Nifty closes below 51,00 mark
Mumbai, Jan 21: Benchmark Nifty closed below the 51,00 mark and Sensex closed the session over 400 points below owing to the dismal Q3FY10 numbers from the infrastructure major Larsen & Toubro.
Acting below the maket expectation, the company's Q3 adjusted PAT (profit after tax) increased 15.21pc to Rs 696 crore and net sales were down 6pc at Rs 8,071 crore.
At the closing session, BSE Sensex was down 423 pts at 17,050 and Nifty closed at 5,093, down 128 points.
Among the capital goods companies, BHEL remained consistent at 35.67pc jump in its Q3 net profit of Rs 1072.6 crore and its net sales increased 17.9pc to Rs 7,100.3 crore. Punj Lloyd down 4.7pc ahead of numbers tomorrow, Siemens with 5.89pc lost and ABB down 2.2pc were among the other losers.
In the Benchmark Nifty, all the sectoral indices closed in red. Caital good, down over 5pc was the major loser, along with Power, Realty, Healthcare, Metal, Bank and Oil & Gas indices down 2 to 3.5pc.
ICICI Bank's Q3FY10 numbers were in-line with estimates. Its net profit slipped 13.44pc to Rs 1,101 crore and net interest income increased 3.42pc to Rs 2,058 crore.
In the other banking stocks, Kotak Mahindra Bank dipped 3.77pc despite good Q3 numbers; HDFC Bank, PNB, Axis Bank, Bank of Baroda and SBI (its numbers will be on Monday) slipped 1.7 to 2.5pc.
Reliance
Industries,
Mukesh
Ambani's
flagship
company,
tanked
2.2pc
ahead
of
its
third
quarter
numbers
on
Friday,
Jan
22.
Post
market
hour,
ONGC
also
reported
less
than
expected
third
quarter
numbers.
Its
net
sales
went
up
23.60pc
to
Rs
15,372.57
crore
and
net
profit
up
23.38pc
to
Rs
3,053.58
crore.
Meanwhile in other oil & gas stocks, Cairn India, HPCL and GAIL lost 2.3 to 3.4pc and BPCL was down 0.76pc.
While
Bharti
Airtel,
India's
largest
telecom
player
will
also
announce
its
results
tomorrow,
the
other
telecom
stocks
like
Tata
Teleservices,
Tata
Communications,
MTNL,
Reliance
Communications
and
Idea
Cellular
lost
1
to
3.4pc.
4:30
PM
Nifty slips below 5150 level
Sensex continued its losses owing consistent selling in capital goods, particularly after third quarter results of L&T and BHEL. The losers in this session were Banking, power, metal and realty stocks along with Reliance Industries, Bharti, Infosys, Tata Motors and Hero Honda.
The benchmark Nifty was below the 5150 level as well.
However, the losses were capped to major extent by continues buying in FMCG and pharma stocks.
At 1:45 pm Nifty was at 5,146, down 75 points ans Sensex was trading at at 17,238, down 235 points.
In Nifty L&T with over 4pc lost was the top loser. The company's Q3 adjusted PAT (profit after tax) rose 15.21pc to Rs 696 crore and net sales dropped 6pc at Rs 8,071 crore versus Rs 8,594 crore.
BHEL showed 35.67pc jump in its Q3 net profit of Rs 1072.6 crore and its net sales increased 17.9% to Rs 7,100.3 crore. while the company's bottomline was in-line with market expectations, revenues was below the estimates.
ICICI Bank was down around 2.7pc ahead of its numbers.
In the Midcap space; Jet Airways, Bombay Dyeing, Thomas Cook, Jai Corp and State Bank of Bikaner moved up 2.8-6.7pc. However, Mahindra Holiday, Anant Raj Industries, Havells India, Andrew Yule and GMDC lost 5 to 7pc.
