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Markets end on a lacklustre note

SI Reporter/New Delhi 12 Nov 12 | 03:37 PM

Markets ended today's session on a lacklustre note. The Sensex provisionally closed at 18,797, down 7 points and the Nifty slipped 2 points to end at 5,684.
(Updated at 1445 hours)

Markets are trading on a subdued note in the late noon deals on the back of disappoing set of IIP numbers posted in the month of September. The Sensex is down 42 points at 18,641 and the 50-share Nifty has slipped 7 points at 5,678.

The Asian shares were capped on Monday as investors' concerns about the fiscal crisis in the United States and Greece's bailout programme dented optimism over the growth prospects of the world's two largest economies, the United States and China.

Shanghai Composite index closed higher by 10 points at 2,079, Hang Seng advanced 46 points to 21,430. While, Nikkei closed weaker by 81 points at 8,676 and the Taiwan Weighted slipped 25 points to 7,267.

The European markets were also trading on a lacklustre note as robust Chinese data offset growing concern over Greece. CAC, DAX and FTSE were down 0.1-0.5% eac.h

Back home, after showing 2.5% growth in August, industrial output declined by 0.4% in September as manufacturing activity showed a decline. This has doused hopes of a revival in the economy and may force the Reserve Bank of India (RBI) to review its policy rates earlier than the fourth quarter credit policy.

The indices of industrial production for mining, manufacturing and electricity sectors showed growth of 5.5%, (-)1.5% and 3.9%, according to the data released by the Ministry of Statistics and Programme Implementation today.

Tata Steel was the top loser among the Sensex stocks. The stock slipped 2% to Rs 383  extending its Friday’s 3.2% fall, after reporting a net loss of Rs 364 crore for the quarter ended September 2012 against net profit of Rs 212 crore in year ago quarter due to lower realization. The Tata Group Company had posted net profit of Rs 598 crore in the April-June 2012 quarter.

Hero MotoCorp, Tata Power, ITC, Jindal Steel, Reliance Industries, Maruti Suzuki, ONGC, Larsen & Toubro, GAIL India and Mahindra & Mahindra were also among the losers down 0.6-0.7% each.

On the other hand, HDFC Bank, State bank of India, Bharti Airtel, TCS, Infosys and BHEL were among the notable gainers.

On the sectoral front, led by selling pressure in heavyweights like ONGC and Reliance Industries, the BSE oil & gas ndex is trading weaker by nearly 1% at 8,126. Metal, capital goods, auto, power and PSU indices are also trading on a weaker note. While, consumer durables, bankex, FMCG, ITrealty and healthcare indices are up 0.2-0.8% each.

Shares of breweries and distilleries makers have rallied up to 27% after the UK-based Diageo Plc said it will buy 53.4% stake in the company for Rs 11,167 crore.

On Friday, Diageo agreed to buy 27.4% stake in the Vijay Mallya-owned liquor company. Post an open offer for 26%, Diageo will own 53.4% in United Spirits that will involve a total payout of Rs 11,166.5 crore.

Orchid Chemicals and Pharmaceuticals is trading lower by 4% at Rs 103 on reporting a net loss of Rs 20 crore for the quarter ended September 2012 against net profit of Rs 23 crore in year ago quarter due to lower sales and higher interest cost.

VA Tech Wabag has surged 8% to Rs 515 after reporting almost three-fold jump in its consolidated net profit at Rs 17.69 crore for the quarter ended September 2012 on back of higher revenue from international business. The company engaged in water and water management had profit of Rs 6.92 crore in a year ago quarter.

The broader markets are trading flat. The BSE mid-cap and small-cap indices are up 0.2-0.3% each.

The overall breadth is negative as 1,484 stocks are declining while 1,260 are advancing.

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