Due to sustained selling in several blue chip stocks, the market, which got off to a weak start and drifted down further subsequently, continues languish in negative territory in afternoon trade today.
The Sensex is down 125.30 points or 0.66% at 18,633.33. The Nifty is down 37 points or 0.65% at 5668.30.
Healthcare, consumer durables, FMCG and oil stocks are among the most prominent losers. PSU, bank and power stocks too are mostly trading lower. Capital goods stocks are not faring any significantly better either. Realty, information technology and metal stocks are finding modest support, although the indices tracking their movements, still remain in red. Automobile stocks are faring reasonably well.
Cipla, ITC, Dr Reddy's Laboratories, Reliance Industries, HDFC, State Bank of India, Bharti Airtel, Wipro and Hindalco are down 1% - 2%.
Sun Pharmaceutical Industries, Tata Power, ONGC, Larsen & Toubro, HDFC Bank, Coal India and NTPC are also trading weak.
Punjab National Bank is down more than 6% due to heavy selling at the counter following the k reporting disappointing results. The bank posted a net profit of Rs 1065 crore for the quarter ended 30 September 2012, much lower than expectations. Net interest income grew 6% at Rs 3649 crore on year-on-year basis. The bank has provided 51% more of Rs 1074 crore for bad loans during the recently concluded quarter. The bank’s gross non performing assets more than doubled to 4.66% from 2.05%, while Net NPA increased to 2.69% from 0.84% on y-o-y basis.
Jaiprakash Associates is down nearly 4%. Kotak Bank, HDFC Lupin, Reliance Infrastructure, Siemens, Power Grid Corporation, Ranbaxy Laboratories, Bank of Baroda and Axis Bank are trading lower by 1% - 2.2%.
Mahindra & Mahindra is up with a strong gain of 2.2%. Hero Motocorp, Bajaj Auto, Tata Motors, Hindustan Unilever, IDFC, Asian Paints and ACC are up 0.3% - 1%.
ICICI Bank is up by around 0.5% at 1094. The bank has posted a net profit of Rs 1956.11 crore for the quarter ended September 30, 2012 as compared to Rs 1503.19 crore for the quarter ended September 30, 2011. Total income increased from Rs 9897.17 crore for the quarter ended September 30, 2011 to Rs 12,069.30 crore million for the quarter ended September 30, 2012.
Nalco is down sharply after the company posted a 96% year-on-year fall in net profit at Rs 5 crore for the second quarter ended September 30, 2012 due to supply disruption and poor quality of coal during the rainy season.
The net sales however, marginally up at Rs 1,586 crore as against Rs 1,584 crore in the comparable quarter of the previous fiscal.
CESC is down more than 15% at Rs 282, after the company announced the acquisition of 49.5% stake in business process outsourcing firm, Firstsource Solutions through its wholly-owned subsidiary, SpenLiq. The deal would be worth about Rs 650 crore, Sanjiv Goenka, chairman of the RP-Sanjiv Goenka Group. Firstsource Solutions shares are down more than 11% at Rs 11.60.