Business Standard

Earnings disappointments pull down markets

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SI Reporter Mumbai

The markets opened higher this morning, however, have soon pared gains on the back of earnings disappointment from select index stocks. Maruti is particular has been a major loser in early trades.

The Sensex touched a high of 18,194, but is now up two points at 18,133.

The NSE Nifty is down three points at 5,446.

Maruti has slumped nearly 9% to Rs 1,239 after the company reported 20% drop in Q1 net owing to royalty payment.

JP Associates too has tumbled 4.5% to Rs 123 on reporting 5% growth in net profit.

Meanwhile, Hero Honda has tanked 5.5% to Rs 1,850. The company is scheduled to announce its results on Thursday. Tata Motors is down 1%, while Mahindra & Mahindra is trading on a flat note.

SBI, Tata Steel and DLF are the other notable losers.

Bharti Airtel and Sterlite have advanced over 1% each to Rs 318 and Rs 176, respectively.

ICICI Bank, Reliance Communications and Wipro are up 1% each at Rs 920, Rs 190 and Rs 417, respectively.

The market breadth is fairly positive - out of 1,733 stocks traded so far, 1,133 have advanced and 551 have declined.

 

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First Published: Jul 26 2010 | 9:17 AM IST

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