Markets extend losses
Oil & Gas, FMCG scrips among the top losers
Markets slipped further in the morning trades with weakness visible across the board barring auto and realty space. At 10:30, the Sensex was down 96 points at 18,663 and the Nifty gave up 26 points at 5,679.
Meanwhile, the broader markets too slipped after a positive start with the midcap and the smallcap indices turning flat.
Among the sectoral indices, Auto and Realty up 0.3% each were the only indices to trade in the green. On the other hand, the draggers were Oil & Gas, FMCG, Health care, Consumer Durables, PSU and Metal indices losing 0.3-0.8%.
In individual stocks, Bajaj Electricals dipped 7% to Rs 200, extending its previous day’s over 4% fall on reporting 8% year-on-year growth in net profit at Rs 26.92 crore in September 2012 quarter mainly on account of one-time gain of Rs 24.68 crore on disinvestment of company’s entire shareholding in Bajaj Ventures.
CESC Limited tanked 13% to Rs 289 after the company announced the acquisition of 49.5% stake in business process outsourcing firm, Firstsource Solutions through its wholly-owned subsidiary, SpenLiq.
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Markets started the day in the red with the Sensex down 64 points at 18,695 and the Nifty slipped 19 points at 5,686. The ones leading the losses were Reliance Industries, ITC and HDFC Bank.
In the broader markets, the smallcap and the midcap indices added 0.2% each outperforming the Sensex which started down 0.2%.
Major US share indices ended flat on Thursday as mixed earnings from major corporations failed to boost investor sentiment.The Dow Jones Industrial Average ended up 26 points at 13,104. S&P 500 ended up 4 points at 1,413 and Nasdaq Composite ended up 4 points at 2,986.
Stocks in Asia were trading mixed as investors remained cautious during the quarterly earnings season. The Nikkei was up 0.2 per cent. Korea's KOSPI was down 0.2 per cent after lower-than-expected from global electronics major Samsung.
According to technical experts, the Nifty on Thursday moved in an extremely narrow band of 30-odd points. The index from a low of 5,686, moved up to a high of 5,719, before settling with a marginal gain of 14 points at 5,705. The momentum oscillators, on the daily and weekly charts, continue to remain in conflicting mode. Wait for a breakout from 5,625-5,770 range before taking fresh position. Today, the Nifty is likely to seek support around 5,690-5,685, while face resistance around 5,715-5,725.
Among the sectoral indices on the BSE, Realty, Auto and Consumer Durables started up 0.2-0.4%. On the other hand, weakness was seen in Capital Goods, Oil & Gas, Health Care, IT, Metal, Bankex and PSU indices slipping 0.1-0.3% in the opening deals.
The only gainers among the Sensex stocks were Mahindra & Mahindra, Hindustan Unilever up 1% each followed by ICICI Bank, NTPC, Tata Power and Tata Motors which gained 0.2-0.6%.
Among the draggers were Jindal Steel, Hero MotoCorp, Reliance Industries, HDFC Bank, Bharti Airtel, ITC, Sun Pharma, SBI, HDFC and Hindalco slipped 0.5-1%.
In individual stocks, Kingfisher Airlines was locked in 5% upper circuit at Rs 11.40 for second day in a row after the staff ended their 26-days strike and agrees to resume work with immediate effect on Thursday.
Trent Limited gained 3% at Rs 1,188 after reporting almost three-fold jump in its standalone net profit at Rs 9 crore for the quarter ended September 2012 due to lower expenditure. Tata Group Company engaged in retail business had profit of Rs 3.40 crore in the corresponding quarter of previous year.
The market breadth was positive. 612 stocks advanced while 502 stocks declined on the BSE.