Markets slip; pharma, cement up

STOCK REPORT

Shares ended down nearly 1 per cent on Tuesday, as investors stayed on the sidelines waiting for April-June corporate earnings to decide market direction. Most automobile shares fell on weak sentiment as Hero Honda Motors posted lower-than-expected results for the quarter on Tuesday.

However, pharamaceutical and cement company shares rose, bucking the market trend. Shares remained down through the session on negative overseas cues.

Asian technology shares were weak on Tuesday tracking their US counterparts and on concerns about a hike in interest rate by the Bank of Japan.

The US markets were weak on Monday on uncertainty over April-June corporate results after poor earnings from two major technology companies.

The Bombay Stock Exchange's 30-share Sensex ended at 10614.35, down 69.95 points or 0.6 per cent, after moving between 10566.71 and 10699.62.

The National Stock Exchange's 50-share Nifty ended at 3116.15, down 25.85 points or 0.8 per cent, after moving between 3146.00 and 3100.40.

The total turnover on both the exchanges was Rs 7,300 crore compared with Rs 7,000 crore on Monday.

Dabur India, up over 3.1 per cent, was the lead Nifty gainer, followed by Cipla and Gujarat Ambuja Cements, up 3 per cent each.

Notable Nifty laggards were Hero Honda, down 6 per cent, Steel Authority of India and Suzlon Energy, down 4 per cent each.

Hero Honda Motors remained weak through the session and ended down after the company reported net profit of Rs 237 crore for April-June, lower than expectations of Rs 263 crore based on a poll.