Nifty struggles below 8300; IT, pharma, bank stocks rise

1:30 pm Results: Ambuja Cements missed street expectations on Wednesday with the first quarter net profit falling 38.9 percent year-on-year to Rs 317.69 crore compared to Rs 520.01 crore in the year-ago period.

A poll had expected profit of Rs 340 crore on revenue of Rs 2,565 crore for the quarter.

Revenue declined 7 percent to Rs 2,463 crore for the quarter ended March against Rs 2,651.2 crore in the corresponding quarter of last year.

The company follows January-December as its financial year.

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The market is flat as the Sensex is up 8.67 points at 27405.05. The Nifty is up 6.15 points at 8291.75. About 1441 shares have advanced, 956 shares declined, and 144 shares are unchanged.

IT, pharma and bank stocks are lending support to the benchmark indices. Axis Bank is up 3 percent while Wipro, Sun Pharma, ICICI Bank and GAIL were top gainers in the Sensex. Among the losers were Vedanta, ITC, Tata Motors, Hindalco and HDFC.

Gold prices fell by Rs 53 to Rs 27,326 per 10 gm in futures trade today largely in tandem with a weak trend overseas and profit-booking by speculators. Analysts said the fall in yellow metal prices at futures trade was mostly in tune with a weak trend overseas and profit-booking by speculators at prevailing levels. For more information please visit this site www.appsmine.org