 "Markets remain flat, Asian cues weigh on sentiments")
Markets continued to trade on a choppy note after changing directions several times today. The Sensex after touching a high of 19,833 pared gains as bourses in Japan fell over 3% from their highs. The BSE 30 share index is now up 41 points at 19,716. Nifty is up 22 points ta 5,990.
In Asia, meanwhile, the sell-off continued with Nikkei shedding 3% from the day's high. It finally ended with 1% gains at 14,612. The Nikkei has soared nearly 70 percent since November, off the back of aggressive fiscal and monetary policies to revive the economy, leaving the market susceptible to profit taking. It fell more than 7 percent on Thursday after Chinese data raised doubts about the health of the global economy, but it found support on Friday from investors looking for bargains.
BSE capital goods index gained 1.9% at 9,618 on the back of gains in Larsen & Toubro even as another major stock, BHEL, dropped in trades.
The consumer durables index added 1.5% at 7,405. Metal, realty, bankex and power indices added around 1% each.
However, the BSE healthcare index shed 1.5% at 8,714. IT index was also down.
Sun Pharma was down 4% at Rs 965 after its oversubsidiary Taro Pharmaceutical reported lower-than-expected operating profit margin for the fourth quarter ended March 31, 2013. For the fourth quarter, net sales for the quarter increased 13.8% to $165.1 million from $145.1 million and net profit has inched up 4.2% to $49.2 million from $47.2 million.
From the metal space, Hindalco shed 3% at Rs 106. TCS, Cipla and GAIL India dipped 1-2% each.
On the other hand, Tata Steel reported profit for its Indian operations. The stock had corrected yesterday in tandem with the sharp fall in the market. Tata Steel Ltd reported a net loss of Rs 6,528.5 crore for the quarter ended March 31 against a profit of Rs 433.5 crore in the corresponding period last year. The company recorded a goodwill write-down of Rs 8,356 crore in the quarter on account of its operations in Europe and Southeast Asia. The stock was the top gainer among Sensex stocks, up 3.7% at Rs 311.
Tata Power added 3.5%, followed by ICICI Bank, Maruti Suzuki and Sterlite.
BSE market breadth was neutral. Out of 2,288 shares traded, 1,067 shares advanced while 1,075 shares declined.
In Asia, meanwhile, the sell-off continued with Nikkei shedding 3% from the day's high. It finally ended with 1% gains at 14,612. The Nikkei has soared nearly 70 percent since November, off the back of aggressive fiscal and monetary policies to revive the economy, leaving the market susceptible to profit taking. It fell more than 7 percent on Thursday after Chinese data raised doubts about the health of the global economy, but it found support on Friday from investors looking for bargains.
BSE capital goods index gained 1.9% at 9,618 on the back of gains in Larsen & Toubro even as another major stock, BHEL, dropped in trades.
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L&T rose 2.97% on bargain hunting after the stock fell 12.59% in the preceding four trading sessions to Rs 1,418.65 on Thursday.
The consumer durables index added 1.5% at 7,405. Metal, realty, bankex and power indices added around 1% each.
However, the BSE healthcare index shed 1.5% at 8,714. IT index was also down.
Sun Pharma was down 4% at Rs 965 after its oversubsidiary Taro Pharmaceutical reported lower-than-expected operating profit margin for the fourth quarter ended March 31, 2013. For the fourth quarter, net sales for the quarter increased 13.8% to $165.1 million from $145.1 million and net profit has inched up 4.2% to $49.2 million from $47.2 million.
From the metal space, Hindalco shed 3% at Rs 106. TCS, Cipla and GAIL India dipped 1-2% each.
On the other hand, Tata Steel reported profit for its Indian operations. The stock had corrected yesterday in tandem with the sharp fall in the market. Tata Steel Ltd reported a net loss of Rs 6,528.5 crore for the quarter ended March 31 against a profit of Rs 433.5 crore in the corresponding period last year. The company recorded a goodwill write-down of Rs 8,356 crore in the quarter on account of its operations in Europe and Southeast Asia. The stock was the top gainer among Sensex stocks, up 3.7% at Rs 311.
Tata Power added 3.5%, followed by ICICI Bank, Maruti Suzuki and Sterlite.
BSE market breadth was neutral. Out of 2,288 shares traded, 1,067 shares advanced while 1,075 shares declined.