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