Mumbai, Apr 22: The benchmark sensitive index of BSE today resumed on negative note at 16,686.55 with marginal loss of 52.78 points from its last close at 16,739.33 on fresh sellings in the select pivotals. Some of the heavy wieght stocks opened on a lower level on profit booking on reports of decline in Asian markets. Nevertheless, the market recovered from lower level. IT stocks were battered after TCS' Q4 March 2008 results fell short of market expectations.
Reliance Industries declined despite good Q4 numbers, brokers said. However, the market breadth was strong in the opening trade. Asian markets were trading lower today, after disappointing results posted by Bank of America Corp, the largest US retail bank, kept concerns about the fallout of the global credit crisis alive.
The S &P CNX Nifty index of National Stock Exchange also eased by 15 points at 5021.50 from its last close of 5037 points, after it resumed flat at 5037.05.
The Nifty index recorded the day's high at 5037.15 points and a low at 4994.05 points during the mid-session.
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries declined 0.41 per cent to Rs 2,630.25. After trading hours on yesterday, Reliance Industries (RIL) reported 24 per cent growth in net profit to Rs 3912 crore on 36.2 per cent growth in total income to Rs 37,575 crore in Q4 March 2008 over Q4 March 2007.
Higher refining margins offset fall in margins in the petrochemicals business. The gross refining margin stood at USD 15.5 a barrel compared to USD 13 a barrel in Q4 March 2007.
With the commercial production of gas slated to being in the next quarter, RIL expects oil&gas to account for higher share of revenues going forward.
TCS declined by 7.41 per cent to Rs 920. After trading hours on April 21, TCS reported seven per cent growth in net profit as per US GAAP at Rs 1256 crore on 18.4 per cent growth in revenue at Rs 6095 crore in Q4 March 2008 over Q4 March 2007. The company's management sounded positive on growth prospects despite worries that a weak US economy would hurt outsourcing deals.
The Company said the deal pipeline is encouraging and client ramp-ups have started happening.
Jaiprakash Associates was up by 2.17 per cent to Rs 238.10 followed by NTPC by 1.83 per cent to Rs 197.75. Bharat Heavy Electricals by 1.44 per cent to Rs 1,799, Cipla by 1.46 per cent to Rs 229 edged higher.
Satyam Computer Services was down by 4.4 per cent to Rs 438.75, Wipro was low by 3.12 per cent to Rs 439.50 and Infosys eased by 2.8 pc to Rs 1599 edged lower.
US markets ended mixed yesterday as quarterly results from Bank of America fueled worries about bank earnings, while energy and tech stocks gained.
The Dow Jones industrial average slipped 24.34 points, or 0.19 per cent to 12,825.02. The Standard&Poor's 500 index fell by 2.16 points, or 0.16 per cent to 1,388.17, while the Nasdaq composite index gained 5.07 points, or 0.21 per cent to 2,408.04.