Markets have nose-dived and have slipped sharply from day's high after trading in a narrow range. The sharp decline is led by heavy selling seen in the Capital Goods, IT and the Consumer Durables stocks.
Among the 30 components of Sensex, 11 stocks are in the negative and 19 are in the positive terrain. HDFC Bank, Infosys, HDFC and L&T are among the top losers. On the other hand, Reliance Industries, ICICI Bank and ITC are among the major gainers.
At 11:26 am (IST), the BSE 30-share Sensex was flat at 17,178 and NSE Nifty was flat at 5,140.
Shares of Mahindra Satyam have advanced by 2% to Rs100 after reports stated that the company signed a four-year contract worth about US$48mn with Denmark’s KMD.
The scrip opened at Rs99 it touched an intra-day high of Rs100 and a low of Rs98.8 and has recorded volumes of over 2.5mn shares on NSE.
Shares of Hindalco have gained by 2.5% to Rs163.30 after ~3.5mn equity shares changed hands in a single transaction.
The trade was seen at an average price of Rs162.65.
The scrip opened at Rs160.8 it touched an intra-day high of Rs163.7 and a low of Rs159.8 and has recorded volumes of over 5.2mn shares on NSE.
Marico has clarified that the transaction carried out by Mr. Rajen Mariwala was an inter-se transaction between two promoters of the Company and not a sale of shares in the open market.
The aforesaid inter-se transaction of shares has not diluted the over-all promoter group shareholding of Marico Ltd, which remains steady at 63.48% of the current paid-up capital of the Company.
The company has clarified on certain media/ newspaper reports which claim Mr. Rajen Mariwala, Promoter and Non-Executive Director of the Company, to have sold a part of his holding in Marico Ltd. to make use of the post budget rebound in the stock markets.
The stock has gained by 1% to Rs107. The scrip opened at Rs107 it touched an intra-day high of Rs108 and a low of Rs106.5 and has recorded volumes of over 15,000 shares on NSE.