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| Weakness persists amid volatility |
| SI Reporter / Mumbai Feb 09, 2012, 11:32 IST |
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Markets are trading marginally lower amid volatility. Markets are weighed down by index heavyweights like Reliance Industries and IT major Infosys.
At 11:30 hrs, the Sensex was down 43 points at 17,664 and the 50-share Nifty declined 10 points at 5,359.
On the global front, Asian markets are trading mixed. Shares and the euro struggled on Thursday, as sentiment grew cautious after Greek political leaders said talks would continue to resolve one remaining issue standing in the way of a deal on a bailout package, which is crucial to avoiding a debt default. Strait Times, Hang Seng, Kospi and Shanghai Composite are trading in red zone whereas Taiwan and Nikkei are trading slightly positive.
Back home, index heavyweight RIL has dropped by almost 1% snapping last two-day gains.
IT major Infosys is down nearly 0.5%. Wipro and TCS are down by almost 1% each.
From the Metal space, Hindalco is the top Sensex loser, down 5% after Novelis, the US unit of the company cut its fiscal-year earnings estimate for the second time, citing lower shipments because of soft demand in Europe and weakness in its electronics business in Asia.
Bharti Airtel has slipped 1%, extending their 6.5% drop yesterday, as several brokerages cut their price targets on the stock after the leading Indian mobile operator missed estimates and reported an eighth straight drop in quarterly profit.
However, BSE Auto index has surged by nearly 1%. Bajaj Auto is the top Sensex gainer, up 2%. Tata Motors and Hero MotoCorp have gained by almost 2% each.
From the Power pack, NTPC and Tata Power have increased between 1-2%.
BSE Bankex is marginally positive. HDFC Bank is 1% up and SBI is marginally lower.
The broader markets are outperforming the benchmarks indices. The BSE Midcap and Smallcap indices have gained between 0.6-0.74%.
Thomas Cook (India) has rallied 15% extending Wednesday’s 20% surge, after the company said that its UK parent – Thomas Cook Plc has finalized plans to sell its entire 77.1% stake in its Indian subsidiary.
Jubilant FoodWorks has gained 4%, extending its yesterday’s 3% gain on reports that the company plans to foray into Bangladesh in the next one year and add two new stores in Sri Lanka in the coming months.
Gammon Infra has zoomed 11% after bagging Rs 1,684 cr project from NHAI for widening Vijaywada-Gundugolanu section of National Highway in Andhra Pradesh.
The overall market breadth in BSE remains positive with 1,483 shares advancing and 867 shares declining.
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