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Final hour slump in Indian mkts
Thu, 26 Jul Closing

The Indian stock markets started the day on par, but they moved slightly lower and continued to trade below the dotted line for a bulk of today's session. However, in the final hour of trade the indices fell sharply. The market breadth was negative with 2.2 declines to every advance. While the BSE-Sensex closed lower by around 206 points (down 1.2%), the NSE-Nifty closed higher by around 66 points (down 1.3%). The smaller indices also had a negative day on the bourses. The BSE Mid Cap index and the BSE Small Cap both closed 2.1% lower respectively. Stocks from these indices were heavily battered with speculation that operators were dumping these stocks after margin calls got triggered. Tulip Telecom was the major loser, plunging 26% in trade today. All sectoral indices saw losses today with realty and consumer goods stocks leading the losses.

As regards global markets, Asian indices had a mixed outing today. European indices also opened the day on a mixed note. The rupee was trading at Rs 55.9 to the dollar at the time of writing.

Bharat Heavy Electricals (BHEL) announced first quarter results of financial year 2012-2013 (1QFY13). The company has reported 16.9% YoY growth in sales. Operating profits increased by 18.1% YoY. However, operating margins were relatively flat at 14.2% during the quarter. Net profits increased by 12.9% YoY during the quarter mainly due to strong performance at the operating level, a rise in other income and fall in interest expenses. However depreciation expenses increased 33.6% on a YoY basis. The order book at the end of the quarter stood at Rs 1,329 bn. The stock closed 1.8% lower post the result announcement.

Ambuja Cements has announced its second quarter results for the calendar year 2012 (2QCY12). During the quarter ended June 2012, the company reported 17.9% year-on-year (YoY) growth in the topline. Net sales stood at Rs 25,660 m during the period. The growth was driven by 7.3% YoY increase in sales volume of cement. The remaining growth came from increase in cement realisations. Operating margins improved from 26.9% in 2QCY11 to 28.2% in 2QCY12. The improvement at the operating level coupled with higher other income and lower effective tax rate led the bottomline to grow by 34.9% YoY. Net profits for the quarter stood at Rs 4,689 m. Net margins improved from 16% in 2QCY11 to 18.3% in 2QCY12. The stock closed 3% higher post the result announcement.

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