Sensex pares some losses after sharp setback

Last Updated: Fri, Nov 23, 2012 08:30 hrs

After opening higher and retreating a bit to trade around previous closing levels, the Indian stock market drifted lower this afternoon as the Lok Sabha was adjourned till Monday following opposition uproar over FDI in retail.

Realty, bank, PSU, metal and FMCG stocks have declined. Information technology and healthcare stocks are also mostly trading weak. Capital goods and oil stocks are off their highs. Select consumer durables, automobile and power stocks are trading higher.

The Sensex, which declined to 18,402.49, sliding more than 150 points from the day's high of 18,556.50, is now at 18,437.99, down 79.35 points or 0.43% from its previous closing mark. The Nifty index of the National Stock Exchange is down 23.60 points or 0.4% at 5604.15, around 10 points off the day's low of 5594.65.

GAIL India, Cipla, ITC, Sterlite Industries, Wipro, Bharti Airtel, NTPC, Larsen & Toubro, Infosys, Jindal Steel & Power and Tata Steel are the prominent losers in the Sensex, besides the three heavyweights from the banking space.

Ranbaxy Laboratories, Jaiprakash Associates, Sesa Goa, Grasim Industries, Reliance Infrastructure, BPCL, ACC and DLF are down 1% - 3%.

Among the stocks in the Bankex, HDFC Bank, ICICI Bank and State Bank of India are down 0.8% - 1.2%. Axis Bank, Bank of Baroda, Canara Bank, IDBI Bank, Kotak Bank, Union Bank of India and Yes Bank are also trading notably lower.

Among the bank stocks that are not part of the Bankex, Allahabad Bank, Bank of Maharashtra, Dena Bank, Indian Overseas Bank, Oriental Bank of Commerce and Vijaya Bank are trading notably lower.

Realty stocks HDIL, Anant Raj Industries, Indiabulls Real Estate, Prestige Estates and Unitech are down 1.2% - 3%. DLF and Sobha Developers are down with modest losses. DB Realty is trading stronger by 3.5%. Phoenix Mills and Godrej Properties are trading modestly higher.

Asian Paints is trading nearly 2% up. HCL Technologies, BHEL, Hero Motocorp, Reliance Indsutries, Dr Reddy's Laboratories, Power Grid Corporation and Tata Motors are also trading higher.

Hindustan Copper remains deep down in negative territory at Rs 217.50, netting a loss of over 18%, following the government fixing the offer price for its stake sale at steep discount to the stock's current market price. On NSE, the Hindustan Copper counter has clocked a volume of over 6 million shares today.

Jet Airways tops the chart, clocking a turnover of over Rs 427 crore, on a volume of around 8.88 million shares. The stock is trading 13.3% up at Rs 495.65. The stock is up on hectic buying on reports that a Hong Kong based investment company has picked up huge quantities in Jet Airways. The airliner significantly cut its losses in the second quarter of this fiscal.


More from Sify: