Sensex, Nifty down marginally; ABB down 3% on weak results

Last Updated: Thu, May 09, 2013 05:36 hrs

The market, which retreated after a slightly positive start, continues to trade weak with key stocks from capital goods, healthcare, power, banking and oil sectors struggling for support. Realty, PSU and metal stocks too are mostly subdued. FMCG stocks are off their highs, while information technology stocks are trading firm.

The Sensex, which declined to 19,946.89 after rising to 20,058.48 in early trades, is now at 19,978.45, down 11.73 points or 0.06% from its previous close. The Nifty index of the National Stock Exchange is down 6.10 points or 0.1% at 6063.20, off the day's low of 6053.95.

Sun Pharmaceutical Industries is trading lower by a little over 2%. Larsen & toubro, Tata Motors, GAIL India and Reliance Industries are down 1% - 1.4%. ICICI Bank, NTPC, Maruti Suzuki, Sterlite Industries, BHEL, Jindal Steel & Power, Cipla and Coal India are also trading weak.

Axis Bank, Punjab National Bank, Ranbaxy Laboratories, Reliance Infrastructure, Bank of Baroda, NMDC and Power Grid Corporation are down 1% - 2%. IndusInd Bank is down nearly a percent, while DLF, Cairn India, Jaiprakash Associates and Kotak Bank are down 0.5% - 0.8%.

HCL Technologies is up more than 4% on strong buying at the counter. Tata Consultancy Services is up 1.3%, Wipro is up 0.8% and Infosys is trading 0.5% up.

Asian Paints, Ambuja Cements, Ultratech Cement, Mahindra & Mahindra, HDFC, Hero Motocorp, Tata Steel and Bajaj Auto are also trading in positive territory.

Aptech Limited shares spurted 8% following an announcement from the company that its board will meet on May 13, to consider buyback of the company’s equity shares.

ABB lost nearly 3% on selling pressure following the company reporting a 10.7% decline in net profit for the quarter ended March 31, 2013. The company said it posted a net profit of Rs 42.56 crore for the quarter, as compared to Rs 47.54 crore in the prior corresponding period. The company also reported an 8.9% y-o-y decline in order backlog to RS 8,229 crore.

SKS Microfinance jumped 5% after reporting a net profit of Rs 2.7 crore for the quarter ended March 31, 2013, against a net loss of Rs 330 crore in year ago quarter. Total income rose nearly 44% to Rs 95 crore from Rs 66 crore year-on-year.

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