The BSE Sensex dropped over 75 points while the broader Nifty slipped
below the key 5,700 mark in early trade on Friday. The rupee declined
for the third straight day and traded near 1-month low at 53.80.
Global markets were weak after disappointing earnings from Google Inc and Microsoft Corp. Japan's Nikkei share average dipped as investors booked profits after this week's steep rally.
Independent analyst Sarvendra Srivastava said 5,630-5,730 is the likely trading range for markets.
"The downside momentum is slowing down. Expect a break past 5,730 in the next few sessions," he added.
Cement stocks led the gains on the 50-share Nifty. Ambuja Cements rose nearly 2.5 per cent while ACC gained 1 per cent after their earnings came in line with estimates.
Tobacco major ITC traded higher ahead of results though India's biggest software services exporter TCS slipped over 0.5 per cent ahead of reporting second quarter earnings.
37 of the 50 shares on the Nifty traded in the red. Mobile carrier Bharti Airtel was the top Nifty loser for a second straight day. The stock traded 1.2 per cent lower.
Tata Power, JSPL, M&M and Hero MotoCorp were the other stocks that traded with over 1 per cent cut. Sun Pharma extended losses on worries the drug maker will soon see an end to its temporary arrangement to supply a cancer drug in the United States.
Shares in Indian Hotels dropped over 5 per cent on the back of the unsolicited $1.2 billion bid the firm announced for Orient-Express Hotels. Analysts attributed the negative reaction in shares to concerns over high debt levels in the company.
Kingfisher Airlines shares fell 4.17 per cent on concerns of extended lockout at the debt laden carrier.
Global markets were weak after disappointing earnings from Google Inc and Microsoft Corp. Japan's Nikkei share average dipped as investors booked profits after this week's steep rally.
Independent analyst Sarvendra Srivastava said 5,630-5,730 is the likely trading range for markets.
"The downside momentum is slowing down. Expect a break past 5,730 in the next few sessions," he added.
Cement stocks led the gains on the 50-share Nifty. Ambuja Cements rose nearly 2.5 per cent while ACC gained 1 per cent after their earnings came in line with estimates.
Tobacco major ITC traded higher ahead of results though India's biggest software services exporter TCS slipped over 0.5 per cent ahead of reporting second quarter earnings.
37 of the 50 shares on the Nifty traded in the red. Mobile carrier Bharti Airtel was the top Nifty loser for a second straight day. The stock traded 1.2 per cent lower.
Tata Power, JSPL, M&M and Hero MotoCorp were the other stocks that traded with over 1 per cent cut. Sun Pharma extended losses on worries the drug maker will soon see an end to its temporary arrangement to supply a cancer drug in the United States.
Shares in Indian Hotels dropped over 5 per cent on the back of the unsolicited $1.2 billion bid the firm announced for Orient-Express Hotels. Analysts attributed the negative reaction in shares to concerns over high debt levels in the company.
Kingfisher Airlines shares fell 4.17 per cent on concerns of extended lockout at the debt laden carrier.
1 comments:
Post a Comment
Let Us Know Your Opinion!