Sensex ends 110 pts down; Rupee dips 2% in 2-day, ITC up 2%

Indian shares reversed their previous day's gains due to profit booking and sharp fall in the currency. Stocks, which pushed the Sensex 181 points higher yesterday, like banking & financials, infrastructure, realty, metals and auto saw selling pressure.

The 30-share BSE Sensex shed as much as 180 points intraday, before closing with loss of 109.62 points at 18,682.31.

Meanwhile, the 50-share NSE Nifty dropped 34.45 points to end at 5,684.25, which has been in a tight range since it touched the 5800 level following government reforms to revive the sluggish economic growth and Federal Reserve & ECB's unlimited bond buying plans in September.

"Though we have fallen today, we are still in that silly trading range or irritating range i.e. just 90 points - 5,640 and 5,730. The Nifty has done nothing but move in this trading range for the last two weeks almost," Sudarshan Sukhani, s2analytics.com said.

The Indian rupee has seen sharp correction, losing over 2 percent since yesterday to hit an intraday low of 53.95 against the US dollar on Friday. It closed at 52.87 a dollar on Wednesday and at 53.41 on Thursday.

Cigarette major ITC outperformed other bluechips, rising over 2 percent to close at record high of Rs 297.50 following stronger-than-expected numbers in the September quarter. Net profit rose by 21% year-on-year to Rs 1,836 crore, helped especially by strong growth in its other fast moving consumer goods and agri business. Analysts had expected it at Rs 1,758 crore.

Country's largest software services exporter TCS fell over 1 percent ahead of second quarter numbers that are scheduled for today evening. Its rival Infosys gained 0.3 percent, which gained 1.2 percent in three consecutive sessions today after falling 7 percent in previous three days due to disappointing guidance for FY13.

Top telecom operator Bharti Airtel rebounded in late trade to end with 0.34 percent gains, which had been falling since yesterday after Telecom Commission recommendations.

India's largest lenders State Bank of India and ICICI Bank fell 0.9 percent while their rival HDFC Bank was down 1.1 percent. Housing finance company HDFC declined 1.17 percent.

Index heavyweight Reliance Industries and engineering conglomerate Larsen & Toubro were down 1 percent each. State-run power equipment maker BHEL lost 2 percent.

Metals stocks too were under pressure; Hindalco and Jindal Steel tanked 2.5 percent each. Tata Steel was down over 1 percent.

In the second line shares, Eclerx Services plunged 8.6 percent after lower than expected numbers in Q2 due to forex loss. Mastek was down over 4 percent on sharp fall in net profit of Q2.

Indian Hotels crashed 5.5 percent amid large volumes after the company launched hostile bid for buying 93.1 percent stake in Orient Express Hotels.

“Considering the large quantum of deal, slowdown in US & Europe and higher leverage of the company, we believe this deal if succeeds, would put more strain on the profitability and valuations of company on combined basis going forward,” ICICIDirect said.

Kingfisher lost 4.6 percent as media reports suggest that the company may lose permit if it fails to respond to Directorate General of Civil Aviation show cause notice today.

Gujarat NRE Coke, Persistent Systems and Talwalkars were up 12 percent, 9 percent and 2 percent, respectively after strong numbers in Q2.

Declining shares outnumbered advancing by a ratio of 1571 to 1227 on the Bombay Stock Exchange. The BSE Midcap Index was down 0.5 percent and Smallcap fell 0.3 percent.

On the global front, European markets were marginally lower as EU leaders met for a second day today to discuss a euro zone-wide banking union. (With inputs from CNBC)

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At 14 hours IST: Nifty below 5700; ITC up 2%, Exide down 8% post results

Indian equity benchmarks slipped 0.8 percent today due to profit booking in banking & financials, infrastructure, metals, auto and oil & gas exploration stocks. The Indian rupee extended losses, falling 42 paise to 53.83 against the US dollar.

The 30-share BSE Sensex dropped 150.60 points to 18,641.32 and the 50-share NSE Nifty fell 48 points to 5,670.65.

Shares of ITC, a cigarette major, hit a record high of Rs 298.80 after stronger-than-expected results in the quarter ended September 2012. The stock gained more than 2 percent as its net profit rose 21% year-on-year to Rs 1,836 crore, helped especially by strong growth in its other fast moving consumer goods and agri business, sending its shares up to a new 52-week high. Analysts on average were expecting ITC to report a net profit of Rs 1,758 crore.

Exide Industries, a lead acid storage battery manufacturer, reported lower than expected net profit growth of 135.7% year-on-year to Rs 120.2 crore in the quarter ended September 2012. Analysts had expected it at Rs 152 crore. The stock fell 8 percent amid large volumes.

Country's largest lender State Bank of India tanked 1.5 percent while its rivals ICICI Bank and HDFC Bank declined 1 percent each.

Capital goods majors Larsen & Toubro and BHEL were down over 1.5 percent. Housing finance company HDFC was down 1.4 percent.

Private oil & gas producer Reliance Industries and top software services exporter TCS fell nearly 1 percent. FMCG major Hindustan Unilever lost 1.7 percent.

Declining shares outnumbered advancing by a ratio of 871 to 542 on the National Stock Exchange.

At 12:32 hours IST: Sensex plummets 100 pts; SBI, ICICI Bank fall 1%

Indian shares extended losses in afternoon trade with the 30-share BSE Sensex falling more than 100 points, weighed down by banking & financials, capital goods, metals, auto stocks and HDFC pack. Index heavyweight Reliance Industries dropped 1 percent.

The BSE benchmark was down 134.39 points to 18,657.54 and the 50-share NSE benchmark declined 42.30 points to 5,676.40.

Banking stocks, which rallied quite smartly yesterday, were witnessing profit booking. India's largest lenders State Bank of India and ICICI Bank went down 1 percent each while their rival HDFC Bank slipped 0.8 percent.

