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Market Updates : 

Sensex at 5-week low on fears high interest rates will pinch corporate profit growth.

Key benchmark indices sank to their lowest closing levels in five weeks on fears that higher interest rates will hurt corporate profit growth. The BSE Sensex was down 222.73 points or 1.21%. The market breadth was weak. Index heavyweight Reliance Industries (RIL) fell nearly 3%, extending recent losses triggered by weak Q1 operating performance.

The Sensex has lost 661.77 points or 3.5% in three trading sessions from a recent high of 18,871.29 on Monday, 25 July 2011, on fears that higher interest rates will hurt corporate profit growth. The Reserve Bank of India (RBI) on Tuesday, 26 July 2011, hiked its key lending rate by a steeper-than expected 50 basis points to tame inflation at a policy review.

Coming back to today's trade, bank shares dropped for the third straight day after theReserve Bank of India revised downwards non-food credit growth forecast for the year ending March 2012 to 18% from 19% earlier at its first quarter review of monetary policy 2011-12 announced on Tuesday, 26 July 2011. Realty stocks extended recent losses triggered by worries that higher interest rates could dent demand for residential andcommercial properties.

The S&P CNX Nifty was down 60.85 points or 1.1% to 5,585.95 as per provisional figures. The Nifty hit low of 5,475.65 in intraday trade, its lowest level since 27 June 2011.

BSE clocked turnover of Rs 2556 crore ,lower than Rs 2779.08 crore on Wednesday, 27 July 2011.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1,919 shares declined and 914 shares advanced. A total of 121 shares remained unchanged.

From the 30 share Sensex pack, 25 stocks fell and the rest rose. Hero Honda Motors, Bajaj Auto, Bharti Airtel and Bhel rose by between 0.16% to 1.21%. Jaiprakash Associates, Reliance Infrastructure and Reliance Communications shed by between 2.38% to 4.15%.

Cigarette major ITC rose 2.59% to Rs 206 on strong Q1 results. Net profit jumped 24.51% to Rs 1332.72 crore on 20.57% rise in operating income to Rs 5860.18 crore in Q1 June 2011 over Q1 June 2010. A stronger-than-expected top line growth aided strong bottom line growth. The core operating profit margin declined to 33.72% from 33.81% in Q1 June 2010. The result was announced during trading hours today.

Hindustan Unilever fell 1.14% after the company said at the time of announcement of thefirst quarter results today, 28 July 2011, that commodity inflation remains high. Hindustan Unilever's profit after tax before exceptional items rose 11% to Rs 578 crore in Q1 June 2011 over Q1 June 2010. Total income rose 14.4% to Rs 5629.96 crore in Q1 June 2011 over Q1 June 2010.

July Month : 
Open : 5700.20  
High : 5751.60 
Low : 5481.35
Close: 5498.70
Avg. : 5607.96

Yearly (2011) : 
Open : 6202.10        
High : 6209.90      
Low : 5175.10      
Close: 5498.70
Avg. : 5771.45

NIFTY FUTURE 

R5 : 5608
R4 : 5580
R3 : 5551
R2 : 5536
R1 : 5518

CMP: 5498.70

S1 : 5480
S2 : 5464
S3 : 5448
S4 : 5430
S5 : 5416

Sun TV Network leads gainers in 'A' group

MphasiS, GlaxoSmithKline Pharmaceuticals, Oil India and Jain Irrigation Systemsare among the other gainers.

South India based television broadcaster Sun TV Network spurted 6.73% to Rs 339.50. The stock topped the gainers in the BSE's 'A' group. The company will announce its Q1 June 2011 results on Monday, 1 August 2011.

IT firm MphasiS jumped 5.17% to Rs 460.05. The stock was second biggest gainer in 'A' group.

GlaxoSmithKline Pharmaceuticals galloped 3.43% to Rs 2379.45. The stock was thirdbiggest gainer in 'A' group. The company will announce its Q2 June 2011 results on 10 August 2011.

