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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Profit booking takes toll 
(Tue, 26 Apr Closing) 
 
Indian stock markets had a weak outing today as persistent selling activity across index heavyweights caused the indices to languish in the red for a larger part of the day. Although the afternoon session saw buying gain pace and the indices move into the positive, this proved to be short lived as profit booking once again pushed the indices into the red. While the BSE-Sensex closed lower by around 39 points (down 0.2%), the NSE-Nifty closed lower by around 10 points (down 0.2%). The BSE Midcap and BSE Small cap cap were not spared either as both closed flat. Barring healthcare and metals stocks, selling was seen across indices.

As regards global markets, Asian indices closed in the red today while European indices have opened in the green. The rupee was trading at Rs 44.52 to the dollar at the time of writing.

Reliance Industries announced its results for the fourth quarter ended March 2011. Topline grew by 26.2% YoY during 4QFY11 mainly driven by 22% YoY growth (on a gross basis) in revenues from the Refining segment (74% of the gross sales). The gross refining margins (GRMs) stood at US$ 9.2 per barrel during the quarter (US$ 7.5 per barrel during 4Q2010). The revenues from Petrochemicals segment (21% of gross sales) were up by 18% YoY. However, Oil and Gas segment (5% of the gross sales) revenues declined by 5% YoY. The company registered 8% YoY increase in operating profits that translated into a margin of 14% for the quarter (16% in 4QFY10). While Petrochemicals and Refining segment margins remained the same as that of 4QFY10, the operating profits for Oil and Gas segment were down by 8% YoY leading to margin decline of 1.2% for the segment. While the improvement in gross margins and investment in shale gas ventures is positive for the company, supply issues from its oil and gas fields remain an overhang. The performance of the Petrochemicals division is expected to remain robust on account of increase in the demand. The stock closed lower today.

Software stocks closed mixed today. While NIIT and Mahindra Satyam found favour, TCS and Infosys were at the receiving end. download our special report now!

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Jun 23, 2017 02:12 PM

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