Nifty lacklustre; ONGC drops post disappointing Q2 nos

Indian equity benchmarks remained lacklustre following mixed Asian cues and after pricing in the Obama's re-election news. The fall in ITC, Reliance Industries, HDFC Bank and SBI offset gains in Infosys, ONGC, Tata Motors and ICICI Bank.
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Nov 09, 2012, 10.49 AM | Source: Moneycontrol.com

Nifty lacklustre; ONGC drops post disappointing Q2 nos

Indian equity benchmarks remained lacklustre following mixed Asian cues and after pricing in the Obama's re-election news. The fall in ITC, Reliance Industries, HDFC Bank and SBI offset gains in Infosys, ONGC, Tata Motors and ICICI Bank.

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Nifty lacklustre; ONGC drops post disappointing Q2 nos

Indian equity benchmarks remained lacklustre following mixed Asian cues and after pricing in the Obama's re-election news. The fall in ITC, Reliance Industries, HDFC Bank and SBI offset gains in Infosys, ONGC, Tata Motors and ICICI Bank.

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10:39
Indian equity benchmarks remained lacklustre following mixed Asian cues and after pricing in the Obama's re-election news. The fall in ITC, Reliance Industries, HDFC Bank and SBI offset gains in Infosys, ONGC, Tata Motors and ICICI Bank.

The 30-share BSE Sensex gained 25.38 points to 18,871.64 and the 50-share NSE Nifty went up 4 points to 5,742.70.

India's largest lender State Bank of India was volatile ahead of quarterly earnings today. Investors will closely watch its numbers as other PSU banks disappointed the street by raising asset quality concerns.

While explaining the trend in PSU banks, Suresh Mahadevan, MD & Head of Indian Equities, UBS Securities said, "We have not been very positive on the whole PSU banks pack and that includes SBI. We do not have a very positive view on the name, but there is some chatter that results maybe better and so we will have to wait for the event."

State-owned oil & gas producer ONGC dropped 1.66 percent as its net profit fell 3 percent quarter-on-quarter to Rs 5,896 crore in the second quarter of FY13, impacted by Rs 7,103 crore on account of discount to oil marketing companies.

Software services exporter Infosys lost nearly 1 percent. Private sector lender ICICI Bank, commercial vehicle maker Tata Motors and engineering conglomerate Larsen & Toubro were down 0.3-0.5 percent.

Cigarette major ITC and private oil & gas producer Reliance Industries gained marginally.

Drug producer Sun Pharma rose 1 percent as the company will acquire dermatology company Dusa Pharma for USD 8/share in cash for USD 230 million.

Private power producer Tata Power bounced back with 1.5 percent gains following sharp fall in two previous sessions.

09:20
The BSE Sensex opened lower for the second consecutive session on Friday on extended losses in global markets. The US equity markets fell 1 percent yesterday as concerns over the looming fiscal cliff overshadowed a pair of better-than-expected economic reports.

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