The BSE benchmark fell 0.4%, though it showed some recovery from day's low post positive opening of European markets. The 50-share NSENifty managed to hold the 5100 level amid sell-off; it was down 22 points to 5,110.45. Meanwhile, the 30-share BSESensex dropped 69 points to 17,013.
Reliance Industries was not showing any sign of recovery; it crashed 3.5%, though second quarter results were in line with market expectations.
NTPC, Bharti Airtel, L&T, Sun Pharma, BHEL, Wipro and SAIL fell 1-2%. TCS and Infosys slipped just over 0.5% on profit booking.
However, buying continued in auto, financial and realty stocks. Tata Motors jumped 3.5% post imroved sales numbers globally for September. Maruti Suzuki rose 2.8% and M&M gained 1%.
From the financial space, SBI and Axis Bank climbed nearly 2%. HDFC Bank and HDFC were up 0.4%. ICICI Bank was marginally higher.
New listing - Onelife Capital surged 41% to Rs 155 as against issue price of Rs 110 a share.
IRB Infra, Reliance Industries, Infosys and SBI were most active shares on exchanges.
In the midcap space, Jaypee Infra shot up 16%. Sterling Tools, Balrampur Chini, DB Realty and Godfrey Phillip gained 4-9% while BGR Energy, Jindal Saw, HCC, Glenmark and Anant Raj Industries lost 3-3.5%.
Market breadth was mixed; about 1265 shares advanced as against 1236 shares declined on BSE.
On the global front, European markets like France's CAC, Germany's DAX and Britain's FTSE rose 0.7-0.9% in the opening trade. Asian markets moved up 1-1.5% while Shanghai was flat.
At 11:35 hours IST : Nifty tests 5100 on heavy sell-off in RIL, infra
The NSE benchmark broke the 5100 mark due to sell-off in heavyweight Reliance Industries post second quarter earnings. Overall, the market was marginally lower amid choppy trade. Technology, capital goods, power, healthcare, ADAG and cement companies' shares too were witnessing selling pressure. However, buying in rate sensitives has limited the downside. The 30-share BSE Sensex fell 114 points to 16,968.26 and the 50-share NSE Nifty shed 35 points to 5,097.40.
Reliance Industries plunged more than 3.5% as it is seemed that investors did not like second quarter earnings of the company.
With the profit figure largely being in line with what the street expected at Rs 5,700 crore, Narendra Taneja of Upstream says the flattish growth on the D6 or gas part will continue, as indicated, for another three quarters.
Further, Taneja says he see further decline in the production for a time period of about 6 months to about 12 months.
Largecaps like NTPC, TCS, Bharti Airtel, L&T and BHEL were down between 1% and 2%. Infosys was down 0.65% and ITC down 0.3%.
However, SBI and Axis Bank gained 1.7% each. HDFC and HDFC Bank were up over 0.5%.
From the auto space, Maruti Suzuki jumped 2.7% on the back of short covering. Tata Motors rose 2.4% post global sales data for September.
Among others, M&M and DLF moved up 1.5% each. ONGC and HUL were marginally higher.
At 10:30 hours IST : Nifty flat amid seesaw trade; banks, FMCG lead
Indian equity benchmarks were hovering around their previous closing values. On one side, financial, realty and FMCG stocks were supporting the market. But on the other side, fall of more than 2% in heavyweight Reliance Industries weighed the market down. Technology and telecom stocks too were under pressure.
The 30-share BSE Sensex was trading at 17,054.23, down 28.46 points and the 50-share NSE Nifty fell eight points to 5,124.50.
Hiren Ved, director and chief investment officer of Alchemy Capital Management is sceptical about the chances of the market breaking out of the trading range. "We are still pretty much in a very broad range between 4700 and 4800 on the downside, and may be 5400-5500 on the upside," he says. "We will have to spend a lot of time before the issues that we face, both domestically as well as internationally, get sorted out," he rues.
Reliance Industries fell over 2.5% to below Rs 850 a share, though its second quarter results just about met expectations.
Meanwhile, ONGC gained 1%.
Shares of India's largest software services exporter TCS lost more than 0.5% ahead of results today, scheduled to be released after market hours. Profit booking could be the reason as technology stocks rallied sharply last week. Infosys was down 0.7% and Wipro down 0.4%.
From the power space, NTPC slipped 1.7% and Power Grid was down 0.5%. Among others, BHEL, Bharti and SAIL declined 0.5-1%.
Nonetheless, SBI and Axis Bank surged 2% each. HDFC Bank gained 1%. HDFC rose 0.8% ahead of results today. Meanwhile, ICICI Bank was up 0.5%.
From the auto space, Tata Motors jumped nearly 3% post global sales numbers for September due to Land Rover sales.
From the realty space, DLF rose 2.5%.
Overall, about two shares were seen gaining for every share that fell on National Stock Exchange.
Source: moneycontrol.com
