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Markets pare gains after Subbarao's comments

The broader markets traded flat with mid-caps up 0.01 per cent and small-caps shedding 0.05 per cent on the BSE.

SI Reporter Mumbai
Last Updated : Jul 04 2013 | 2:18 PM IST
Markets pared intra-day gains in the afternoon session this Thursday with banking shares inching lower after the Reserve Bank of India’s governor D Subbarao said that the monetary policy transmission is not as agile as needed.

Shares of NBFC's also erased day's gains after the central bank said that not all eligible companies that have applied for banking licences will be granted one.

At 02:15PM, the 30-share Sensex was up 132 points at 19,312 and the 50-share Nifty gained 35 points at 5,706 levels.

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Meanwhile, the rupee also lost some ground against the dollar amid dollar purchase by banks and outflows of Foreign Institutional Investors (FIIs) in equity.

The rupee is currently trading at Rs 60.34 compared with previous close of Rs 60.22. It touched a high of Rs 59.90 intra-day per dollar.

Asian stocks traded cautious ahead of the key events including the European Central Bank meeting and the US non-farm payrolls report loomed. US equity markets are shut today on Independence Day.

Nikkei dropped 0.26% to 14,018, Singapore Straits Times rose 0.7% to 3,152, China’s Shanghai Composite index was up 0.5% at 2,006 while Hong Kong’s Hang Seng gained 1.5% to 20,468 today.

European shares snapped a two-day decline and the euro weakened before the region’s central bank sets interest rates.

France’s CAC rose 0.75 to 3,728, Germany’s DAX gained 0.5% to 7,872 and UK’s FTSE was up 0.7% to 6,278.

Back home, FMCG, realty, healthcare and technology index gained while metal, PSU, banks, capital goods and auto sectors leading the drop on the BSE.

The gainers included counters such as ITC rising 3%, Tata Power gaining 2.9%, TCS and Infosys added 2% each while Wipro was up 1.5% on the BSE.

The laggards were BHEL shedding 2.4%, Sterlite Industries dropped 2.2%, Tata Steel and Jindal Steel declined 1.6% each while ONGC was down 1.5% on the BSE.

The key stock movers included counters such as Bharti Airtel that has moved higher by 2% at Rs 300 after the company said it has subscribed to an additional 2% equity share capital in all the four India BWA entities of Qualcomm AP.

Tech Mahindra is trading higher by nearly 3% at Rs 1,028 after the company has merged Mahindra Satyam within itself.

The trading of Mahindra Satyam shares has been suspended from today as the swap ratio of Mahindra Satyam and Tech Mahindra will come into force.

The broader markets traded flat with mid-caps up 0.01 per cent and small-caps shedding 0.05 per cent on the BSE.

The market breadth was mixed. Out of 2,209 stocks traded so far, 1,038 stocks declined while 1,066 advanced on the BSE.

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First Published: Jul 04 2013 | 2:12 PM IST

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