[R]9:00PM Mumbai – Mumbai stocks traded volatile as investors digested earnings and faced declining global markets. Rupee edged lower as dollar gained against most currencies around the world. ICICI Bank surged 8% on weak earnings.[/R]

The Sensex index in Mumbai edged higher 42.80 or 0.4% to 11,371.85 in a volatile trading. CNX Nifty 50 index declined 10.75 or 0.3% to 3,470. The Sensex is up 18% for the year.

The investors were on the sidelines as markets approached the derivatives settlement, digested earnings and worried on the impact of probable outbreak from flu pandemic. The rupee declined to 50.16 as investors around the world sough dollar.

The exchanges brought forward the derivatives settlements on April 29 on the account of Lok Sabha election in Mumbai on Thursday, April 30.

Trading turnover on the BSE declined to 4,846 crore rupees from 5,254 crore rupees on Friday last week.

Earnings dominated trading in specific stocks with pharmaceuticals, energy and banks leading the trading volume. Raymond Ltd. dropped 3.9% to 90.15 rupees after it swung to a loss in the fourth quarter of 239 crore rupees from net income of 26.97 crore rupees a year ago quarter.

Banks Fall, ICICI Rises

ICICI Bank surged 8.2% to 467.95 after it reported 35.31% decline in earnings in the fourth quarter to 743.76 crore rupees from a year ago on a fall in 11.4% decline in net interest income of 9,203.36 crore rupees.

The non-performing loan ratio to total asset surged to 1.96%.

HDFC Bank, the second largest private bank increased 0.5% to 1,115.50 crore rupees and the bank recently reported 53% rise in operating income and rise of gross non-performing loan ratio to 1.98%.

HDFC edged lower to 1,803.75 rupees and SBI dropped nearly 2% to 1,282 rupees.

Ranbaxy Labs Net Loss

Ranbaxy dropped 4.6% after it reported first quarter net loss of 777.78 crore rupees compared to net income of 103.42 crore rupees in the quarter a year ago.

Separately, Cipla Ltd. gained 1.5% to 244 rupees after it reported fourth quarter profit surged 41% to 253 crore rupees. The generic drug maker also reported that it can provide 1.5 million doses of its version of Tamiflu in less than six weeks.

Wockhardt Ltd dropped 5.4% to 97.10 rupees after it reported fourth quarter loss of 20 crore rupees compared to net income of 50.90 crore rupees.

Oil Explorers Slide, Reliance Resumes Production

Reliance Industries was unchanged at 1,784 rupees after it resumed crude oil production from Krishna Godavari oil block known as D-6. The well was shut to link additional nearby wells and increase crude production.

Aban Offshore Ltd declined 9% to 442.60 rupees after it reported a loss of 93.04 crore rupees compared with income of 33.92 crore rupees.

Other oil exploration companies ONGC and Cairn India declined 0.9% and 2% after crude oil prices fell in international markets.

Software Exporters Gain