Indian shares are trading a little bit subdued on Monday following a sharp rally in the previous session on the back of positive developments at the European Union Summit. Asian markets are trading mostly higher and the rupee is stronger for a third straight session, helping limit the downside to some extent.
The benchmark 30-share Sensex is currently down 27 points or 0.16 percent at 17,403, while the broader Nifty index is at 5,277, down 2 points or 0.04 percent from its previous close. Second-line stocks are gaining ground, with the BSE mid-cap and small-cap indexes rising 0.5 percent and 0.7 percent, respectively.
Tata Motors is declining half a percent after posting a 3 percent decline in June auto sales. Mahindra & Mahindra is down 0.1 percent as it reported a 20 percent jump in June sales on the back of strong rural demand.
TVS Motor is losing almost 3 percent after reporting a marginal dip in June sales. Tata Global Beverages is down 0.2 percent after state-run LIC cut its stake in the company to 11.79 percent.
Cairn India is rising 1.7 percent on large volumes after crude prices shot up 9.4 percent on Friday following Europe's breakthrough plan to rescue banks. State-run oil retailers are drifting down, with BPCL, HPCL and IOC losing between half a percent and one percent.
Cement makers such as ACC, Ambuja Cement and UltraTech are up 1-2 percent as they report cement dispatches numbers for June. State Bank of India is up 0.2 percent after increasing retail term deposit interest rates by 25 basis points on 3-5 years deposits.
Gujarat State Petronet is up nearly 2 percent after a consortium led by the company successfully tied up loans of Rs 5080 crore for its 1635-kilometers (kms) long Mallavaram- Bhopal- Bhilwara- Vijapur gas pipeline project.
Adani Ports and Special Economic Zone is gaining 0.7 percent as it signed a pact to develop bulk terminal at Kandla Port. Punjab National Bank is up 0.8 percent after revising interest rates on FCNR(B) deposits.
GVK Power is adding a percent after the company said it expects to achieve financial closure for its $10 billion Alpha Coal project in Australia by the first quarter of 2013.
Kingfisher Airlines is up 0.7 percent despite news of strike by a section of pilots of the beleaguered airline in protest of non-payment of salaries. HCC is rallying 3.9 percent on debt-restructuring news.
by RTT Staff Writer
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