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Markets continue to languish

This article was posted on Aug 24, 2012 and is filed under Market News

Markets continued to languish in noon trades with the Sensex slipping 103 points to 17,746. Nifty is down 36 points at 5,379.

Asian markets slumped sharply as investors grew gloomy about the health of the global economy and prospects for central-bank action, selling down commodity and technology shares. Hang Seng and Nikkei shed over 1% each. Shanghai Composite is also down 1% at 2,092.

The rupee reduced some of its initial losses today but was still down 14 paise at 55.40 against the dollar on demand for the American currency from banks and importers.

Most of the sectoral indices continued to languish with the BSE realty index leading the fall with 2% loss. Capital goods, bankex, metal and power indices were down 1% each.

BSE mid and small cap indices slipped in line with the benchmark indices.

Among individual stocks, Gillette India has dipped 5% at Rs 2,209 after reporting 12% year-on-year (yoy) drop in net profit at Rs 76 crore for the year ended June 2012 due to currency devaluation, and increase in commodity prices as well as manufacturing charges. Net sales however, grew 16% at Rs 1,229 crore on y-o-y basis.

Suven Life Sciences has rallied 12% to Rs 24 on the back of huge volumes. The stock currently trading at its 52-week high has surged 41% in past two trading sessions on the BSE.

Tata Steel continued to lead the losers list. Hindalco, Mahindra & Mahindra, ICICI Bank and Jindal Steel are down as well.

Meanwhile, Hindustan Unilever has gained 1.5% at Rs 527. Coal India, ITC and HDFC are up around 1% each.

Source: Business Standard

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