Stocks in Mumbai closed lower in a volatile trading may 10 2011, Stock Movers

Stocks in Mumbai closed lower in a volatile trading may 10 2011, Stock Movers : Stocks in Mumbai closed lower in a volatile trading. Sustained elevated inflation and rising fuel prices has kept investors on the sidelines. The rupee edged lower to 45.36 as crude oil prices traded above $100 a barrel.

5:30 PM Mumbai – Stocks in Mumbai closed lower in a volatile trading. Sustained elevated inflation and rising fuel prices has kept investors on the sidelines. The rupee edged lower to 45.36 as crude oil prices traded above $100 a barrel.

Stocks in Mumbai trading closed lower at close after a choppy trading that saw resource and commodities linked stocks gaining and airlines, banks and interest sensitive stocks declining.

The ministers’ panel to discuss the next fuel price hike was deferred as inflation hovered near the recent highs and food prices remain elevated.

India’s economic growth estimate above 8% is likely to face a strong challenge from a sustained elevated inflation and inability of the Reserve Bank of India to stem it.

The Sensex index declined 16.19 to 18,512.77 and the Nifty index dropped 9.85 to 5,541.25.

The rupee edged lower 36 paisa to 45.06 against a dollar and price of ten grams of gold increased 0.3% to Rs 23,100. Silver price for one kilo closed up 2.2% to Rs 60,400.

Stock Movers

Mafatlal Industries increased 5.6% to Rs 218.35 after it agreed to sell its 30,910 square meters in Mumbai to Gilders Buildcon LLP controlled by Ajay Piramal Group for Rs 606 crore.

HDFC declined 03.5% to Rs 662.25 after net income increased 23% to Rs 1,141.95 and net sales increased Rs 3,784.86 crore in the fourth quarter to March.

Aurobindo Pharma soared 7% to Rs 193.90 after the company talked about possibilities of spinning off its active pharma ingredients and formulation business.

NTPC increased 4.6% to Rs 180.75 after net jumped 37% to Rs 2,781.84 crore and sales increased Rs 15,518.94 core in the quarter to March from a year ago quarter.

SKS Microfinance soared 10% to Rs 297.85 after the subprime lender plunged 50% in the last two weeks of trading.

United Spirits gained 7% to Rs 538.10 on higher than average volume.

Hindustan Unilever advanced 4% to Rs 297.15 after the company reported better than expected earnings and decided to split its exports unit. For the latest updates PRESS CTR + D or visit Stock Market news Today

Related Post: