Markets have slipped into the red in noon deals on the back of weakness in Infosys and L&T. At 1:05pm, the Sensex was down 104 points at 18,700 and the Nifty slipped 25 points at 5,683.
In the broader markets, the midcap and the samllcap indices gained 0.5% each outperforming the Sensex which was down 0.5%.
Among the sectoral indices on the BSE, IT slipped over 2% followed by Capital Goods and Auto down 0.6 and 02% respectively.
Gail India, Cipla and TCS up 1%e each were the top gainers among the Sensex stocks.
Infosys continued to remain the top loser having slipped 5% to Rs 2,399 after the company lowered its revenue guidance for the current fiscal 2013 in dollar terms. BHEL, Wipro, Dr Reddys Lab, Sun Pharma, Bharti Airtel and ICICI Bank down 1% each were the other notable losers.
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(Updated at 12:06 pm)
Markets have recovered in the late morning deals and are trading on a flat note on the back of better month on month IIP numbers. The buying visible in the realty, metal and consumer durable stocks. Sensex is down 18 points at 18,786 and the Nifty has slipped 6 points to 5,702.
Meanwhile, the Index of Industrial Production (IIP) data with base 2004-05 for the month of August 2012 has been released by the government. The General Index for the month of August 2012 is 2.7% higher as compared to the level in the month of August 2011.
Infosys continues to remain the top loser among the Sensex stocks. It has slipped 5% to Rs 2,406 after the country’s second-ranked software services provider has lowered its revenue guidance for the current fiscal 2013 in dollar terms.
Wipro, Sun Pharma, Larsen & Toubro, Tata Motors, Bajaj Auto, ICICI Bank, Bharti Airtel and HDFC are also trading on a qweak note.
On the other hand, Jindal Steel, Gail India, TCS, NTPC, HDFC Bank, Mahindra & Mahindra, Sterlite Industries, Tata Steel, Hindalco, Cipla and Tata Power are among the gainers, up 1-1.6% each.
Driven by losses in the IT heavyweight, the BSE IT index is the top sectoral loser, down 2% or 125 points at 5,765. Teck and capital gods indices are also in the red. While, consumer durables, realty, metal, healthcare, FMCG, power and PSU indices are up 0.5-1.3% each.
Among the individual stocks, Fresenius Kabi Oncology is trading lower by 3% at Rs 84.35, extending its previous day’s 6% fall after fixing a floor price for the sale of shares at discount to the current market price.
Shares of cement manufacturer have rallied on the bourses in otherwise weak market on reports that the Competition Appellate Tribunal (COMPAT) has asked the fair trade regulator Competition Commission of India (CCI) to give fresh copies of its order levying over Rs 6,300 crore in penalties on 11 cement companies in June this year for cartelisation, providing them with complete details on production, pricing and sales.
The broader markets outperforming the benchmark indices. The BSE mid-cap and small-cap indices are up 1% each.
The overall breadth is positive as 1,460 stocks are advancing while 1,024 are declining.
