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Markets trim losses as realty stocks rise
August, 12th 2009

The key benchmark indices pared losses in late afternoon trade as European stocks rose. The market breadth, indicating the overall health of the market, was weak.

The BSE 30-share Sensex was down 99 points at 14,975.

Realty stocks advanced today. The BSE realty index rose 1.5 per cent.

Among the 30-member Sensex pack, 25 fell while the rest gained.

The BSE Mid-Cap index was down 0.92% and the BSE Small-Cap index was down 0.86%.

India's largest mobile services provider by sales Bharti Airtel gained for the second straight day, rising 3.52%.

Sun Pharmaceutical Industries rose 3.09% after it got USFDA approvals for generic versions of Eloxatin and Imtrex.

India's largest drugmaker by sales Ranbaxy Laboratories rose 3.99% after company entered the protein foods market with the launch of the 'Revitalite' brand. The stock was the major gainer from the Sensex pack.

India's largest commercial vehicle maker by sales Tata Motors rose 0.76% on reports the automaker has almost finalized short term funding for its two British luxury brands without the loan guarantee from the UK government.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 1.89% to Rs 1961.60. The stock came off the day's low of Rs 1943.05.

Oil exploration stocks fell as oil prices declined on Tuesday on declines in US stock markets and speculation supplies increased in the United States, the largest energy-consuming nation. Cairn India fell 4.08%. India's largest state-run oil exploration firm by sales ONGC fell 2.74%. US light crude ended down $1.15 a barrel to $69.45 on the New York Mercantile Exchange. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.

IT stocks fell on profit taking after recent strong gains triggered by hopes of recovery in the US economy. Indians IT companies derive a lion's share of revenues from exports to the US.

India's second largest IT exporter by sales Infosys fell 2.96% as its American depository receipt (ADR) fell 1.16% on Tuesday. India's third largest IT exporter by sales Wipro fell 2.7% as its ADR fell 2.68% on Tuesday. India's largest IT exporter by sales TCS fell 4.74%.

Metal shares fell after LMEX, a gauge of six metals traded on the London Metal Exchange, fell 1.96% on Tuesday, 11 August 2009. Hindalco Industries, Hindustan Zinc, JSW Steel, Sterlite Industries fell by between 0.86% to 3.41%.

India's largest steel maker by sales Tata Steel fell 5.42% on reports the company has reduced prices of long products, used primarily in the construction sector, by Rs 1,000-1,500 a tonne with immediate effect.

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