Bank shares lead the decline
Markets have witnessed selling pressure on concerns over rising inflation. Inflation in surged to 7.23% compared with 6.89% in March. The decline was led by financials. The Sensex was down 65 points at 16,228 and the Nifty was down 23 points at 4,906.
Markets continue to trade in green, albeit off the day's highs. The Sensex has gained 48 points at 16,340. Nifty is up 10 points at 4,939.
Meanwhile, in Asia, the Hang Seng is flat at 19,981. China has cut the amount of cash that banks must set aside as reserves for the third time in six months, pumping money into the financial system to support lending. Reserve ratios will fall 50 basis points, effective May 18, the People's Bank of China said. Nikkei and Shanghai Composite are also up marginally in trades.
BSE auto index has gained 0.8% at 9,856. FMCG, metal and healthcare indices are up marginally in trades as well. However, realty and IT indices have slipped in trades.
ICICI Bank is the biggest contributor to the Sensex's upmove. The stock is up 1% at Rs 822. Bajaj Auto has gained 2.3%, followed by Mahindra & Mahindra, Gail, ICICI Bank and Maruti Suzuki.
Meanwhile, ONGC has slipped 1.8% to Rs 250. DLF, BHEL and HDFC Bank are also in red.
Cipla and Sun Pharma have asserted they have not violated any drug approval norms even as Health Ministry has appointed a committee to look into alleged irregularities. Both stocks are trading on an absolutely flat note since morning.
Among individual stocks, Jain Irrigation has gained 5% in late morning deals after posting a 58% rise in Q4 profit after tax (PAT) at Rs 173.4 crore from Rs 109.3 crore reported in the same quarter, a year ago.
Relaxo Footwears has soared as much as 20% to Rs 392 after reporting over three-fold jump in net profit at Rs 18.79 crore for the quarter ended March 2012, on back of higher sales and lower raw material cost. The footwear maker had a net profit of Rs 5.62 crore in the corresponding quarter of previous fiscal.
BSE market breadth is marginally positive. Out of 2,314 shares traded, 1,219 shares have advanced while 989 shares have declined.
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