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Markets move sideways, Sensex up 40 pts

SI Reporter/Mumbai 24 Jul 12 | 12:41 PM

Markets continued to trade sideways in afternoon trades with the Sensex trading up 40 points at 16,917. Nifty was up 15 points at 5,133.

Asian markets were trading in the red after data showed Chinese manufacturing activity recovered slightly in July, though European debt worries kept the most indexes in negative territory. Nikkei was down 20 points at 8,488. Hang Seng and Taiwan markets were in the red as well.

BSE FMCG index gained 1.7% to 4,961. Consumer durables, metal and bankex were up  around half a per cent each. However, weakness can be seen in capital goods and IT indices.

Hindustan Unilever is the top gainer - up 6% at Rs 469 - ahead of its results. Sterlite, Maruti Suzuki, Jindal Steel and ONGC have added 1-3% each.

On the other hand, Wipro has slipped 2.6% to Rs 347. The software major reported 18.37% increase in consolidated net profit at Rs 1,580.2 crore for the first quarter ended June 30, 2012. The total income from operations during the quarter rose by 24.37% to Rs 10,619.6 crore from Rs 8,538.4 crore in the year-ago period. The company said it expects September-quarter IT services revenue of $1.52 billion to $1.55 billion, a rise of 0.3 to 2.3 percent from the June quarter. Analysts were expecting Wipro to forecast a 2-4 percent increase.

"We were expecting a guidance of 2 – 4 per cent for the second quarter. Without a growth of 3 – 4 per cent, it will be difficult for Wipro to do do 7 per cent plus growth for FY13. We were expecting 7.5 per cent growth for FY13. With the current guidance, the overall growth for FY13 looks difficult to achieve, and it will be difficult to cross 5 – 6 per cent," said Ankur Rudra, Vice-President, (IT Research), Ambit Capital.

BHEL, Sun Pharma, Larsen & Toubro and Dr Reddy's have shed 1% each. Among other losers are Cipla, TCS and tata Steel.

Meanwhile, cement stocks gained after UltraTech Cement said it has signed an agreement with the shareholders of Gotan Lime Stone Khanij Udyog (GKUPL), Rajasthan to acquire 100% equity shares of GKUPL. Metal stocks were mixed after China's flash factory purchasing managers index rose in July to its highest level since February.

BSE market breadth was marginally positive. Out of 2,571 stocks traded, 1,288 shares advanced while 1,134 shares declined in trades.

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