BackNoon: Markets trade choppy on grim corporate results
Noon: Markets trade choppy on grim corporate results
PremiumMumbai: The Bombay Stock Exchange Sensex is trading flat inclined to the negative zone as pressure mounts from weary investors.
Markets opened negative but showed some immediate recovery only to slip to red again reflecting grim quarterly results posted by Ranbaxy and Reliance on Thursday.
Indices that are mainly under selling pressure are realty, metal, capital goods, IT and power. At 12pm the 30-share BSE Sensex lost 15.50 points and was at 8,798.34 mark and 50-share NSE Nifty was lower by 11.05 points at 2,702.75 around the same time.
Despite the first ever drop in Reliance’s quarterly sales in six years and first profit decline in three years, their stocks opened positive and is trading higher by 1.26 % at Rs1,147.25.
Jaiprakash Associates is leading the decline on the BSE index by 7.33% at Rs61.30 along with Mahindra and Mahindra by 6.57% at Rs268.60, Tata Power by 4.24% at Rs684, Larsen and Toubro by 3.30% at Rs642 and Wipro by 2.92% at Rs211.25.
Asian markets also continue to trade low after poor corporate results from big tech companies like Samsung and Microsoft. Japan’s Nikkei lost 3.8% to mark its lowest close in two months after Sony posted loss and Hong Kong’s stocks eased by 0.2%.
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