Markets extend losses, BHEL top loser

Benchmark Indices have extended the losses after the announcement of disappointing Q3 numbers from Bharti Airtel and BHEL.

By 1245, Sensex plunged by 52 points at 19,843, and the Nifty down 18 points at 6,016 levels.

On the global front, China's giant manufacturing sector extended its mild recovery in January with weak foreign demand still crimping growth, a pair of surveys showed, underscoring that the country's rebound from its worst downturn in 13 years remains modest. In Asia, Hang Seng has slipped 0.3% at 23,636. Shanghai Composite is flat at 2,385. Nikkei is up 0.8% at 11,236.

Back home, BSE Realty and Capital Goods indices have declined by almost 1% each followed by counters like TECk, FMCG, Power, IT, Banks and PSU, all declining marginally. However, BSE Consumer Durable index has surged by over 2%.

Bharat Heavy Electricals Limited (BHEL) is the top Sensex loser, dipped almost 5% to Rs 217 after reporting 18% year-on-year (yoy) drop in its net profit at Rs 1,182 crore for the third quarter ended December 31, 2012 (Q3) due to lower operational income.

Bharti Airtel has slipped 2.4% after posting disappointing set of numbers. Profit at Bharti Airtel Ltd, India's top mobile network operator, fell for the twelfth quarter in a row and missed estimates by a wide margin, dragged down by higher costs.

Other notable losers include HUL, Hero Moto, Tata Motors, Hindalco, HDFC Bank, Infosys and L&T.

On the gaining side, Maruti Suzuki has gained over 2%. Bajaj Auto, Cipla and DRL have gained between 1-2%.

Among other shares, Yes Bank is trading higher by 2.3% at Rs 534 after signing a memorandum of understanding (MoU) with the International Finance Corporation (IFC) to jointly create a private equity (PE) fund that will make investments across sectors in North-Eastern States.

Kennametal India has tanked over 12% to Rs 605, extending its previous day’s 6% fall after its US-based parent-promoter announced plans to cut stake in the company from the current 88.61% to comply with the SEBI norms on minimum public share holding requirements.

The market breadth in BSE remains neutral with 1,284 shares advancing and 1,205 shares declining.