Sensex, Nifty snub WPI inflation nos; Bharti slips 3%

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BHEL in News: State-owned power equipment maker BHEL has signed a Memorandum of Understanding (MoU) with a Russian company INTMA, to set up a gas-based power project in Kazakhstan. The MoU will further help BHEL in consolidating its presence in the CIS countries, the company said. “The two parties will endeavour to assist each other in the implementation of this MoU. For us, this is a great opportunity to expand our footprint in the CIS region,” BHEL Chairman and Managing Director B P Rao said. Primarily engaged in manufacturing of power plant equipment like gas turbines, steam turbines, hydro turbines and boilers, BHEL has robust experience in construction of power plants in India and overseas, it said. BHEL is currently executing 23 major projects in 16 countries and has a presence in more than 75 countries. 01:00pm Market Check Even after food prices fell to a three month low in March, the market seems to be unimpressed. The Sensex is down 43.42 points at 29001.02 and the Nifty is down 18.80 points at 8815.20. About 1493 shares have advanced, 1141 shares declined, and 152 shares are unchanged. Wholesale price index (WPI)-based inflation for March fell to a new low of -2.33 percent, the fourth successive month of deflating prices after the flat reading in November. The WPI reading for February was -2.06 percent. A CNBC-TV18 poll of economists had forecast March WPI at -2.07 percent. Economists say the latest number is proof that inflation is clearly trending lower, and this should provide the Reserve Bank of India room to cut rates. Sesa Sterlite, SBI, Tata Power, ITC and ICICI Bank are top gainers in the Sensex. Among the losers are M&M, Bharti Airtel, Tata Motors, Wipro and Infosys.

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