10:00AM New York, 7:30PM Mumbai – Maruti Suzuki fell after it reported 33% decline in profit and ACC declined on nearly flat earnings.

Market Sentiment

Indian markets closed almost unchanged on Thursday with the 30-share BSE Sensex index advancing 0.1% or 23.04 to closes at 16,721.08 levels. On the National Stock Exchange Nifty fell 0.5% or 22.95 to close at 4,999.85 levels.

The markets moved sideways ahead of the expiry of April 2008 derivative contract.

Of the Sensex 30 stocks, 16 shares declined while 14 shares gained. Among the BSE traded shares, 1,477 shares declined, 1,255 shares advanced and 54 shares remained unchanged.

Oil stocks fell as crude oil prices hovered near record highs of $120 per barrel. Hindustan Petroleum Corporation, Indian Oil Corporation, Bharat Petroleum Corporation, and ONGC declined.

Turnover

Daily turnover on the BSE stood at 5,352 crore rupees and 15,547 crore rupees on the National Stock Exchange.

Reliance Petroleum was the most active stock on the BSE with the highest turnover followed by Reliance Industries, Essar Oil, Reliance Capital and Reliance Natural Resources.

Gainers and Decliners

Of the BSE shares, ACC fell 5.9% to 795.05 rupee and it led decliners from the Sensex index. Infosys Technologies gained 2.7% to 1,690 rupees and it led the rises from the Sensex index. Tata Steel fell 3.4% to 771 rupees.

Satyam Computer Services increased 2.5% to 441.25 rupees, Wipro jumped 1.1% to 448 rupees and TCS climbed 0.1% to 890.45 rupees.

Hindustan Unilever advanced 1.8% to 246 rupees.

Larsen & Toubro surged 1.7% to 2,950 rupees, Jaiprakash Associates rose 1.5% to 247 rupees and Bharat Heavy Electricals gained 1.4% to 1,853 rupees.

Hindustan Petroleum Corporation declined 2.3% to 244 rupees, Indian Oil Corporation lost 2.6% to 437 rupees and Bharat Petroleum Corporation was down 1% to 382.90 rupees.


Maruti earnings fall

Maruti Suzuki India declined 2% to 745.90 rupees after posting 33.63% decline in net profit to 297.68 crore rupees on 9.35% rise in total income to 5,069.94 crore rupees in the fourth quarter ended March over the same quarter a year ago.

The earnings declined on a change of depreciation rate for tools and dies. The company lowered useful life for tools to 8 years from 13 years and dies to 4 years from 5 years. Sales in the quarter rose on popularity of Swift model sales.

For the fiscal 2008 ending in March sales rose 18.4% to 18,823 crore rupees and earnings for the year rose 10.8% to 1,730 crore rupees.