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Markets extend losses

Last updated on: July 20, 2012 16:31 IST

BSEMarkets closed for the week in the red weighed down by financials and negative global cues.

The Sensex closed down 120 points at 17,158 and the Nifty lost 38 points at 5,205.

In the broader markets, the midcap index lost 0.2% and the smallcap index slipped 0.1% outperforming the BSE benchmark index which was down 0.7%.

The rupee traded marginally lower by 15 paise to 55.27 against the dollar in early trade today as the American currency gained strength against euro and other Asian currencies.

Asian shares eased as investors took profits and scrambled to cover shorts after positive U.S. earnings failed to dispel pessimism about the creaky global economy as more disappointing data emerged.

Except Hnag Seng and Taiwan Weighted all the other Asian markets closed in the negative. Nikkei down 1.4% was the top loser along with Shanghai Composite and Jakarta Composite losing 0.6-0.7%.

The European markets too were in the red with CAC, DAX and FTSE down 0.1-0.3%.

Back home, among the sectoral indices, Bankex, Capital Goods, Realty and Power indices lost 1% each. Oil & Gas, PSU and Health Care down 0.6-0.7% were the notable losers. Meanwhile, Auto, Consumer Durables and Metal closed in the positive after adding 0.1-0.3%

From the banking counter, Kotak Mahindra Bank, Federal Bank, ICICI Bank, Axis Bank, Indusind Bank, HDFC Bank, HDFC and SBI down 1-3% were the major draggers.

Capital Goods major L&T and BHEL shed 1% and 2.5% respectively.

In the auto space, Bajaj Auto, Maruti Suzuki and Exide Industries gained 2-3%

Apart from these, the other notable gainers among the Sensex stocks were TCS, Coal India, Tata Steel and Jindal Steel up 0.3-2%

On the losing side were Dr Reddys Lab down nearly 3%, extending its previous day's around 1% fall, on reporting a slightly lower-than-expected 28% year-on-year growth in consolidated net profit at Rs 336 crore for the quarter ended June 2012.

Cipla, Wipro, Tata Power, Infosys, Mahindra & Mahindra and Bharti Airtel closed down 1-2%.

Reliance Industries lost 0.7% ahead its quarterly result announcement.

The market breadth was negative on the BSE. 1659 stocks declined while 1164 stocks advanced.

Among other stocks, Asian Paints witnessed a 9.6% rise in net profit at Rs 274.5 crore for the quarter ended June 2012 as against Rs 250.4 crore in the corresponding period a year ago.

The company's stocks closed up nearly 3% higher at Rs 3,723.

Timken India tanked 7% at Rs 207 on reporting 63% year-on-year fall in net profit at Rs 6.91 crore for the quarter ended June 2012, due to higher expenditure.

The company had profit of Rs 18.72 crore in a year ago quarter.

Tube Investments of India gained 4% to close at Rs 162, after touching its lifetime high on the Bombay Stock Exchange on back of huge volumes.

Tata Communications rallied over 5% to Rs 260 after the cabinet approved spinning off surplus land held by the company into a special purpose vehicle majority owned by the state.

SI Reporter in Mumbai
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