Sensex, Nifty down marginally as weakness persists

Sensex, Nifty down marginally as weakness persists

Last Updated: Tue, Oct 26, 2010 04:59 hrs

The market, which drifted lower after a shaky start, continues to trade weak with investors treading cautiously and pressing sales in some front line stocks from capital goods, information technology and metal sectors.

Consumer durables stocks are trading notably higher. Select automobile, FMCG, power and oil stocks have also edged up. Realty and healthcare stocks exhibit a mixed trend. Midcaps remain subdued even as several smallcap stocks continue to trade firm.

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The Sensex is down 9.84 points at 20,293.28, while the Nifty index of the National Stock Exchange is down 1.40 points at 5104.40.

Tata Consultancy Services has lost over 2% due to heavy selling at the counter. ACC and Hindalco are trading lower by 1.1% and 1% respectively. Bharti Airtel is down nearly a percent.

Larsen & Toubro, ICICI Bank, State Bank of India, Hindustan Unilever, HDFC Bank, Tata Motors, HDFC and ONGC are also trading weak.

Reliance Capital has gained over 3%. Maruti Suzuki is up with a gain of 2.5%. Cipla, IDFC, Reliance Infrastructure, ITC, Wipro, Mahindra & Mahindra, Reliance Power, Reliance Industries, Jindal Steel, Hero Honda, Jaiprakash Associates, SAIL and DLF are also trading notably higher.

Procter & Gamble has lost 3.3% due to weak results. The FMCG major posted a 39 % decline in its net profit to Rs 51.48 crore for the quarter ended September 30, 2010, over the same period last fiscal.

Indiabulls Financial Services has lost nearly 3%. Ambuja Cements, Hindustan Oil, IndusInd Bank, Petronet LNG, DB Realty, EIH, Glaxo Smithkline Pharmaceuticals, Nestle India and Coromandel International are also down with notable losses.

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Madras Cements has reported an around 82% dip in net profit to Rs 31.12 crore for the quarter ended September 30, on account of depressed sales. The company had reported a net profit of Rs 169.88 crore in the same quarter last fiscal, Madras Cements said in a communique to the Bombay Stock Exchange. During the second quarter of 2010-11, net sales of the company declined to Rs 642.06 crore against Rs 813.28 crore in the corresponding quarter last fiscal. The stock is currently trading 1.2% down at Rs 111.65.

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