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Markets extend losses post SBI results

IT, Oil & gas lead losses

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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.

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