Sensex down nearly 100 points as stocks decline on weak global cues

Sensex down nearly 100 points as stocks decline on weak global cues

Last Updated: Wed, Sep 26, 2012 04:32 hrs
People walk pass BSE building in Mumbai

Trading got off to a negative start on the Indian bourses this morning with investors pressing sales at several counter, tracking weak global cues following a lower GDP forecast for European nations. A lack of fresh triggers from the home front is also contributing to the weakness in the market.

The BSE benchmark Sensex is down 96 points or 0.51% at 18,598.41. The Nifty index of the National Stock Exchange is down with a loss of 27 points or 0.47% at 5646.90.

Capital goods, metal, bank and power stocks opened lower and are still mostly trading weak. Information technology stocks are also trading weak. Automobile and oil stocks are off their early lows thanks to modest support.

Realty stocks are moving up on fairly strong buying enquiries. Healthcare, FMCG and consumer durables stocks are also finding some support.

Bharti Airtel is down 2.8% at Rs 269. BHEL, a prominent gainer in recent sessions, is down 2.5% on profit taking. Tata Power, Sterlite Industries, Coal India, Tata Motors and Hindalco are trading lower by 1% - 1.6%.

HDFC, Infosys, ICICI Bank, Tata Steel, Maruti Suzuki, HDFC Bank, State Bank of India, Larsen & Toubro and Tata Consultancy Services are also trading notably lower, while Reliance Industries and ONGC are down with modest losses.

Among the gainers in the Sensex, Cipla is up 1.8% and GAIL India is trading higher by a little over 1.5%, while Mahindra & Mahindra is trading 1.2% up. Hindustan Unilever, ITC, Sun Pharmaceutical Industries and Jindal Steel are up 0.5% - 0.7%.

NTPC is up nearly half a percent at Rs 165.55. The company has priced its $500 million Fixed Rate Senior Unsecured Notes under its $2 billion MTN Programme. The Notes carry a coupon of 4.75% per annum payable semiannually and are of 10 year tenor. The company said it would use the proceeds to finance capital expenditure of its ongoing and new power projects.

Among Nifty stocks, ACC, Jaiprakash Associates, Ambuja Cements, DLF, Siemens, Ranbaxy Laboratories, BPCL and Grasim Industries are trading higher.

Bank of Baroda, Sesa Goa, HCL Technologies, SAIL and IDFC are trading notably lower.

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