Sensex, Nifty down on profit booking, weak global cues

The BSE Sensex and NSE Nifty started off Wednesday trade with a negative bias due to profit booking and fall in Asian markets. FMCG, oil & gas and auto stocks were under pressure while SBI and L&T were quite supportive.

The BSE benchmark had rallied 226 points yesterday, but today profit booking dragged it down by 67.62 points to 17,550.73. Meanwhile, the NSE benchmark was down 20 points 5,325.55. The CNX Midcap Index fell 17 points to 7,479.

Asian markets fell 0.2-0.5% following weak US markets. Earnings concerns dominated the US street yesterday.

Back home, shares of ITC, ICICI Bank, HUL, Reliance Industries, ONGC, Infosys, Tata Motors, Tata Power, Bharti Airtel, Maruti, Hero Motocorp and Bajaj Auto were down 0.5-1%.

However, HDFC Bank, NTPC, HDFC and State Bank of India were trading marginally higher.

In the second line shares, MCX shot up 4.5% and Financial Technologies gained 4% as MCX-SX has received approval from SEBI to start equity trading platform.

EIH shot up 5.3% and EIH Associated Hotels rose 11.5%.

Jaypee Infra was up 5% as The Hindu Business Line reported that company's Yamuna Expressway is set to open on July 17.

RCF and Mercator were up 2.6%. ITI and HMT gained 0.5-1%.

However, HCC tanked 3.5% after The Economic Times reported that the Reserve Bank of India dashed all hopes of debt recast for Lavassa (subsidiary of HCC) and refuseed to confer infra status on loans.

Globus Spirits lost 2% on profit booking.

Cummins India plunged 3% due to disappointing results by parent company. Cummins Inc, a diesel and natural gas engine manufacturer, expects to report full year revenue in line with 2011 results as against 10% earlier.

Indiabulls Real and HDIL were down over 1%.