Sensex plunges; Infy, SBI, ICICI Bk, RIL, NTPC tumble
At 14:45 hours IST - gains made by the benchmark Nifty yesterday washed out completely in today's trade, led by profit booking in financials. Infosys was the leading dragger with nearly 5% fall,.
January 13, 2011 / 15:22 IST
At 14:45 hours IST - gains made by the benchmark Nifty yesterday washed out completely in today's trade, led by profit booking in financials. Infosys was the leading dragger with nearly 5% fall, followed by heavyweights like Reliance Industries, NTPC, Wipro and TCS.
Healthcare, FMCG, capital goods, power, select auto and metal companies' shares were other losers in trade. However, ONGC, Tata Motors, DLF, Ambuja Cements, ACC, Sterlite, Cairn and Bajaj Auto were only gainers.Traders were doing some short covering as well as there was cash based buying at lower levels, which helped the markets to show a bit of recovery from day's low. The 30-share BSE Sensex was trading at 19,246, down 287 points and the 50-share NSE Nifty tanked 95 points at 5,767, after recovery of over 20 points from day's low of 5744.35. IT bellwether Infosys was down nearly 5% on huge volumes. It was the most active share on exchanges as well. Its Q3FY11 numbers were quite disappointing - it has reported 2.48% growth in net profit to Rs 1,780 crore over previous quarter as against expectation of Rs 1,814.69 crore. Bankex cracked 3%, as SBI, ICICI Bank, HDFC Bank, PNB, Axis Bank, Kotak Mahindra Bank and IDFC were down 2.5-4%. In midcap space, Dewan Housing, Ispat Industries, Jubilant Foodworks, Money Matters and Manappuram were up 3.5-4.6 while Amtek Auto, Godfrey Phillip, Kirloskar Oil, Indiabulls Financial and UCO Bank lost 3.7-5%.In smallcap space, AP Paper Mills, Simplex Project, Venkys, Hindustan Motors and Sahara One rallied 6.7-10.4% whereas Zenith Infotech, A.K.Capital, Reliance Broadcast, Bheema Cements and SVC Resources fell 5-11%._PAGEBREAK_Financials, IT drag Nifty below 5800; RIL, NTPC, L&T dipAt 13:07 hours IST - equity benchmarks wiped out all their yesterday's gains, pulled down by banking, technology, healthcare, FMCG and infrastructure companies' shares along with heavyweight Reliance Industries. The Nifty dropped below 5800 level - shed 108 points to 5,754. About 42 shares advanced as against eight shares declined on S&P CNX Nifty. All sectoral indices were in red; IT and Bankex led this downtrend with fall of nearly 3%. India's largest lenders SBI, ICICI Bank, HDFC Bank, PNB and Axis Bank plunged 3-3.5%. Country's second largest IT services exporter Infosys tumbled 4.5% on the back of disappointing numbers in Q3FY11. Wipro and TCS were also down 1-1.5%.Infosys has reported 2.48% growth in net profit to Rs 1,780 crore over previous quarter as against expectation of Rs 1,814.69 crore. The 30-share BSE Sensex slipped 337 points to 19,197. However, broader indices were marginally in red.Among other heavyweights, Reliance Industries, NTPC, L&T, ITC, HUL and Bharti Airtel were down 1-1.5%. State-run SAIL is going to declare its December quarter results today - the stock dipped 2.5%. Jindal Steel, Tata Steel, Sesa Goa and Hindalco tumbled 1.4-2.2%. Sun Pharma, Dr Reddy's Labs, Ranbaxy Labs and Cipla from healthcare segment slipped 1-1.7%. Hero Honda, M&M and Maruti from auto pack were down 0.65-2.2% while Tata Motors rose 0.6%.ONGC, Ambuja Cements, Reliance Communications, ACC and DLF were only gainers on Nifty.In midcap space, Jubilant Foodworks, City Union Bank, Manappuram, Dewan Housing and Ispat Industries gained 3-4.4% whereas Shree Renuka, Anant Raj Industries, IOB, Godfrey Phillip and Whirlpool lost 3.6-4%.In smallcap space, AP Paper Mills, Everonn Education, Hindustan Motors, Falcon Tyres and Kiri Dyes Chemical rallied 5.9-9.4% while Zenith Infotech, Bheema Cements, SVC Resources, LS Industries and Spectacle Info fell 5-8%._PAGEBREAK_Nifty below 5850; Infosys, SBI, ICICI Bank, HDFC Bank slipAt 12:25 hours IST - the benchmark Nifty was consistently witnessing selling pressure and was not able to cross 5850 level - in fact it was in narrow range of 5810-5850 since morning. Financial, healthcare and select metal companies' shares along with heavyweight Infosys were putting pressure on markets.However, Anil Dhirubhai Ambani Group, cement and oil & gas companies' shares along with TCS, Wipro, Tata Motors, DLF, Sterlite, Bajaj Auto and Tata Power were on buyers' radar, which were quite supportive.Nilesh Shah of Envision Capital said the start to 2011 has been pretty shaky. "That
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