Markets remain weak

RIL top loser among the Sensex stocks

Markets continue to trade on a weak note in trades today on the back of selling pressure visible across the board. The Sensex has slipped 124 points to 18,634 and the 50-share Nifty is down 38 points at 5,666.

Meanwhile, Dr Reddy's Labs, Reliance Industries, ITC, HDFC, Sun Pharma, Wipro, Bharti Airtel, Hindalco, Coal india and Larsen & Toubro are among the top losers down 1-1.7% each. On the other hand, Mahindra & Mahindra, Sterlite Industries, ICICI Bank, HUL, Hero MotoCorp and Tata Motors are among the notable gainers.

Selling pressure is visible across the board. The BSE consumer durables index is the top loser, down 1% at 7,173. Oil & gas, healthcare, FMCG, power, PSU, capital goods, metal and bankex indices are down 0.3-1% each. While, auto index is the only gainer up 0.3% at 10,243.

Among the individual stocks, Sun TV Network has dipped 7% to Rs 320, extending its yesterday’s over 3% fall after the company said it has bought the Hyderabad franchise of the Indian Premier League (IPL) with a winning bid of Rs 85.05 crore per year.

National Aluminum Company (Nalco) is trading lower by 4% at Rs 47.65 after reporting a sharp 96% year-on-year fall in net profit at Rs 5 crore for the second quarter ended September 30, 2012 due to supply disruption and poor quality of coal during the rainy season.

Bajaj Electricals has 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.

The broader markets are also trading on aweak note. The BSE mid-cap index is down 0.2% or 12 points at 6,647 and the small-cap index has slipped 28 points at 7,133.