30 Oct 2009, ET Bureau
MUMBAI: Equities pared early gains as key index heavyweights took a plunge into the negative terrain. Telecom stocks were the worst hit after Bharti Airtel’s disappointing quarterly earnings. However, the broader market continued to hold onto gains.
At 12:50 pm, National Stock Exchange’s Nifty was trading at 4803.80, up 1.12 per cent or 53.25 points from the previous close. The index trimmed gains from a high of 4853.65 to a low of 4748.95.
Bombay Stock Exchange’s Sensex was up 0.70 per cent or 111.86 points to 16,164.58. The index slipped from a high of 16,360.88 in trade so far.
The broader market was abuzz with buying activity. The BSE Midcap Index climbed 2.44 per cent and BSE Smallcap Index surged 2.03 per cent.
Sectorwise, the BSE Metal Index surged 3.9 per cent, followed by BSE Realty Index up 3.67 per cent and BSE Bankex up 2.73 per cent. However, the BSE Oil&Gas Index was down 1.35 per cent.
Losses were led by telecom stocks like Bharti Airtel (-6.27%) and Reliance Communications (-5.67%). This comes after Bharti Airtel declared a disappointing performance in the September quarter. The company posted a net profit of Rs 2296.94 crore for the quarter ended September 30, 2009 as compared to Rs 1604.78 crore in the same quarter previous year.
Tata Power (-2.26%), Reliance Industries (-2.2%) and Wipro (-0.86%) were the losers in the 50-share index.
Sensex gainers were Sterlite Industries (6.04%), Tata Steel (4.14%), Hindalco Industries (3.77%), Grasim Industries (3.56%) and State Bank of India (3.42%).
Market breadth on BSE was strong with 1828 advances outnumbering 673 declines.
No comments:
Post a Comment