Sensex retreats from 12000; ICICI Bank, M&M up

MUMBAI: Indian markets gave up most of their early gains Monday as investors were cautious ahead of results of general elections by weekend.

Traders are waiting for an correction to enter the markets which look expensive at the moment, said dealers.
“US markets closed on a positive note while other Asian markets are mixed. Stocks gained around the world as Federal Reserve Chairman Ben Bernanke said a review of banks’ health “should provide considerable comfort” and a report showing fewer job losses than forecast signalled the worst of the recession is over. We recommend booking profits at higher levels as we expect the market to see some resistance at 3800–3850. For the day we are positive on the market,” said Religare Securities report.

At 10:30 am, Bombay Stock Exchange’s Sensex was at 11936.68, up 60.25 points or 0.51 per cent. The index crossed 12000 mark as the market opened and touched an intra-day high of 12026.60 but failed to hold on gains. It touched a low of 11904.83.
National Stock Exchange’s Nifty was at 3636.80, up 16.1 points or 0.44 per cent. The broader index touched an intra-day high of 3660.20 and low of 3612.75.
“The trend deciding level for the day is 3638 / 11941 (Nifty/Sensex). If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 3694 / 12116. However, if Nifty
trades below 3638 / 11941 for the first half-an-hour of trade then it may correct up to 3565 – 3510 / 11701- 11526,” said Angel Broking note.
Buying was also seen in broader markets. BSE Midcap Index was up 0.45 per cent and BSE Smallcap Index gained 0.89 per cent.
Amongst the sectoral indices, BSE Bankex was up 2.27 per cent, BSE Oil&gas Index gained 0.63 per cent and BSE Healthcare Index moved 0.63 per cent higher. BSE FMCG Index declined 0.88 per cent and BSE Realty Index slipped 0.50 per cent.
Bank (4.49%), Mahindra & Mahindra (2.54%), Reliance Infrastructure (2.46%), ONGC (2.15%) and ACC (1.73%) were the top Sensex gainers.
Hindustan Unilever (-2.21%), Bharti Airtel (-1.65%), DLF (-1.02%), Ranbaxy Laboratories (-1.01%) and Wipro (-0.54%) were amongst the Sensex losers.
Market breadth was positive on the BSE with 1113 advances and 708 declines.
Hindustan Unilever, India’s largest fast-moving consumer goods company, reported a 20% year-on-year growth in underlying net profit for the quarter to March, helped by a steep fall in raw material prices. The Indian subsidiary of Anglo-Dutch multinational Unilever posted a net profit of Rs 457 crore for the period, after excluding extraordinary items. The company made a one-time provision of Rs 107.1 crore for exceptional items which include Rs 60 crore towards
retirement benefits.
State Bank of India has reported a 45.6% growth in net profit at Rs 2,742.31 cr for the quarter ended March 31, 2009, over Rs 1,883.25 cr in the earlier corresponding period. The country's biggest lender's total income grew to Rs 22,060.61 cr (Rs 16,393.93 cr).
 For the fiscal 2008-09, the bank's net profit stood at Rs 9,121.24 cr, reflecting a 35.6% growth over last fiscal's Rs 6,729.12 cr net. Total
income rose to Rs 76,479.22 cr (Rs 57,645.24 cr) for the period. The scrip slipped from its high of Rs 1389 and was trading 0.60 per cent higher at Rs 1333.10 on the BSE.
Essel Propack, a laminated tube maker catering to oral care and FMCG products worldwide, is exploring the option of picking up a controlling stake in England’s tube maker Betts after the Essex-based company was placed in administration, following a breach of banking covenants. The stock surged 14.29 per cent to Rs 17.60 on the BSE.
In global markets, the US stocks rose Friday, and the Nasdaq capped its longest stretch of weekly gains in a decade as stress test results and reassuring jobs data fueled hopes the worst is over for banks and the
The Dow Jones industrial average gained 164.80 points, or 1.96 per cent, to 8,574.65. The Standard & Poor's 500 Index rose 21.84 points, or 2.41 per cent, to 929.23. The Nasdaq Composite Index climbed 22.76 points, or 1.33 per cent, to 1,739.00.
Asian stocks were back in the green.The Nikkei was up 0.09 per cent, Seoul Composite gained 0.55 per cent and Hang Seng gained 1.66 per cent.