January 13, 2011 / 14:45 IST
At 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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