Sensex down 176 points as selling intensifies

Last Updated: Thu, Feb 21, 2013 06:48 hrs
Traffic travels past the Bombay Stock Exchange (BSE) building in Mumbai

With selling pressure gathering force, the market, which opened on a weak note this morning on global cues, has slipped deeper into the red now.

The Sensex, which declined to 19,447.64, is now down 175.69 points or 0.89% at 19,467.06. The Nifty index of the National Stock Exchange is down 50 points or 0.84% at 5893.05.

Metal stocks are trading sharply lower, tracking weakness in global industrial metal prices. Mirroring their decline, the BSE Metal index has lost over 2% now. Among the stocks in the Metal index, Hindalco, Jindal Steel & Power, JSW Stee, Sesa Goa, Sterlite Industries and Tata Steel are down 2.3% - 3.5%. Coal India, Hindustan Zinc, NMDC and SAIL are also down with notable losses.

Oil and PSU stocks are trading lower as well. Healthcare, power, information technology and consumer durables stocks are finding modest support. Besides several large cap stocks, scores of midcap and smallcap stocks too have drifted lower on selling pressure.

Capital goods sector heavyweights BHEL and Larsen & Toubro are down 1.2% and 1.6%, respectively. Alstom T&D, Crompton Greaves, Havells India, Jindal Saw, Lakshmi Machine Works and Punj Lloyd are down 1% - 3.5%. Praj Industries, Thermax, Bharat Electronics and Bharat Earth Movers are down with modest losses.

Realty stocks Anant Raj Industries, DLF, HDIL, Indiabulls Real Estate, Oberoi Realty, Prestige Estates and Sobha Developers are trading weak, losing 1% - 3%.

Jaiprakash Associates is down 2.8%. ICICI Bank has lost around 2.4%. IDFC and Tata Motors are also down sharply.

HCL Technologies, Bajaj Auto, Power Grid Corporation, Bharti Airtel and Cipla are trading higher by 0.3% - 1%. BPCL, Dr Reddy's Laboratories and Grasim Industries are up marginally.
Capital goods, realty, FMCG, bank and automobile stocks are among the other prominent losers. The indices tracking the performance of these stocks are down 1% - 1.4% now.

Nestle India Ltd has posted a net profit of Rs 278.93 crore for the quarter ended December 31, 2012 as compared to Rs 230.83 crore for the quarter ended December 31, 2011. Total Income increased from Rs 1972.75 crore for the quarter ended December 31, 2011 to Rs 2173.76 crore for the quarter ended December 31, 2012.

In the currency market, the rupee declined to 54.41 against the U.S. dollar in early trades, losing 34 paise, due to renewed dollar demand from banks and importers as the US currency strengthened in the overseas market.

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