Sensex erases gains; L&T, Bajaj fall

SENSEX-NIFTY-LARSEN-TOUBRO-BAJAJ-AUTO:Sensex erases gains; L&T, Bajaj fall
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May 17, 2012, 03.05 PM | Source: Reuters

Sensex erases gains; L&T, Bajaj fall

SENSEX-NIFTY-LARSEN-TOUBRO-BAJAJ-AUTO:Sensex erases gains; L&T, Bajaj fall

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Sensex erases gains; L&T, Bajaj fall

SENSEX-NIFTY-LARSEN-TOUBRO-BAJAJ-AUTO:Sensex erases gains; L&T, Bajaj fall

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14:16
Sensex erases gains; L&T, Bajaj fall
MUMBAI (Reuters) - The Sensex erased earlier gains to trade flat, lagging gains in Asian indexes, as worries about earnings hit blue chips such as Larsen & Toubro and Bajaj Auto .

The Sensex was last trading flat at 16,029.09 points, while the Nifty was also virtually unchanged at 4,857.00 points.

L&T shares dropped 3.5 percent. Nomura downgraded L&T to 'reduce' from 'buy' and nearly halved its target price to 992 rupees from 1,691 rupees citing concern about orderbooks.

Bajaj Auto shares fell 1.1 percent after its quarterly profit missed estimates.

(Reporting by Abhishek Vishnoi and Manoj Dharra; Editing by Rafael Nam)

14:11
The BSE Sensex and NSE Nifty erased all gains following further fall in European markets. Technology, capital goods and healthcare stocks added more pressure on the market. The fall in index majors ONGC and ICICI Bank too weighed.

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12:49
The BSE Sensex and NSE Nifty shed somewhat gains in afternoon trade due to fall in L&T, ICICI Bank, ONGC and technology stocks. Weak opening of European markets too added somewhat pressure on the market.

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11:46
The BSE Sensex continued to hold about 150 points gains led by short covering. Meanwhile the NSE Nifty remained above the 4900 level quite nicely led by support from stocks like Reliance Industries and ITC. SBI, Bharti Airtel and HDFC Bank too were quite supportive.

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10:29
The BSE Sensex and NSE Nifty stayed 1% higher in morning trade led by short covering in most beaten down stocks. Banks, metals, auto and FMCG stocks saw buying interest today. Index heavyweight Reliance Industries gained 1%.

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10:22
SENSEX-NIFTY-ITC-HDFC:Sensex rebounds on rupee, Asian indexes

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09:15
The BSE Sensex and NSE Nifty saw nice pull back on Thursday morning, rising nearly 1% following upmove in Asian markets. Somewhat short covering was seen as the market had fallen in previous seven out of nine sessions due to Greece political crisis and depreciation in rupee.

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