rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Markets end lower on global cues

Markets end lower on global cues

November 01, 2011 16:42 IST

BSEWeakness in European markets dragged markets to end in red.

The Sensex opened on a weak note on global cues, and declined further on selling pressure in realty, metal and auto shares.

The index finally ended down 224 points at 17,480. Nifty endeed down 69 points at 5,257.

"With a phenomenal rally that we have witnessed, a couple of days of consolidation is always on the cards. Technicllay 5323 is an important level for Nifty to be sustained for the upmove to resume," said Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services.

Asian markets ended in the red with Hang Seng down 2.5% at 19,369. Nikkei slipped 1.7% to 8,835 after downbeat domestic earnings reports and fresh worries about Europe prompted profit-taking in exporters and recent gainers. European shares were trading weak. CAC and DAX slid 3.5% each to 3,129 and 5,926, respectively.

BSE auto index was the biggest loser in the sectoral indices and dropped 1.8% to 9,301, followed by realty and bankex. Metal index dropped 1.5% to 11,722 following a fall in metal prices at the London Metal Exchange.

Among metal stocks, Sterlite dropped 3.5% at Rs 123. Steel stocks - Jindal Steel and Tata Steel dropped dropped after Standard & Poor's downgraded Korean steel giant Posco to A- from A with a negative outlook.

Hindustan Unilever recovered from its low and jumped 3.4% to Rs 388. The company's total operating income rose 17.7% year-on-year (y-o-y) to Rs 5,610 crore, which was higher than 12-1% expected by analysts and even ahead of the market.

Wipro rallied 2.4% to Rs 375. Tata Power and Bharti Airtel also moved up. However, Reliance dropped 2% to Rs 861after RIL put speculations to rest after denying reports of acquiring US-based Valero Energy Corp.

Meanwhile, Jaiprakash Associates, DLF, Cipla and ITC slipped around 2% each.

Punjab National Bank posted a 12.1% increase in net profit at Rs 1,205 crore for the quarter ended September 2011. It was Rs 1,074.5 crore in the year-ago period. The stock surged 3.8% to Rs 1,013.

Mahindra & Mahindra posted 20% rise in sales at 41,506 units in October. The stock moved down 3.3% to Rs 834.

Maruti Suzuki reported a 53% decline in its total sales for the month of October. Maruti sold 55,595 units in October 2011 as compared to 118,908 units in October 2010. The stock was up 1% at Rs 1,135.

Among other stocks, NMDC reported a 42 per cent rise in its September 2011 quarter net profit at 1,963.15 crore. The stock ended flat at Rs 238 after touching a high of Rs 252 in the day.

EIH  gained 1.5% at Rs 95 after the company reported a net profit of Rs 16.59 crore for the second quarter ended September 30, compared to a net loss of Rs 15 crore in the same period last year. Net sales zoomed 11.02 per cent to Rs 217 crore. Nita Ambani has been appointed as an additional director of the company on Monday.

Sun Pharma ended flat at Rs 504 after getting approval from the US health regulator to market generic Diltiazem HCl extended-release capsules used for treating hypertension and angina in the American market.

Cement major ACC clocked a nearly 85% jump in consolidated net profit to Rs 159 crore during the quarter ended September 30, 2011, on higher sales. Shares of ACC slipped 1% to Rs 1,184.

Sohini Sen in Mumbai
Source: