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Oct 19, 2012, 03.12 PM IST
Indian equity benchmarks slipped 0.8 percent today due to profit booking in banking & financials, infrastructure, metals, auto and oil & gas exploration stocks. The Indian rupee extended losses, falling 42 paise to 53.83 against the US dollar.
Shares of ITC, a cigarette major, hit a record high of Rs 298.80 after stronger-than-expected results in the quarter ended September 2012. The stock gained more than 2 percent as its net profit rose 21% year-on-year to Rs 1,836 crore , helped especially by strong growth in its other fast moving consumer goods and agri business, sending its shares up to a new 52-week high. Analysts on average were expecting ITC to report a net profit of Rs 1,758 crore.
Exide Industries, a lead acid storage battery manufacturer, reported lower than expected net profit growth of 135.7% year-on-year to Rs 120.2 crore in the quarter ended September 2012. Analysts had expected it at Rs 152 crore. The stock fell 8 percent amid large volumes.
Country's largest lender State Bank of India tanked 1.5 percent while its rivals ICICI Bank and HDFC Bank declined 1 percent each.
Capital goods majors Larsen & Toubro and BHEL were down over 1.5 percent. Housing finance company HDFC was down 1.4 percent.
Private oil & gas producer Reliance Industries and top software services exporter TCS fell nearly 1 percent. FMCG major Hindustan Unilever lost 1.7 percent.
Declining shares outnumbered advancing by a ratio of 871 to 542 on the National Stock Exchange.
Indian equity benchmarks remained under pressure with marginal losses while the broader markets were doing better than benchmarks with the BSE Midcap and Smallcap gaining 0.2-0.4 percent.
Indian shares were trading lower after yesterday's run up, weighed down by Reliance Industries and L&T. HDFC Bank, TCS, Bharti and State Bank of India too added pressure on the market. The broader markets, however, outperformed benchmarks with the BSE Midcap and Smallcap indices gaining marginally.
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