Indian shares fell on Friday, joining a global slide in equities, as both the Fed and ECB disappointed investors by not announcing any immediate action to tackle slowing global growth and the euro zone's fiscal woes. U.S. and European stocks fell overnight and Asian markets are following suit, with Chinese shares bucking the downtrend to post modest gains.
Closer home, the benchmark BSE Sensex is currently down 162 points or 0.94 percent at 17,063, while the broader Nifty index is at 5,176, down 51 points or about a percent from its previous close. Metal, capital goods, realty, auto and banking stocks are among the prominent decliners.
Reliance Industries is losing a percent after reports said the oil ministry is not keen on approving the company's LNG sourcing and marketing partnership with Petronet LNG.
SBI is moving down 1.7 percent after the state-run lender cut interest rates on auto and home loans by about 50 basis points, passing of the benefit of SLR cut announced by the RBI in its quarterly review on Tuesday. Private sector rival ICICI Bank is declining 1.4 percent and HDFC Bank is edging down 0.2 percent.
Realty stocks like DLF and Unitech are subdued after the government eased the norms for transfer of government land in an effort to remove bottlenecks and speed up infra projects. Unitech is down 1.4 percent as it filed a petition with the Company Law Board, asking it to stay the auction or transfer of assets of Unitech Wireless.
Federal Bank is down 0.4 percent as it reported a 30 percent rise in first-quarter net profit on the back of lower provisions for non-performing assets.
ACC is moving down 0.74 percent after reporting declines in cement production and dispatches numbers for July.
Shares of Deccan Chronicle Holdings are tumbling 4 percent. The company denied media reports that its promoters have pledged same shares twice.
TCS is down 0.8 percent after Ziraat Bank, Turkey, selected the company's BaNCS core banking platform for international operations. Sun Pharmaceutical Industries is losing 0.8 percent on reports it is eying acquisitions in Europe.
Telecom stocks are drifting lower ahead of a Cabinet meet today to discuss the reserve price and usage charges for auctioning 2G spectrum. Bharti Airtel is down 0.4 percent, Idea Cellular is losing 1.3 percent and Reliance Communication is down 1.8 percent.
Mahindra Satyam is climbing nearly 7 percent after the IT services provider reported a 56 percent jump in first-quarter consolidated profit, helped by a surge in sales and improved operating profit margins. Oracle Financial Services Software is rallying 3.8 percent on posting 90 percent growth in first-quarter consolidate net profit.
Indian shares snapped a four-day winning streak on Thursday, with banks and oil/gas stocks pacing the declines, after the Federal Reserve held off on delivering another round of bond-buying. The BSE Sensex fell by 33 points or 0.19 percent to 17,224, while the broader Nifty index ended down 13 points or 0.24 percent at 5,228.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com
Market Analysis