It's a weak start for stocks on the major Indian bourses this morning with investors pressing sales at several counter on the back of a negative close on Wall Street overnight and the resultant fall in Asian markets.
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Information technology, FMCG, automobile and bank stocks are exhibiting weakness. Capital goods, power and realty stocks are subdued at present. PSU stocks, which had a good outing on Thursday, have opened on a dull note.
Select metal and pharmaceuticals stocks have edged higher. A fair amount of buying is taking place in midcap and smallcap segments.
The Sensex, which declined to around 17,913 after opening at 17,981, is currently down with a loss of 55.89 points or 0.31% at 17,936.11. The Nifty index of the National Stock Exchange is down 18.05 points or 0.33% at 5390.85.
Hero Honda declined to Rs 1790.65 in early trades following a drop in earnings in the April - June 2010 quarter. Net profit of Hero Honda declined 1.6% to Rs 491.69 crore on 12% growth in turnover to Rs 4296.61 crore in the quarter ended June 2010, from the corresponding period last year. The company cited the sharp rise in commodity prices in the first half of the quarter and additional expenditure incurred on account of conversion to new emission norms as the reasons for lower profit margins. The stock is currently down 2.2% at Rs 1829.
ONGC is down by over 1%. The PSU oil & gas exploration major announced after market hours on Thursday that its net profit fell 24.48% to Rs 3661.14 crore in the quarter ended June 2010.
Sterlite Industries is trading lower by around 1.2%. ITC, Tata Motors, Wipro, ICICI Bank, Bharti Airtel, Tata Consultancy Services, HDFC, BHEL, Infosys Technologies and Reliance Infrastructure are down 0.5% - 1% at present.
Siemens has lost over 3% at Rs 699. Ambuja Cements is down with a loss of 2% at Rs 118. GAIL India, Reliance Power and SAIL are also down with notable losses.
Mahindra & Mahindra is up 1.2% at Rs 651.50. Reliance Industries is up nearly a percent at Rs 1020.30. Maruti Suzuki, Jindal Steel and Tata Steel are up with modest gains, while Cipla and State Bank of India are up marginally over their previous closing levels.
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Ranbaxy Laboratories has moved up by 2.4% to Rs 452.50. HCL Technologies is up 1.5% at Rs 383.65. Suzlon Energy, Kotak Bank, ABB and Sun Pharmaceuticals are also trading firm.