Engineering conglomerate Larsen & Toubro and state-run power equipment maker BHEL dropped 1 percent each.

Top software services exporter TCS was down 0.6 percent ahead of second quarter numbers today evening.

Among metals and mining stocks, Jindal Steel and Hindalco Industries tanked nearly 2 percent. Sterlite Industries and Coal India were down 1.3 percent.

Shares of Infosys, Bajaj Auto, Dr Reddy's Labs and Wipro gained 0.3-0.7 percent.

On the global front, European markets fell marginally in early trade. Major Asian markets like Shanghai, Hang Seng and Nikkei were flat.

At 11:32 hours IST: Sensex loses over 50 pts; Reliance, Bharti, TCS, L&T down

Indian equity benchmarks remained under pressure with marginal losses while the broader markets were doing better than benchmarks with the BSE Midcap and Smallcap gaining 0.2-0.4 percent.

The 30-share BSE Sensex shed 54.77 points to 18,737.16 after yesterday's 181 points rally. Meanwhile the 50-share NSE Nifty fell 15.70 points to 5,703.

Country's largest telecom operator Bharti Airtel lost over 1 percent due to telecom recommendations. The empowered group of ministers yesterday deferred a decision on asking telecom operators like Airtel and Vodafone to give up their existing spectrum and buy less-efficient airwaves. Telecom Commission recommended that mobile phone firms give up all their spectrum/airwave holdings in more-efficient 900 mega hertz band when their permits come up for renewal starting November 2014.

Index heavyweight Reliance Industries, FMCG major Hindustan Unilever, engineering conglomerate Larsen & Toubro and software services exporter TCS were down 0.6-0.9 percent.

Housing finance company HDFC and private sector lender HDFC Bank declined 0.3 percent each.

Two-wheeler maker Bajaj Auto and drug producer Dr Reddy's Labs topped the buying list with 1 percent gains. Shares of Infosys, ICICI Bank, ITC, Tata Motors and Wipro gained 0.2-0.8 percent.

In the second line shares, Gitanjali Gems, Tulip Telecom, AstraZeneca, ABG Shipyard and Cox & Kings gained 4-6 percent while Tuni Textile, Indian Hotels, VST, Eros International and Hathway Cable slipped 2-5 percent.

At 10:23 hours IST: Nifty struggles at 5700; ITC hits new record high

Indian shares were trading lower after yesterday's run up, weighed down by Reliance Industries and L&T. HDFC Bank, TCS, Bharti and State Bank of India too added pressure on the market. The broader markets, however, outperformed benchmarks with the BSE Midcap and Smallcap indices gaining marginally.

The 30-share BSE Sensex fell 79.37 points to 18,712.56 and the 50-share NSE Nifty declined 23.20 points to 5,695.50.

Commercial vehicle maker Tata Motors bounced back with 0.4 percent gains. Cigarette major ITC, which touched a new all-time high of Rs 292.95, was trading flat ahead of second quarter numbers today in afternoon.

Two-wheeler maker Bajaj Auto, software services exporter Wipro and drug producer Dr Reddy's Labs were up 0.5-0.8 percent.

Private oil & gas producer Reliance Industries and country's largest lender State Bank of India fell 0.7 percent each.

Engineering conglomerate Larsen & Toubro, top software services exporter TCS, utility vehicle maker Mahindra & Mahindra and telecom operator Bharti Airtel slipped 1 percent.

Private sector lender HDFC Bank and housing finance company HDFC were down nearly 0.5 percent.

Shares of Sterlite Industries, Hero Motocorp, Jindal Steel, Tata Steel and Tata Power lost 0.8-1.3 percent.

Advancing shares outnumbered declining by a ratio of 655 to 580 on the National Stock Exchange.

At 9:20 hours IST: Profit taking drags Sensex down; Re dips 88 paise in 2-day

The BSE Sensex fell 50 points in early trade on account of profit booking after the rally of 181 points in previous session. The Indian rupee, which dropped 54 paise yesterday in late trade, lost another 34 paise in early trade today to trade at 53.75 against the US dollar.

The 30-share BSE benchmark was down 43.17 points to 18,748.76 and the 50-share NSE benchmark declined 13.45 points to 5,705.25.

Bharti Airtel lost another 1.5 percent on Telecom Commission recommendations. TCS fell over 1 percent ahead of second quarter numbers today.

HCL Tech, DLF, State Bank of India, L&T, JP Associates, Reliance Infrastructure, Reliance Industries, Tata Motors, Tata Steel and HUL were under pressure.

ITC was flat ahead of September quarter results today. The stock hit an record high yesterday, gaining 1.3 percent.

Dr Reddy's Labs, Cipla, Lupin, ACC, Ambuja Cements and Infosys were gainers.

The broader markets were flat as the market breadth was neutral.

In the second line shares, Gujarat NRE Coke shot up 12 percent, Persistent Systems was up 7% and Magma Fincorp gained nearly 8 percent after strong numbers in the quarter ended September 2012. Hindustan Zinc was up 1.4 percent after reporting results above expectations.

Indian Hotels went down 3.5 percent. The company has launched a hostile bid for Orient Express and will invest USD 650 million to acquire the same, which is too high and will put pressure on balance sheet, say experts.

Kingfisher Airlines plunged 4 percent on reports that the company may lose permit if it fails to respond to Directorate General of Civil Aviation show cause notice today.

Fortis Healthcare gained 3 percent. The Economic Times reported that Fortis Trust raised Singapore dollar 510 million on Singapore Stock Exchange by selling 70% stake in its business trust.

Praj Industries slipped 1.2 percent after disappointing numbers.

DB Realty was up 3.5 percent and Dish TV gained 1.5 percent.