In
the
Smallcap
space;
Raymond,
Nirlon,
Jindal
PolyFilm,
Maharashtra
Polybutenes
and
Maharashtra
Ele
were
up
5
to
9.8pc,
while
Fresenius
Kabi,
Mount
Everest,
Transport
Corp,
Solvay
Pharma
and
Dynamatic
Tech
slipped
7.4
to
11.8pc.
2:30
PM
Nifty
down
30pts;
RIL
slips
Market
was
under
pressure
on
the
back
of
consistent
selling
in
in
banking,
capital
goods
and
power
stocks
along
with
Reliance
Industries,
Sterlite,
Tata
Motors,
DLF,
Hero
Honda
and
Hindalco,
couple
with
weak
Asian
market.
At 11:28 am Sensex was trading at at 17,374, down 100 points and Nifty down 30 points at 5,191.
In
the
largecap
space,
the
gainers
were
M&M,
Reliance
Communications,
Sun
Pharma,
Wipro,
HUL,
BPCL
and
Cipla
up
1
to
1.5pc,
while
,
Tata
Power,
ICICI
Bank,
L&T,
Suzlon
Energy,
Sterlite
Industries
and
HDFC
Bank
down
1.7
to
2.4pc
were
the
losers.
Among the midcaps, Phoenix Mills, Bombay Dyeing, Jet Airways, Thermax and Jai Corp shot up 4.4-7pc. However, Andrew Yule, Mahindra Holiday, National Fertiliser, STC India and Rashtriya Chemical dipped 4 to 8pc.
Among the smallcaps, Raymond was up 14.13pc, Navneet, Cosmo Films, Prime Securities and Vikas WSP gained 7.5 to 8pc. Solvay Pharma, Mount Everest, Fresenius Kabi, Transport Corp and KPIT Cummins, on the other hand, dropped 6 to 8.5pc.
Q3FY10 consolidated net profit of Biocon increased 186.88pc to Rs 80.9 crore and net sales rose 45.6pc to Rs 635.1 crore better-than-expectations numbers.
Meanwhile,
Q3FY10
net
profit
of
Edserv
Softsystems
increased
90.9pc
to
Rs
5.6
crore
and
revenues
shot
up
933.33
to
Rs
15.5
crore.
The
stock
was
flat.
11:50
AM
Sensex
opens
on
flat
note;
metal,
banking
dip
Sensex
opened
on
a
flat
note,
owing
to
weak
global
cues
after
China
asked
some
banks
to
limit
their
lending.
Banking,
realty,
metal,
select
technology
and
power
stocks
were
under
pressure.
At 9:02 am, Nifty was down 12 points at 5,209, and the Sensex was at 17,438, down 37 points5,209, down 12 points.
Among the frontliners, the losers in the early trade were Suzlon Energy, Sterlite Industries, ICICI Bank (ahead of numbers), Tata Motors, Ambuja Cements, IDFC, Hindalco, Hero Honda, Unitech, DLF and Infosys.
Dr Reddys Labs declined 5pc.
However, buying were witnessed in ONGC, BPCL, BHEL, Sun Pharma, Maruti and M&M.
Midcap and smallcap space:
Post results and restructuring of business, Triveni Engg moved up just 0.1p, while Kingfisher Airlines, Mahindra Holidays and KPIT Cummins declined post results.
Raymond was up 3pc and JK Tyre rose 1.4pc post Q3FY10 numbers.
RCF was slipped 4pc and Chambal Fertiliser was down 1pc on profit booking.
As result of the USD 225 million worth 7 year contract bagged by its Singapore branch, Mercator Lines shot up 1.5pc, as its
Global cues:
Asian markets were trading lower. Hang Seng and Jakarta were down 1pc. Shanghai and Kospi slipped 0.3pc each. Straits Times lost 0.7pc and Taiwan was down 0.9pc. Nikkei, however gained 0.37pc.
The US markets witnessed worst loss in more than two months after China asks bank to curb lending.
9:50 AM
OneIndia News