State-run Oil India climbed 3.42% to Rs 1300.35. The stock was fourth biggest gainer in 'A' group. Oil India's net profit soared 69.5% to Rs 849.61 crore on 50.2% rise in net sales to Rs 2287.80 crore in Q1 June 2011 over Q1 June 2010. The company announced the results during trading hours on on Wednesday, 27 July 2011.

A strong operational performance was the main driver of the robust Q1 results. Oil India's Q1 June 2011 oil production came in at 0.96 MMT, 6.3% higher than the average quarterly run-rate of 0.9 MMT in the year ended March 2011 (FY 2011). The company's gas production increased by an even stronger 9% versus FY 2011 run-rate.

Micro irrigation products maker Jain Irrigation Systems rose 3.32% to Rs 176.05. The stock was fifth biggest gainer in 'A' group.

India's largest commercial bank by branch network State Bank of India (SBI) declined 1.94%. The bank's Chairman Pratip Chaudhari was quoted by the media as saying on Tuesday that the bank sees a need to raise short-term deposit rates.

India's second largest private sector bank by net profit HDFC Bank dropped 2.28%.

Shares of diversified Jaiprakash Associates slumped 3.46%

Sun Pharmaceutical Industries rose 0.14%, reversing initial losses. The company's consolidated net profit fell 11.22% to Rs 501 crore on 25.41% rise in total income to Rs 1701.03 crore in Q1 June 2011 over Q1 June 2010. Sun Pharma said Q1 June 2010 results were boosted by a significant component of non-recurring sales and profits from a few products. Therefore margins reported in Q1 June 2011 are not comparable to those of Q1 June 2010.

Israel-based Taro Pharmaceutical Industries (Taro) became a subsidiary of the company on 30 September 2010. The above results for the current quarter includes the results of Taro and its subsidiaries and therefore are not comparable with the corresponding figures of previous year, Sun Pharma said.

IT stocks fell weaker-than-expected US economic data. US is the biggest market for Indian IT firms. Tech Mahindra, Infosys, Wipro, TCS and Patni Computer Systems fell by between 0.32% to 2.13%.

ICICI Bank, Power Finance Corporation, Bhushan Steel, Idea Cellular and TVS Motor unveil Q1 results tomorrow, 29 July 2011. Sun TV announces Q1 results on 1 August 2011. Power Grid Corporation unveils Q1 results on 2 August 2011. Bharti Airtel and United Spirits unveil Q1 results on 3 August 2011. Adani Power, Mundra Port And Special Economic Zone and Indian Hotels announce Q1 results on 4 August 2011. Cipla and IL&FS Transportation Networks are set to announce Q1 results on 5 August 2011.

M&M announces Q1 results on 8 August 2011. ABB, Tata Communications, Mahindra Satyam and GMR Infrastructure announce quarterly results on 9 August 2011. Tata Power and Rural Electrification Corporation unveil Q1 results on 10 August 2011. Tata Motors and Castrol India unveil quarterly results on 11 August 2011. Hindalco and Coal India unveil Q1 results on 12 August 2011. Aditya Birla Nuvo unveils Q1 results on 13 August 2011.

Results ON 29th July 2011 :

Ajmera Realty, BEML, BEL, Bhushan Steel, Blue Star, Central Bank, CESC, Dena Bank, Federal Bank, Finolex Ind, Icici Bank, IDEA, Indian Bank, JB Chemicals, Kalpataru Power, Kansai Nerolac, Mah & Mah Finan, Mcloed Russel, NDTV, Neyveli Lignite, Nirma, Orchid Chem, PFC, Raymond, SAIL, Sangam India, Siemens, Sterlite Tech, Syndicate Bank, TNPL, Torrent Power, TV Today, TVS Motor, Uniphos Enter, United Phos, Voltas. !

Note : Data From Capital Market.com.

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