After moving in a tight band around its previous closing levels, the market has slipped a bit deeper into the red this afternoon due to some heavy selling in capital goods, bank and information technology stocks. Oil stocks are also trading weak.
Metal, power and automobile stocks are off their highs. Realty stocks too have given up most of their morning gains. Pharmaceuticals and FMCG stocks are finding modest support.
The Sensex is down 115.58 points or 0.6% at 18,730.68. The Nifty index of the National Stock Exchange is down 34.85 points or 0.61% at 5703.90.
Banking sector heavyweight State Bank of India is down nearly 3.5% at Rs 2168 post results. The bank's second quarter net profit came in higher than expectations, but net interest income fell short of forecast. Net profit climbed by a better than expected 30.17% (year-on-year) to Rs 3,658 crore in the second quarter of current financial year.
Net interest income grew by 5.3% to Rs 10,973 crore from Rs 10,422 crore during the same period. The bank's gross non-performing assets increased 4.3% (quarter-on-quarter) to Rs 49,202 crore while net NPAs jumped 11.3% (quarter-on-quarter) to Rs 22,614 crore in the quarter.
ICICI Bank is trading lower by about 1%. Union Bank of India is down 2.8% and Bank of India is down with a loss of 2.1%. Canara Bank, Punjab National Bank and Axis Bank are also trading weak, while HDFC Bank is up marginally.
ONGC is down 2.6% on weak results. BHEL, Sesa Goa, Siemens, Larsen & Toubro, IDFC, Punjab National Bank and Ambuja Cements are also trading notably lower.
Bajaj Auto, Ultratech Cement, Grasim Industries, ITC, Cairn India, Cipla, Maruti Suzuki and Sun Pharmaceuticals are holding on in positive territory with modest gains.
CESC Ltd has posted a net profit after tax of Rs 136 crore for the quarter ended September 30, 2012 as compared to Rs 114 crore for the quarter ended September 30, 2011. Total income increased from Rs 1203 crore for the quarter ended September 30, 2011 to Rs 1368 crore million for the quarter ended September 30, 2012. The stock is trading more than a percent up at Rs 278 at present.
GlaxoSmithKline Pharmaceuticals Ltd has posted a net profit of Rs 152.34 crore for the quarter ended September 30, 2012 as compared to Rs 145.86 crore for the quarter ended September 30, 2011. The stock is up 0.5% at Rs 2008.