Nifty closes below 2700; M&M, Tata Steel fall

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Mumbai, Jan 22:Equities ended sharply lower Friday as traders booked profits and created short positions on account of uncertainty in global economic outlook.

Selling pressure continued in second rung stocks as companies disappointed in third quarter results. Economic news from the UK were also disappointing. UK"s 2008 GDP growth has been 0.7 per cent, lowest since 1992, confirming the country is in recession.

Bombay Stock Exchange"s Sensex closed at 8,686.45, down 127.39 points or 1.45 per cent. The index touched an intra-day low of 8631.60 and high of 8858.84.

National Stock Exchange"s Nifty ended at 2681.10, down 32.70 points or 1.20 per cent. The index touched an intra-day low of 2661.65 and high of 2765.55.

BSE Midcap Index was down 1.53 per cent and BSE Smallcap Index declined 1.45 per cent.
4.35 PM

Sensex hovers near 8700; realty, metals down

Equities were facing across the board selling as traders booked profits in index heavyweights. Realty, metals and banks were the worst hit. Reports that Prime Minister Manmohan Singh will undergo by-pass surgery AIIMS Saturday had some sentimental negative impact on the indices.

At 1:10 pm, Bombay Stock Exchange"s Sensex was at 8711.72, down 102.12 points or 1.16 per cent. It touched a low of 8678.53 and high of 8858.84 in trade so far.

National Stock Exchange"s Nifty was at 2681.25, down 32.55 points. The broader index touched an intra-day low of 2673.45 and high of 2765.55.

Biggest Nifty gainers were Cipla (8.59 per cent), Tata Motors (2.9 per cent), Reliance Infrastructure (1.43 per cent), Reliance Industries (1.21 per cent) and ONGC (0.85 per cent).

Unitech (-7.23 per cent), Mahindra & Mahindra (-7.16 per cent), National Aluminium (-6.77 per cent), Zee Entertainment (-6.24 per cent) and Punjab National Bank (-4.19 per cent) were the losers.
2.24 PM

Nifty slips below 2700 on weak global cues

Equities were under pressure Friday as investors squared positions tracking global markets which were down on concerns of challenging times ahead for global economy. Shares of Reliance Industries opened higher but failed to provide any support to the indices.

“The Dow closed negative and Asian markets are in the red as well. Yesterday we saw weak data related to jobless claims in the US, with claims being above analyst expectations. Microsoft too announced job cuts as well as poor results which led to the fall in in the US markets. Our markets might open flat and rally on the back of better than expected results from Reliance Industries. We recommend buying into the markets at lower levels," said Religare report.

At 10:30 am, Bombay Stock Exchange"s Sensex was at 8744.64, down 69.20 points or 0.79 per cent. The index touched a low of 8719.01 and high of 8858.84.

National Stock Exchange"s Nifty was at 2697, down 16.80 points or 0.62 per cent. The broader index touched an intra-day low of 2684.40 and high of 2765.55.
12.03 PM

Flat start for equities; RIL surges

Indian stocks opened on a flat note with a negative bias on Friday amid weak global markets. The BSE Oil & Gas sector edged hiher helped by gains in Reliance Industries. Ranbaxy"s third quarter losses took a toll on its shares.

Bombay Stock Exchange"s 30-share Sensex was down 34 points at 8779.50. National Stock Exchange"s benchmark Nifty slipped 3 points to 2710.40 from Thursday"s close.

Even as Reliance Industries posted a 10 per cent decline in net profit to Rs Rs 3,501 crore in the October-December quarter, the index heavyweight beat market forecast to report better-than-expected profits on earning more than average margins on refining oil, despite
extreme volatility in prices. The stock opened 3.28 per cent higher at Rs 1,170.

Meanwhile, US stocks fell on Thursday, weighed down by Microsoft's proposed job cuts and disappointing earnings, while economic data showed further deterioration in the labor and housing markets. The Dow Jones Industrial Average fell 105.30 points, or 1.28 per cent, to end at 8,122.80, the Standard & Poor's 500 Index slid 12.74 points, or 1.52 percent, to finish at 827.50. The Nasdaq Composite Index declined 41.58 points, or2.76 percent, to close unofficially at 1,465.49.

Oneindia News (With inputs from Agencies)

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