Afternoon Trade: Metal and Mining Stocks Decline

Metal and mining stocks declined. Markets continue to trade lower on the back of selling pressure visible in the IT stocks. Profit booking ahead of May F&O expiry contract is also visible on the Dalal Street. The market sentiment was also hit adversely by data showing that foreign funds were net sellers of Indian stocks on Wednesday.

Key benchmark indices extended intraday fall and hit fresh intraday low in afternoon trade.
The BSE benchmark index- Sensex was down 157 points at 24,398 and the 50-share Nifty slipped 37 points to 7,292 levels.

Bucking the trend, NTPCBSE 1.16 %, Tata PowerBSE 0.98 %, Dr Reddy's Labs, State Bank of IndiaBSE 0.90 % and Axis BankBSE 0.61 % were among the gainers on the Sensex up 1-1.7 per cent each.

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Shares in India's Hero MotoCorp fell 2.3 percent after its January-March profit adjusted for other income lagged some analysts estimates.

Hero MotoCorp said on Thursday March-quarter net profit was 5.54 billion rupees versus 5.74 billion rupees last year.

Infosys slumped as the stock turned ex-dividend today, 29 May  for final dividend of Rs 43 per share for the year ended 31 March 2014 .Shares in Infosys Ltd fell as much as 7.6 percent in early morning trade after president and board member B.G. Srinivas, seen by some investors as a candidate to take over as CEO, resigned.

The market breadth, indicating the overall health of the market, was strong. On BSE, 786 shares rose and 481 shares fell. A total of 28 shares were unchanged. Among the 30-share Sensex pack, 23 stocks rose and rest of them fell.

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Stock Market Updates -Market Ends Flat Today

After trading in 40 points range, the 50-share NSE Nifty closed flat on Wednesday ahead of expiry of May derivative contracts on Thursday but strong buying action was back in broader space after a two-day fall.
The Sensex was up 6.58 points to close at 24556.09 and the Nifty gained 11.65 points to 7329.65 while the BSE Midcap and Smallcap indices advanced 0.4 percent and 1.63 percent, respectively.
 

The benchmark BSE index rose 0.03 percent, or 6.58 points, to end at 24,556.09.The broader NSE index advanced 0.16 percent, or 11.65 points, to end at 7,329.65.

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The S&P Sensex pared most of its intraday gains on Wednesday and turned choppy, led by losses in ONGCBSE -2.00 %, Tata MotorsBSE -2.12 % and ITCBSE -0.70 %.

The 50-share Nifty Index pared most of its intraday gains and was trading close to its crucial psychological support level of 7300, weighed down by losses in banks, oil & gas, power and auto stocks.

The S&P BSE Sensex was at 24,527.09, down 22.42 points.It touched a high of 24,643.33 and a low of 24,488.81 in trade today. 

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Stock Tips Today-Jet Airways shares Slumps Down

Shares in Jet Airways Ltd , part-owned by Abu Dhabi's Etihad, fell 10 percent on Wednesday in pre-open trading after the carrier posted a record quarterly loss partly as a result of higher jet fuel expenses and a one-time charge on a unit.

Jet Airways recouped some of the losses but was still trading 6.8 per cent lower at Rs 250.05. It hit a low of Rs 241.50 and a high of Rs 254 in trade today on the National Stock Exchange.Mr. Gaurang Shetty, Director and Manager will continue to lead the company till the requisite approvals are obtained and Mr. Ball assumes charge as the CEO of the company, Jet Airways (India) said.
On the BSE, stock was trading 6.9 per cent lower at Rs 249.70. It hit a low of Rs 243 and a high of Rs 254 in trade today.
 

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India's BSE index is down 1.1 percent, while the broader NSE index is 1 percent lower as investors book profits after a recent surge in shares.

Some analysts also express concerns as Arun Jaitley, India's new finance minister, will also oversee defense and corporate affairs although the arrangement of portfolios is meant to be temporary. 

Recent outperformers fall: Oil and Natural Gas Corp falls 2.8 %

Auto stocks declined. Tata Motors (down 1.29%), Mahindra & Mahindra (M&M) (down 3.86%) and Ashok Leyland (down 0.78%) declined.

Shares of two-wheeler makers edged higher. TVS Motor Company (up 1.61%), Hero MotoCorp (up 0.61%) and Bajaj Auto (up 1%) gained.

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Watch- Afternoon Stock Tips and Updates

•Shares of Indian sugar refiners slump as sugar futures fall to their lowest level in 10 weeks on sluggish demand from bulk consumers ahead of the monsoon season.
•Bajaj Hindusthan Ltd shares lower 5.8 percent after gaining 44.67 percent in May until Monday.
•Balrampur Chini Mills Ltd is down 5.05 percent after gaining 34.21 percent during the same period. 
•Stocks had rallied on hopes of firmer prices during the summer. 
•Demand for sugar from bulk consumers like cold drink and ice-cream makers usually softens during the monsoon season.

   

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