IT stocks lost ahead of their March quarter results. Satyam dipped 3.5% to Rs 445 and was the leading decliner. Wipro shed 2.4% to Rs 548, and Infosys slid 2.2% to Rs 1,998. TCS dropped 1.6% to Rs 1,197. Infosys fiscal year 2008 guidance is the next major trigger for the market. The sharp advance of the rupee in late-March 2007 and early April 2007, and also uncertain US economic outlook, have created concerns that the fiscal year 2008 guidance by Infosys Technologies may turn out negative.

Index heavy Reliance Industries declined 0.13% to Rs 1,382, on 3.23 lakh shares traded on BSE. Dr.Reddy and Bajaj Auto were down 1% each to Rs 720 and Rs 2,270. NTPC and Larsen & Toubro also declined around 1% each to Rs 158 and Rs 1,582, respectively.


6:30AM European equities were higher on Tuesday on merger activities.
European markets were higher in early trading on Tuesday. By mid morning, Frankfurt Xetra Dax added 0.5 % to 7,132.27. In Paris, the CAC 40 was 0.1 % higher at 5,748.12 and London FTSE 100 was 0.2 % higher at 6,410.5. National benchmarks rose in 16 of 18 markets in western Europe.

Advancers

PPR, the French fashion retailer, announced it would make a public tender offer for German sportswear maker Puma after agreeing to buy a 27% stake in the company from Mayfair, the largest shareholder of Puma. Puma welcomed the bid, which is valued at 330 euro a share adding it would recommend the deal to shareholders. Puma surged 9.6%, while PPR shares added 2.9%. Shares in the main rival of Puma, Adidas gained 2.5% on speculation it could also become involved in fashion sector consolidation

ABN Amro also advanced on the Dutch market, gaining 1.5% after press reports over the weekend, including that the Dutch regulator would mull a break up of the group and talk of other bidders still waiting if exclusive talks with Barclays should not succeed.

German carmaker DaimlerChrysler rose 3% after US billionaire Kirk Kerkorian offered $4.5 billion for the company Chrysler division. Mr Kerkorian, once the largest shareholder of Chrysler, asked the German company for 60 days exclusive rights to carry out due diligence.

Decliners

A report that a consortium led by CVC Capital has offered a 582 pence-a-share bid for J. Sainsbury proved not enough to boost shares in the supermarket operator after an earlier report that the controlling family will not consider a bid below 600 pence a share. Shares in Sainsbury slipped 1.3% in London.

Oil stocks were hurt by weaker oil prices. Shares in BP lost 0.7% and France Total also lost 0.7%. Tobacco company also Altadis lost 0.5% after it rejected Imperial Tobacco 12 billion euro offer. Imperial Tobacco shares dipped 0.8%.

Oil and gold

Crude oil advanced from a 12-day low in New York after Iran announced it has started to enrich uranium on an industrial scale, heightening tensions in the region. Crude oil for May delivery rose 48 cents, or 0.8%, to $61.99 a barrel in after-hours electronic trading on the New York Mercantile Exchange and was at $61.78 in early trade in London. Brent crude for May settlement increased 54 cents, or 0.8%, to $67.13 a barrel in electronic trading on the ICE Futures exchange.

Gold gained on speculation declines in the dollar will boost investor demand for the metal as an alternative to stocks and bonds. Silver also gained. Gold for immediate delivery gained $5.75, or 0.9%, to $676.50 an ounce in early trade in London. Silver advanced 8.99 cents, or 0.7%, to $13.835 an ounce. Palladium rose $3.50, or 1%, to $358.50 an ounce, after earlier advancing to $359.50, the highest since June 5. Platinum fell $2 to $1,249.50, erasing an earlier gain to $1,260, the highest since Nov. 21.

Currencies

The dollar declined against other major currencies in European trading Tuesday as markets reopened following the long Easter weekend. The euro traded at $1.3415, up from 1.3360. The British pound traded at $1.9712, up from $1.9610. The dollar bought 119.09 Japanese yen, down from 119.30.