Nifty breaches 7250, Sensex weak; banks drag, Tata Motors falls Tata Motors, ICICI Bank, Dr Reddy's Labs, Lupin and ONGC are major losers while Infosys, Hindalco, HDFC Bank, HUL and Maruti are top gainers.
INDIAN MARKET OVERVIEW
Last-hour Global jitters and low interest from Institutional Investors push further pressure on Indian market. Flows were muted and there was a lack of buying interest from institutional investors throughout the day. Nifty Future down 68 points at 7325.
The 30-share BSE Sensex plunged 266 points at 24020. The market breadth was weak as about 779 shares advanced against 1831 declining shares on the BSE.
Punjab National Bank has posted disappointing December Quarter with higher provisions and asset quality further worsening. Its net profit has fallen 93.4 percent to Rs 51 Crore in October-December quarter from Rs 775 crore in corresponding quarter last fiscal.
Dr Reddy's consolidated net profit was up marginally at Rs 579 crore in December quarter compared to Rs 574.5 crore in year-ago period. The company had to bear a forex loss of Rs 29.8 crore. During the period, total income was up 3.2 percent at Rs 3968 crore against Rs 3843 crore year-on-year
Nifty Technical Overview:
Nifty futures opened with negative note and witnessed consolidated movement for the entire and sustained below the level of 7350 for the entire day. Tomorrow if it manages to sustain below this level then downside movement is expected below the level of 7290 and can test 7250-7200.
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