1:30 pm Markets are in a choppy mode as the Sensex is now trading flat at 16,517, down 24 points while the Nifty is struggling to keep above the 5,000 level. The markets seem to have more or less ignored the perils of the European markets, which opened mostly higher following sharp losses in the prior session on worries over Greece's political crisis. The market breadth continues to remain negative.
Ranbaxy has reported a net profit of Rs 1,247 crore vs CNBC TV-18 poll of Rs 408 crore because of an exceptional forex gain of around Rs 345 crore. The stock has gained 3 percent.
Among Sensex stocks, ITC continues to be the top Sensex gainer with a jump of 4 percent after the removal of ad valorem duty. DLF, NTPC are the losers with a more than 2 percent fall. Jaiprakash Associate is the biggest Nifty .
The top gainers on the Nifty were ITC up 4.50%, TCS up 2.62%, BHEL up 1.86%, L&T up 1.72% and BPCL up 1.30%.
JP Associates down 2.65%, SAIL down 2.46%, DLF down 2.19%, Sterlite down 2.07% and Grasim down 2.03% were the major losers on the index.
A stock worth noting is Reliance Industries which is down 1.4 percent to Rs 699 per share, well below its buy back price. The stock fell after reports that the company has has reduced estimates for proven gas reserves from its Indian blocks by 6.7% to 3.67 trillion cubic feet. The stock hit a one year low of Rs 687 in January this year.
Punjab National Bank fell by 3 percent to Rs762 per share after the company reported an increase in net NPAs to 1.52 from 1.11 percent qoq. NIIT fell over one percent post its March results.
Mahindra & Mahindra informed BSE that a fire broke out on May 09 morning in one of the storage areas pertaining to manufacturing of Scorpio/Xylo TCF lines of Nasik Plant 1. The stock is down 1.3 percent to Rs 668 per share.
Meanwhile, the Petroleum and Oil Ministry has suggested that the government should hike the excise duty on diesel cars to offset the benefits of subsidized diesel enjoyed by them. The suggestion is in line with the view that the rich should not benefit from subsidies as it is not meant for them.