Sensex slips from day's high on poor IIP data
The key Indian stock indices surrendered some of their intraday gains in late morning trade after Government data showed a drop in industrial production for June as against expectations of a marginal increase. The BSE Sensex has retreated ~100 points from the session peak while the NSE Nifty has erased ~30 points from the day's high. The market breadth has weakened as the broader indices are trading virtually unchanged. The advance-decline ratio is favourable for the main indices. The INDIA VIX is up more than 1%.
At 11:32am (IST), the BSE Sensex was trading at 17,635, up 35 points over the previous close. It had earlier touched a day's high of 17,702 and a day's low of 17,610. It opened at 17,612..
The NSE Nifty was quoting at 5,345, up 7 points over the previous close. It earlier touched a day’s high of 5,368 and a day’s low of 5,339. It opened at 5,348.
RIL, Infosys, Wipro, Sun Pharma, TCS, ICICI Bank, Bajaj Auto, BHEL, Coal India, NTPC, Tata Power, M&M, ICICI Bank,Hero MotoCorp are among the notable leaders in the Sensex and the Nifty.
Bharti Airtel, HDFC and Tata Steel are the top laggards in the Sensex and the Nifty.
The BSE Small-Cap index was trading flat, while BSE Mid-Cap index are trading down 0.07%.
Metal, Auto, PSU, FMCG, Power, PSU, HC, Teck, Bankex, Consumer Durables , Bankex, IT indices are the gainers.
Oil and Gas, Realty and Capital Goods indices are the losers.
Key Results Today: Adani Enterprises, AKZOINDIA, Anant Raj Inds, Ansal Properties Infrastructure, Apollo India, Eicher Motors, Elder Pharmaceuticals, Fresenius Kabi, GMR Infra, Great Eastern Shipping, Gujarat State Petronet, HPCL, IFCI, Indian Oil Corp, Jindal Stainless, Kingfisher Airlines, Max India, Motherson Sumi, NCC, NELCO, Ranbaxy Labs, Rashtriya Chemicals Fertilizers, Shyam Telecom, Talwalkar, Tata Motors, Tech Mahindra, Trident, Welspun India.
SOURCE : Indiainfoline
Bharti shares hit 25-month low on broker downgrades
(Reuters) - Bharti Airtel shares fell for a second day to a two-year low as banks including Goldman Sachs and Standard Chartered cut their ratings on India's top telecoms carrier in the wake of disappointing quarterly earnings.
The poster boy of India's telecoms sector has fallen more than 10 percent since reporting a 10th straight quarter of declining profits on Wednesday.
Intense competition has forced the carrier to pare some call prices and spend more on networks and marketing in an effort to hold market share, squeezing margins.
Goldman Sachs downgraded the stock to "neutral" from "buy" with a revised target price of 270 rupees, saying it expected "relatively weak" operational momentum in Bharti's operations in India and Africa.
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