December 2011 over Q3 December 2010. Mahindra Satyam, Mahindra Finance and Mahindra Forgings led the improved performance of the Mahindra Group in Q3 December 2011. M&M announced the consolidated results during trading hours on Tuesday, 21 February 2012.
Subex rose 0.15% after the company said it has secured a multi-million dollar deal to provide its Revenue Operations Centre Fraud Management solution to a Tier 1 African operator.
Tera Software jumped 5.3% after the company said its board would meet on 29 February 2012 to consider issuing convertible warrants on preferential basis to promoters of the company.
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