Wednesday May 14, 06:38 AM
Indian shares open flat on Asian cues, oil price spike; Bharti Airtel gains
MUMBAI (Thomson Financial) - Indian shares opened little changed on Wednesday taking cues from Asia and a slight decline on Wall Street on Tuesday amid a fresh spike in crude prices with many investors on the sidelines, seeking fresh leads.
At 10:10 a.m. the benchmark Sensitive Index or Sensex of the Bombay Stock Exchange (BSE) was down 56.89 points, or 0.34 percent, at 16,695.97 while the broader S&P CNX Nifty of the National Stock Exchange (NSE) was down 0.38 percent at 4,938.90 points.
Breadth was even among the 30 Sensex stocks with as many advances as there were declines. India's biggest mobile-phone operator Bharti Airtel Ltd., which is in talks for a controlling stake in South Africa's MTN Group, gained most, rising 1.78 percent to 835.90 rupees.
Financial services company Housing Development Finance Corp. Ltd. (HDFC) climbed 1.12 percent to 2,688.00 rupees and aluminium producer Hindalco Industries Ltd (Berlin: HID.BE - news) . gained 1.11 percent to 181.95 rupees.
Bangalore-based Infosys Technologies Ltd., India's second-biggest software exporter, advanced 0.72 percent 1,759.80 rupees and DLF Ltd., India's biggest property developer, edged up 0.70 percent to 619.30 rupees.
India's largest oil and gas explorer Oil & Natural Gas Corp. Ltd. (ONGC) was the top loser, dipping 3.77 percent to 959.50 rupees and National Thermal Power Corp. Ltd. (NTPC), the country's largest power producer, fell 1.98 percent to 188.50 rupees.
Reliance Industries Ltd (Stuttgart: 884241 - news) ., India's biggest listed company, retreated 0.20 percent to 2,496.50 rupees and the second most-weighted Sensex constituent ICICI Bank Ltd. shed 0.55 percent to 883.00 rupees.
Engineering (Milan: ENG.MI - news) and construction group Larsen & Toubro Ltd. declined half a percent to 2,801.00 rupees and State Bank of India (SBID.IL - news) , India's leading bank by assets, slid 0.19 percent to 1,664.85 rupees.
Of the 13 BSE sector indices, eight advanced and four declined while the consumer goods index was unchanged. The metal index advanced the most, rising 1.43 percent followed by the consumer durables gauge, which was up 1.30 percent.
The public sector index declined the most, retreating 1.14 percent followed by the oil and gas gauge, which was down 0.59 percent.
In the broader market, 943 advances edged past 681 declines on volume of 39.6 million shares traded.
Hindalco was the top gainer among the 50 companies constituting the Nifty, rising 3.06 percent to 185.45 rupees while ONGC was the top loser, falling 5.43 percent to 945.95 rupees.
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