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Markets trim losses

Broader markets hold ground

SI Reporter  |  Mumbai 

have trimmed early morning losses on the back of recovery in Metal and Capital Goods counters. The Sensex was down 31 points at 16,190 after touching a low of 16,118 in the morning trades and the Nifty was down 10 points at 4,911.

Meanwhile, the broader extended gains with the Mid-cap and the Small-cap indices adding 0.4-0.5% as compared to the benchmark index which was down 0.1%.

In the Asian markets, almost all the were trading in the red with Shanghai Composite, Hang Seng, Straits and Taiwan Weighed down 0.2-0.7%. However, Nikkei was flat with a positive bias.

Among the sectoral indices, Realty, Capital Goods, Metal, Bankex and Power indices gained between 0.1-0.9% in the late morning deals. However, Oil&Gas, Consumer durables and Auto slipped 0.3-0.5%.

Sterlite, Tata Steel, DLF, Sun Pharma and Hero MotoCorp up 1% each were the top gainers among the Sensex stocks.

Meanwhile, auto majors like Maruti Suzuki, Mahindra & Mahindra, Tata Motors down 1% each lead the losers list along with ONGC, Jindal Steel, HDFC and Tata Power.

Among individual stocks, Gravita India surged 10% to Rs 198.25, its lifetime high on the BSE, after face value of the stock was split to Rs 2 each from Rs 10 each effective from today.

Meanwhile, analysts at Goldman Sachs and Bank of America-Merrill Lynch cut their growth forecasts for India, following up on a Morgan Stanley downgrade earlier this week that had sparked much concern in domestic markets.

Goldman Sachs said it was cutting India's gross domestic product forecast to 6.6% from 7.2% for the fiscal year ending in March 2013, citing a weaker investment outlook on the back of domestic policy uncertainties. Merrill Lynch also downgraded its views, to 6.5% from 6.8% previously for fiscal 2012-13, though it cited the fallout from the euro zone crisis as its main rationale.

The market breadth remained positive as 1219 stocks advanced while 1000 stocks declined on the BSE.

First Published: Fri, May 25 2012. 11:36 IST