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Sensex down 71 points; ICICI Bank down despite surge in net profit

Source : SIFY
Last Updated: Thu, Jan 31, 2013 08:10 hrs
Diesel hike, QE3 boost Sensex, Nifty

After showing some signs of recovering from lower levels, the market retreated on a fresh round of selling in early afternoon trade today, with investors not showing any great interest in building up positions.

Due to expiry of January series derivatives contracts this afternoon, movements are a bit choppy at several counters.

The Sensex is down 71 points or 0.35% at 19,934, while the Nifty is down with a loss of 13 points or 0.21% at 6042.75.



Select realty, PSU, consumer durables and healthcare stocks are trading notably higher. Automobile, FMCG, power, bank and capital goods stocks are mostly flat. Information technology, oil and metal stocks are a bit weak.

ICICI Bank is down nearly a percent. The private sector bank has announced that it has posted a net profit of Rs 2250.24 crore for the quarter ended December 31, 2012 as compared to Rs 1728.10 crore for the quarter ended December 31, 2011. Total income increased from Rs 10,483.73 crore for the quarter ended December 31, 2011 to Rs 12,352.91 crore for the quarter ended December 31, 2012.

Tata Power is down 2.3%. Sterlite Industries is trading lower by 2.2%. Wipro, Jindal Steel & Power, Hindustan Unilever and Reliance Industries are down 1% - 1.4%.

Larsen & Toubro, HDFC Bank, Tata Steel, NTPC, Tata Motors and Dr Reddy's Laboratories are also trading weak.

Colgate Palmolive is down by over 3%. Mahindra Satyam is trading 2.4% down. Sesa Goa, Strides Arcolab, Indiabulls Financial Services, United Phosphorus, Godrej Consumer Products and LIC Housing Finance are also trading notably lower.

BHEL is up 2.2% on sustained buying at the counter. Bajaj Auto, ITC, Sun Pharmaceutical Industreis, Coal India, ONGC and Mahindra & Mahindra are up with modest gains.

Suzlon Energy is up 8% on strong volumes on reports of a big order win. Punjab National Bank is trading nearly 6% up. IFCI, Union Bank of India, Bank of India, Zee Entertainment, Adani Ports, Zee Entertainment, Cummins India, Bank of Baroda, Canara Bank, Jet Air India, NHPC and Tata Communications are trading higher by 2.5% - 5%.

Union Bank of India is up nearly 5% on strong results. The bank has posted a net profit of Rs 302.40 crore for the quarter ended December 31, 2012 as compared to Rs 219.66 crore for the quarter ended December 31, 2011.

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