Business Standard

Markets extend losses post SBI results

IT, Oil & gas lead losses

Related News

Markets have extended losses and are trading with around half a per cent losses. The is down 66 points at 18,780. Nifty is down 18 points at 5,719.

Asian markets languished in trades on worries over fiscal problems in the US. Nikkei shed 1% to 8,758. Hang Seng, Kospi and Shanghai Composite dropped around half a per cent each.

Most of the sectoral indices are in the red with the PSU index leading the losses. The index is down 1% at 7,232. IT, oil & gas and capital goods indices were aldo down around 0.5% each.

From the broader markets also, the bse midcap index has slipped 14 points to 6,713. Small-cap index, however, is flat at 7,126.

"Since our markets are driven mainly by foreign institutional investor (FII) inflows. A dip in the US and other global markets can see our markets correct further. Though I can’t comment now on the rating cut if the US fails to resolve its “fiscal cliff” issue; but if at all it happens, then it will be a big negative for the Indian markets. Situation in Europe witnessed a temporary improvement but concerns remain," said A K Prabhakar, Senior Vice President Equity Research, Anand Rathi.

SBI has slipped 2.6% at Rs 2,184 after announcing the quarterl;y numbers. India's largest PSU bank has reported at net profit of Rs 5,628 crore for the quarter ended September 30, 2012.

ONGC is down 2.3% at Rs 259 after reporting a sharpest year-on-year fall in net profit since December 2008 quarter. The net profit of the state-owned oil exploration company has declined by 32% in September quarter to Rs 5,897 crore against Rs 8,642 crore in previous year quarter due to higher subsidy outgo. The company’s subsidy outgo has been more than doubled to Rs 12,330 crore in Q2 from Rs 5,713 crore in the same quarter of last fiscal.

Sterlite, Infosys, Hero MotoCorp and Tata Motors have dropped around 1% each.

On the other hand, Cipla has added 1% at Rs 397. Bajaj Auto, Jindal Steel, Tata Power and Hindalco have advanced as well.

BSE market breadth is negative. Out of 2,669 stocks traded, 1,376 shares have declined while 1153 shares have advanced.

Read more on:   
|
|
|

Read More

Markets post best gains in 3-months on Fed optimism

The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE

Quick Links

 

Market News

ICEX shareholders attempt to revive commodity exchange

With losses having eroded much of its earlier capital, existing shareholders to infuse more in proportion to their stake; talks also on with ...

NMDC to increase iron ore output by 10% next year

The company has drawn up an ambitious plan to increase the production to 50 million tonnes in 2018-19 and 100 million tonnes in 2024-25

Banks' core competency is credit, not precious metals: Rajesh Khosla

Interview with Managing Director, MMTC-PAMP

Gold to bottom out on low inflationary concerns

Prices are set to average $1,270 an ounce this year, down from $1,410 in 2013

Sensex sees sharpest single-day gain post Modi win

The previous best single-day gain for the 30-share index (S&P BSE Sensex) was 556.77 points, or 2.27%, on May 12, 2014

Back to Top