Markets have dropped further in trades as selling continued in Reliance and Tata Motors. The Sensex is down 100 points at 17,705. Nifty is down 34 points at 5,326.
Asian markets are trading in the neative zone. Hang Seng has slipped 1% to 19,791. Straits Times, Seoul Composite and Taiwan Weighted have dropped 0.5-1.5% each. Nikkei, however, is down marginally at 9,042. Global markets would be looking at the G-20 meeting on November 3 and 4 for direction. The Euro zone crisis is likely to be in limelight during the meeting.
Last week benchmark indices Nifty and Sensex closed on a positive note, higher by more than 6% on a week on week basis. The rally was led by sectors like metals and realty which gained more than 9% and 8%, respectively.
Weakness can be seen in most of the sectoral indices. However, the IT index has gained smartly following Wipro's results.
Wipro has reported Q2 net profit at Rs 1,301 crore a while ago. COnsolidated revenue stands at Rs 9,094 cr. The IT major has sees IT revenues to be at $1.5 -1.53 billion. The stock is up 2.7% followed by Infosys at Rs 2,895 - up 1.2%.
"CNXIT Resistance is at 6350 and support at 6250. Some selling is visible now. I would recommend to go long on Educomp, TCS and HCL tech," said Hormuz Maloo, Technical Analyst, Geojit BNP Paribas Securities.
Among individual stocks, Maruti Suzuki’s September 2011 quarter net profit saw a 59.81% decline to 240.44 crore. The stocks is down 2.7% at Rs 1,097. Tata Motors from teh auto pack is the biggest loser among Sensex stocks and is down 3.5% at Rs 199.
Metal names are in the red. Sterlite, Hindalco and Jindal Steel have shed 2-3% each.Among other losers are ONGC< Tata Power, Coal India and Sun Pharma.
Textile stocks have surged in morning deals on news that the Union Ministry for Textile has granted an integrated Textile Park for Tripura. Andhra Sugar has soared 14% to Rs 124 this morning after announcing results. The stock had touched a new 52-week high of Rs 130 in opening deals.
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