Markets continued to trade on a soft note, owing to soft cues from the global markets. While the market didn’t react as strongly to the poor IIP numbers on Thursday, the undertone remained weak. The Sensex, after touching a low of 17,504, was down 30 points at 17,530. Nifty was down 13 points at 5,310.
Asian shares paused its recent run as investors took stock of a four-day rally driven by optimism, yet to be borne out by action, that authorities will soon take the steps needed to ease concerns over the euro zone's debt crisis and weak growth. Hang Seng and Nikkei shed around 1% each while Shanghai Composite and Straits Times declined marginally in trades.
BSE consumer durables index shed 1.2% to 6,292. Auto, capital goods, power and bankex have slipped 1% each.
Maruti Suzuki has jumped 1.3% to Rs 1,160. Sterlite is up 1%. Reliance,TCS and ITC are the key movers. Bharti Airtel, after gaining 2% this morning is now trading flat at Rs 257.
SBI was unchanged at Rs 1,973 ahead of its quarterly result today. Meanwhile, UBS downgraded State Bank of India to "sell" from "buy", saying a weak monsoon would add to its "already high" non-performing loans.
Meanwhile, Hero MotoCorp and Tata Motors shed 2.5% each. Bajaj Auto and Mahindra & Mahindra also shed 1-2% each. BHEL, Tata Power, Tata Steel and Coal India were some of the other key losers.
Among other stocks, Tech Mahindra was trading higher by 2.6% at 782 after reporting a better-than-expected 22% year-on-year (yoy) jump in consolidated net profit at 339 crore for the first quarter ended June 2012, on back of strong performance in the Mahindra Satyam unit and currency boost. Revenues grew 19% at 1,543 crore on y-o-y basis.
Strides Arcolab has advanced 1.4% at 785 as the firm is considering a sale of injectable drugs unit. Meanwhile, shares of Deccan Chronicle Holdings and Kingfisher Airlines have hit their fresh all-time low on the Bombay Stock Exchange (BSE).
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