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Benchmark share indices were trading lower in noon trades amid profit taking in Lupin, Bajaj Auto and private lenders.
At 1:45PM, the 30-share Sensex was down 110 points at 28,395 and the 50-share Nifty was down 37 points at 8,596.
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(Updated at 1:20PM)
Markets continued to trade flat as gains in Infosys and Tata Motors helpded offset most of the losses in Bajaj Auto and private lenders. Meanwhile, the deadlock between the government and the opposition in the monsoon session of the parliament continues to dampen sentiment.
At 1:20PM the Sensex was down 9 points at 28,496 and the Nifty was down 6 points at 8,628.
In the broader market, the small-cap stocks were in focus with the Small-cap index up nearly 1% while the Mid-cap index was up 0.3%. Market breadth remained strong with 1,535 gainers and 1,071 losers on the BSE.
RUPEE
The rupee was trading lower at 63.65 against the US Dollar because of sustained dollar demand from banks and importers.
RESULTS TODAY
Some of the companies that will announce their April-June results include Wipro (down 0.8%), GAIL (up 0.5%), Lupin (down 1%), Biocon (up 1%), United Spirits (down 0.2%), Indian Bank up 0.6%), Rallis India (0.8%) among others.
RESULTS IMPACT
Ceat rose 5% after the company reported a 134.2% increase in net profit in the June quarter to Rs.121.01 crore compared with Rs51.67 crore a year ago.
Bajaj Finserv gained 4% after the company reported a 46% jump in net profit in the June quarter aided mainly by robust profit from life insurance business.
Container Corporation of India has shed 5.6% after the company reported a 21% decline in net profit to Rs.206.9 crore in the June quarter compared with Rs.261.88 crore a year ago.
Alstom India is down 3% after the company reported 46.3% decline in net profit in the June quarter to Rs.8.05 crore compared withRs.14.99 crore a year ago.
KPIT Technologies gained 4% after the company posted consolidated net profit of Rs.44.4 crore in the June quarter, down 11.7% from a quarter ago.
Bajaj Auto has shed 4% post its quarterly results as the company’s operating profit failed to meet the street expectations.
SECTORS & STOCKS
BSE Oil and Gas index was the top gainer along with Auto and Realty indices while Capital Goods, Bankex and FMCG indices were the top losers.
Among the private lenders, HDFC Bank and ICICI Bank were down 0.4-0.5% each.
Tata Steel was down nearly 3% on weak industry outlook with the global crude steel output slipping 2%. Among its peers, Hindalco and Vedanta have lost up to 1%.
FMCG shares witnessed profit taking. HUL and ITC are down 1.4% and 0.4% each.
Shares of Cairn India rallied nearly 7% on the NSE, on media reports that Britain's Cairn Energy Plc is set to vote against Vedanta buyout offer for Cairn India's minority shareholders.
Among other shares, Shares of Dewan Housing Finance Corporation were trading higher by 1.6% at Rs 481 on the NSE after the board of directors of the company has recommended a bonus shares in the ratio of 1:1 i.e. one bonus share for every one share held.
