Volatile Sensex stays lower; ICICI up 3% post strong Q4 nos

The BSE Sensex and NSE Nifty retained downtrend, even after the European markets recouped early trade losses. France's CAC, Germany's DAX and Britain's FTSE was opened with a cut of 0.5-1.2% as rating agency Standard & Poor's cut Spain's rating to BBB+/A-2 from A/A-1, citing significant risks to economic growth and budgetary performance. These indices were flat in trade.

Back home, the BSE benchmark fell 45.41 points or 0.27% to 17,085.26 and the NSE benchmark declined 14.20 points or 0.27% to 5,174.80. The broader indices were down 0.5%.

Private sector lender HDFC Bank (which gained 1% in morning trade) erased all gains, losing 0.3%. Top lender State Bank of India dropped further, falling over 2% while ICICI Bank shot up over 3% after its net profit jumped a whopping 31% year-on-year to Rs 1,902 crore and net interest income increased 23.7% to Rs 3,104 crore in the quarter ended March 31, 2012.

Index heavyweights Reliance Industries, Larsen & Toubro, ITC and Bharti Airtel lost nearly 1%. Coal India, largest coal mining company gained over 2%.

However, buying interest in technology stocks was supporting the market quite nicely. Top software services exporters TCS, Infosys and Wipro moved up 0.5-1%.

About two shares declined for every share rising on the National Stock Exchange.