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Aug 10, 2012, 03.20 PM IST
The Nifty is struggling around 5325 in afternoon trade as autos, bank and realty continue to drag. Outside the index, the breadth remained weak. However, buying was seen in IT, oil & gas and FMCG stocks.
SBI slips post earnings on asset quality concerns. The gross NPA rise to 4.99% compared to 4.44% last quarter at over Rs 47000 crore. The NII is largely inline with estimates to Rs 11,118 crore.
Top losers on the Sensex were SBI at Rs 1,895 down 3.9%, Hero Motocorp at Rs 1,912 down 2.38%, Tata Motors at Rs 233.80 down 2.32%, Bajaj Auto at Rs 1,674 down 1.01% and Sun Pharma at Rs 671.25 down 0.84%.
However, top gainers on the Sensex were Sterlite Ind at Rs 111.25 up 1.88%, HUL at Rs 494.80 up 1.54%, Hindalco at Rs 123.60 up 1.52%, Maruti Suzuki at Rs 1,157.80 up 1.11% and NTPC at Rs 171.60 up 1%.
FMCG major Hindustan Lever was trading at Rs 494.80 up 1.54% from its previous close of Rs 487.30.
Index heavyweight Reliance was trading at Rs 788.00 up 0.99% from its previous close of Rs 780.30.
Tech major Infosys was trading at Rs 2,298.00 up 0.83% from its previous close of Rs 2,279.00.
Cigarette major ITC was trading at Rs 268.00 up 0.81% from its previous close of Rs 265.85.
Refinery major HPCL was trading at Rs 320.00 up 1.75% from its previous close of Rs 314.50.
Globally, benchmark European indices were trading in negative terrain. In Asia, Nikkei and Hang Seng end with nearly 1% cuts each.
Asian shares including India snapped a four-day rally on Friday and extended losses after China's July trade data fell far short of expectations, casting doubts on whether the sputtering global economy will regain traction any time soon. European stocks were likely to track Asia lower.
The Nifty was trading flat in the early morning trade. Auto and power stocks were on sellers radar today. Credit Suisse downgraded Tata Motors to "underperform" from "neutral" after cutting its volumes forecast and increasing its tax rate assumption for the Indian auto maker's unit Jaguar Land Rover.
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