Sensex, Nifty still under selling pressure; HDFC twins, ITC gain

Selling pressure continues on Dalal Street as the Sensex is down 93.83 points or 0.4 percent at 25135.87. The Nifty is down 27.70 points or 0.4 percent at 7719.30. About 616 shares have advanced, 1062 shares declined, and 84 shares are unchanged.

HDFC twins, NTPC and Hero MotoCorp are top gainers while Adani Ports, Hindalco, Tata Motors, Tata Steel and ICICI Bank are losers in the Sensex.

The slight price increases followed a more than 6 percent fall since the end of April that was triggered by rising output from the Middle East and renewed signs of economic slowdown in Asia.

STOCKS 

JSW announced its plans to acquire Jindal Steel & Power's (JSPL) Chhattisgarh power plant for Rs 6,500 crore. The Naveen Jindal-promoted JSPL has been looking to sell its assets as part of monetisation plans to generate cash flows. JSPL is trading with marginal gains. However, JSW Steel down 1%.

After a two-year gap, Pune-based two- and three-wheeler maker Bajaj Auto has regained its third rank, in terms of number of units sold, displacing Chennai-based TVS Motor. The stock is trading flat with a negative bias.

Reliance Industries Ltd (RIL) is perusing whether to withdraw a pending arbitration with the government on the gas price issue so that it can benefit from the higher prices. The stock trading flat.

TVS Motor reported a 30% growth in profit during the fourth quarter ended March 31, 2015, at Rs 118 crore against Rs 91 crore a year ago. However, the stock is down 1%.

Jet Airways is launching its first large scale multi-media campaign in nearly a decade, as it looks to position itself as a carrier offering the best customer experience. The stock is up 0.5%.

Cairn India is drawing a lot of interest from traders who see a probable 20-30 per cent upside in the stock owing to the ambiguity related to the rollover of $1.25 billion loans given to Vedanta Resources two years ago.  The stock slipped 1%.

Adani Ports & SEZ on Tuesday posted second-worst sales performance this year. In Q4, the company's net sales were Rs 1,860 crore, 12.5% more than the year-ago quarter, with the growth rate being better than that in the previous quarter (Q3) but lower than the five quarters preceding Q3. The stock cracked 8%.

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