Nifty trades weak; ONGC, RIL, Infosys drag
The NSE Nifty continued to trade weak but has sustained above 5200 mark. The BSE capital goods index has underperformed the other sectoral indices its was down over 1%. Oil & gas, banks, realty, pharma and power stocks were on sellers‘ radar.
The NSE Nifty continued to trade weak, but was above the 5,200 mark. The BSE capital goods index underperformed the other sectoral indices. It was down over 1%. Oil & gas, banks, realty, pharma and power stocks were on the sellers’ radar.
On the global front, Asian Markets were also trading weak. Japan's Nikkei 225 was down 1.45% at 8,669.87 and Singapore's Straits Times was down 0.64% at 3,009.79.
Back home, the Sensex was down 90.78 points or 0.53% at 17,188.07, and the Nifty was down 28.40 points or 0.54% at 5,214.30.
About 1,035 shares advanced, 1,264 shares declined, and 1,136 shares remained unchanged.
Top losers on the Nifty were Dr Reddys Labs at Rs 1,605.05, down 2.99%, Kotak Mahindra at Rs 564.40, down 2.69%, BHEL at Rs 229.90, down 2.11%, Cipla at Rs 328, down 1.37% and BPCL at Rs 383.05, down 1.35%.
However, top gainers on the Nifty were Bajaj Auto at Rs 1,579.80, up 2.07%, TCS at Rs 1,223.75, up 1.89%, Jindal Steel at Rs 431.35, up 1.36%, Asian Paints at Rs 3,661, up 1.16% and Maruti Suzuki at Rs 1,127.65, up 0.93%.
Crompton Greaves was up 3% ahead of its numbers today. Some recovery is expected in results today with PAT growth of 20% YoY and revenue growth of ~13%. Net losses in the international business is expected to narrow, and all eyes will be on the power business and any improvement in margins there.
Tata Comm was up 6%. The Cabinet approved the demerger of VSNL 773 acres of land, a deal that has been in the pipeline since 2005. This can fetch the government Rs 6,150 crore.
SAIL was up 1% as the cabinet approved divestment of 10% stake in the company. At CMP, the government will raise Rs 4,150 crore through divestment route.
Most active shares on the NSE were Maruti Suzuki, SBI, ICICI Bank, United Spirits and Bajaj Auto.