Sensex falls; state-owned banks, Infosys decline
Reuters Market Eye - The BSE Sensex falls 0.15 percent while the 50-share Nifty is also down 0.16 percent on caution ahead of corporate earnings.
Asian shares tracked Wall Street lower on Thursday as weak forecasts from U.S. corporate bellwethers underscored concern over global demand, particularly from China, and kept oil and other commodity prices under pressure.
Infosys Ltd (INFY.NS) falls 0.4 percent ahead of reporting its July-September earnings on Friday.
State-owned banks such as State Bank of India fall on concerns over rising non-performing loans.
SBI falls 1 percent while Canara Bank (CNBK.NS) is down 1.5 percent.
Unitech Ltd (UNTE.NS) gains 4 percent on Thursday after the company said it has agreed to dispose of its shareholding in its mobile joint venture Uninor after reaching a settlement with partner Telenor ASA (TEL.OL) on their legal dispute.
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The Nifty will stay in a broad band of 7,800-8,200 with an immediate resistance at around 8,050 levels. One should look to selectively accumulate in sectors such as infrastructure, capital goods, cement, power and metals. The outperforming sectors such as pharma, IT and auto ancillaries could take a breather due to international headwinds, writes Ambareesh Baliga. Full Article
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