Markets continue to remain flat amid volatile trades. At 10:40, the Sensex was down two points at 18,844 and the Nifty slipped four points at 5,735.ONGC and Infosys were the names weighing down the benchmark indices.
In the broader markets, the midcap index gained 0.1% and the smallcap index gained 0.5% outperforming the Sensex which was flat with a negative bias.
Among the sectoral indices, along with IT down 0.5%, Oil & Gas, Capital Goods, PSU and Auto indices too slipped into the negative, losing 0.1-0.3%.
Result Reaction
Ashok Leyland rallied 7% to Rs 25.80 on the Bombay Stock Exchange after reporting a better-than-expected net profit of Rs 142 crore for September 2012 quarter against an average analyst estimates of Rs 90 crore. Commercial vehicle maker had net profit of Rs 154 crore in previous year quarter.
United Breweries is trading higher by 4% at Rs 820, also its record high, after reporting a healthy 75% year-on-year growth in net profit at Rs 34 crore for the quarter ended September 2012.
Manappuram Finance has tanked 9% to Rs 34.65 after reporting 20% year-on-year drop in net profit at Rs 108 crore for the September 2012 quarter, due to lower income from operations and increase in finance cost.
Aditya Birla Nuvo has surged 5% to Rs 965 after reporting a healthy 42% year-on-year jump in its consolidated net profit at Rs 304 crore for the quarter ended September 30 on the back of good growth across all its business segments.
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(Updated at 09:22 hrs)
Turning a blind eye to the global markets, the markets opened on a flat note with a positive bias with the Sensex at 18,847 and the Nifty started of around 5,737.
Global stocks fell overnight on worries about Washington's ability to resolve the "fiscal cliff" in a timely manner before nearly $600 billion worth of spending cuts and tax increases kicks in early 2013 unless a compromise is reached to cut the deficit. There is also the issue of a debt ceiling, which needs to be raised to avoid a government shutdown.
A recession in the United States, which had recently defied a general trend in other parts of the world by showing signs of a modest recovery, could drag the global economy down further.
The Dow Jones industrial average lost 121 points, or 0.94%, to end at 12,811. The Standard & Poor's 500 Index fell 17 points, or 1.2%, to 1,378, ending at its lowest level since August 2. The Nasdaq Composite Index dropped 42 points, or 1.4%, to close at 2,896.
Asian shares fell further on Friday, weighed down by worries over the risk of a recession in the world's largest economy as the United States faces a looming fiscal crisis, while Europe still awaits a bailout for Greece, keeping investor risk appetite subdued.
Back home, the broader markets started off in the green with the smallcap up 0.5% and the midcap adding 0.3%, both outperforming the Sensex which was flat with a positive bias.
Among the sectoral indices, except IT which was down 0.5%, all the other indices started in the positive territory. Among the opening movers were Consumer Durables, Power, Realty, Health Care, PSU, Bankex and FMCG indices which gained 0.3-0.6%.
Tata Power, Bajaj Auto, Jindal Steel, Mahindra & Mahindra, Maruti Suzuki, Coal India and BHEL up between 1-2% were the top gainers among the Sensex-30.
On the losers side were Tata Motors, Hero MotoCorp, Infosys and ONGC down 0.5-0.8%. Sterlite, Bharti Airtel and TCS down 0.2-0.3% were the other notable losers.
The market breadth was positive owing to the strength in the broader markets. 950 stocks advanced while 377 stocks declined on the BSE.
