Nifty Slips Below 6100, L&T Tumbles
Suparna / 22 May 2013
The Indian markets have lost some ground after L&T disappointed the street with its Q4 results and over negative cues from Europe. The Nifty closed down by 19 points at 6094 and the Sensex was lower by 32 points at 20,078.
The Indian markets have lost some ground after engineering major Larsen & Toubro disappointed the street with its fourth quarter results and due to negative cues from the European markets. At the end of the day 50-share Nifty index closed down by 19 points at 6094 and the Sensex was lower by 32 points at 20,078.
The advance-decline ended on the negative side. On the NSE, 866 shares were in the red and 431 shares closed in green.
Top 5 Nifty Gainers: Sun Pharma ended as the top gainer, closing 2.88% higher. Others in gains included NTPC, Bharti Airtel, Dr Reddy’s Labs and ITC.
Top 5 Nifty Losers: L&T closed down by 5.76%, followed by DLF, Jaiprakash Associates, Bank of Baroda and Bharat Petroleum.
Most of the sectoral indices closed in the red, with Capital Goods and Realty as the strongest losers, both down by over 3%. FMGC and Healthcare were among the top gainers.
In the Asian markets, Nikkei 225 gained 1.58% to close at 15,627. Kospi, Straits Times and Taiwan Weighted were also in gains. The Hang Seng and Shanghai Composite closed down in the range of 0.12%-0.45%.
The European markets are trading in the red. CAC 40 is trading 0.62% lower, DAX is down by 0.40% and FTSE 100 is also in the negatives.
Buzzers: Larsen and Toubro (L&T) missed the street’s expectations on all parameters in Q4FY13. The stock dipped 5.52% falling from its intraday high after reporting a 7% YoY drop in net profits at Rs 1788 crore for the quarter due to higher finance costs. The engineering major had posted a profit of Rs 1920 in the year ago quarter.
India Cements dipped almost 10% to Rs 75.50 on the back of heavy volumes after reports suggested that a relative of a top executive of the company was involved in the Indian Premium League spot fixing case. The stock opened at 84.40 and made a low of Rs 74.60.
The market took some support near the 6090 level and bounced a bit. Going ahead, we feel that the Nifty will touch 6060.
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