January 20 2020
Sensex, Nifty down on weak global cues, profit taking
20 April 2012

The BSE Sensex started off trade with more than 50 points gap down following weak global cues. The fall was also led by profit booking as the Sensex had rallied more than 400 points in previous four sessions. Banks, capital goods and metal stocks were under pressure while technology stocks were on buyers' radar.

Even global markets were down on the back of disappointing US economic data and fears of French downgrade. Asian markets like Hang Seng, Nikkei, Kospi and Taiwan Weighted fell 0.4-1.2% while Shanghai gained 0.6%.

The BSE benchmark dropped 35.55 points at 17,468.16 and the NSE benchmark was down 12 points at 5,320.30.

Ambuja Cements lost 2% and ACC was down 1.5% post quarterly earnings. Companies reported weak earnings on the back of one-time higher depreciation.

Jaiprakash Associates, Reliance Infrastructure, BHEL, SBI, ICICI Bank, PNB and Axis Bank were down.

Ahead of results today after market hours, Reliance Industries slipped 1% while Cairn India gained 1%.

However, ONGC, ITC, Kotak Mahindra Bank, Sun Pharma and Dr Reddy's Labs were supporting the market.

The CNX Midcap Index declined 16 points at 7,681. The market breadth was neutral.

In the second line shares, Escorts surged 2% as CNBC-TV18 reported quoting sources that the company's promoters shored up stake fearing takeover threat and acquired 5% stake in last 2-3 weeks. Reports suggested that M&M is looking for a hostile takeover.

IVRCL gained 1.5%. IndusInd Bank was up 1% post results.

Kingfisher Airlines and United Spirits were up 1.5-1%. McDowell Holdings shot up 5%.

Titan Industries rose 1.5% on bullish report by brokerage house.

Texmaco surged 8%.

However, Balrampur Chini plunged 3.5% and WWIL was down 1.5%.



Related Stories