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Indian Shares Moderately Lower In Early Trade

5/9/2012 12:51 AM ET

Indian shares are edging lower on Wednesday, tracking weak Asian cues as political developments in Greece as well as in France stoked concerns about Europe's fiscal health. Realty, metal, banking and oil/gas stocks are bearing the brunt of the selling, while FMCG and IT stocks are rising.

The benchmark 30-share Sensex is currently at 16,493, up 54 points or 0.32 percent from its previous close, while the broader Nifty index is down 23 points or 0.46 percent at 4,977.

Heavyweight Reliance Industries is declining 1.5 percent as the energy giant cut estimates for proven gas reserves from its Indian blocks by 6.7 percent to 3.67 trillion cubic feet. Hindalco Industries is down over 2 percent after the aluminum maker posted a 10 percent fall in Q4 profit due to increased tax outgo and high input costs.

Jindal Steel and Power is losing a percent on reports it has bought a 9.25 percent stake in Australia's Apollo Minerals. Maruti Suzuki India is down 0.6 percent on the buzz that it has raised the prices of diesel variants of its sedan DZire by up to Rs 12,000 with effect from May 1.

Organized jewelery retailer Tribhovandas Bhimji Zaveri is trading at Rs.111 on its debut, down 7.5 percent from its initial public offering price of Rs.120 a share.

Central Bank of India is moving down 2.3 percent as the state-run lender reported a net loss of Rs 105 crore for the fourth quarter. Punjab National Bank is down 0.6 percent while Ranbaxy Laboratories is posting a modest 0.3 percent gain ahead of their quarterly results today.

Lanco Infra is little changed after the Supreme Court stayed orders of Andhra Pradesh High Court and the Wakf Tribunal which prohibited the company from continuing construction activities at its major township project called Lanco Hills in Hyderabad.

by RTT Staff Writer

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