Markets ended today's session on a weak note led by selling pressure witnessed by the heavyweights stocks such as Tata Motors, Mahindra & Mahindra, Reliance Industries, State Bank of India and Larsen & Toubro. The Sensex provisionally ended weaker by 134 points at 18,579 and the 50-share Nifty slipped 42 points to end at 5,645.
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(Updated at 2.32 PM)
Markets have erased early gains and are trading on a weak note in the late noon deals on the back of selling pressure visible in metal, capital goods, auto and FMCG heavyweight stocks. The Sensex has slipped 60 points at 18,653 and the 50-share Nifty has shed 19 points to 5,667 levels.
Meanwhile, the European markets are trading marginally higher as investors were buoyed by the latest batch of US data and earnings and hopeful a meeting of European leaders later in the week can advance plans to tackle Spain and Greece's debts.
CAC, DAX and FTSE 100 were up 0.4-0.5% each.
The Asian markets ended on a positive note as investor sentiment improved thanks to an overnight rally in U.S. stocks that was fuelled by better than expected earnings from Citigroup Inc (C.N), the third-largest U.S. bank, and above forecast retail sales data.
The Hang Seng, Nikkei, Taiwan Weighted and Seoul Composite ended higher by 0.3-1.4% each.
Back home, Tata motors is the top Sensex loser. The stock has slipped 2.4% to Rs 262 after the company’s global vehicle sales, including that of Jaguar Land Rover (JLR), decline by 4.5% at 103,656 vehicles in September from the year-ago period. The country’s largest commercial vehicle manufacturer had sold 108,570 vehicles in the same month of previous year.
Mahindra & Mahindra is also down 3.5% at Rs 827 after Credit Suisse downgraded auto maker to “neutral” from “outperform” and recommends investors switch to Maruti Suzuki India instead..
Sterlite Industries, Jindal Steel, Hindalco, BHEL, Cipla, Larsen & Toubro, Tata Steel, HUL, State Bank of India, ONGC and Reliance Industries are also trading weaker by 0.5-2.4% each.
On the contrary, Bharti Airtel, Maruti Suzuki, HDFC, TCS, Infosys, Hero MotoCorp, NTPC, Sun Pharma and Bajaj Auto are among the notable gainers.
Selling pressure is visible across the board. The BSE realty index is the top sectoral loser, down 1.3% at 1,855. Auto, metal, capital goods, power, PSU, oil & gas, bankex and FMCG indices are also down 0.2-1% each. While, IT and consumer durable indices are holding on to some gains.
Among the individual stocks, Axis Bank is trading higher by over 3% to Rs 1,153 levels on reporting a better-than-expected 22% year-on-year (yoy) growth in net profit at Rs 1,124 crore for the second quarter ended September, 2012.
The performance comes on the back of growth in interest and fee income, as well as lower expenses. Analyst on an average expected profit of Rs 1,116 crore from the private sector bank.
Yes Bank is trading lower by 3% at Rs 384 on back of huge bulk deal in early trades on the Bombay Stock Exchange (BSE). About 11.34 million shares changed hands through bulk deal on BSE. The buyers and sellers are not immediately known.
GIC Housing Finance has surged 7% to Rs 103 on reporting over two-fold jump in the net profit which came in at Rs 23.15 crore for the second quarter ended September 2012 due to higher operational income and lower other expenditure. The housing finance company had profit of Rs 9.30 crore in previous year quarter.
The broader markets are trading on a mixed note. The BSE mid-cap index is down 0.2% or 14 points at 6,667 while the BSE small-cap index is up 0.1% at 7,149.
The overall breadth is negative as 1,513 stocks are declining while 1,237 are declining.
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