Sensex snaps six-day winning streak; L&T falls

MUMBAI Thu Nov 8, 2012 7:50pm IST

A broker looks at a terminal while trading at a stock brokerage firm in Mumbai October 6, 2008. REUTERS/Arko Datta/Files

A broker looks at a terminal while trading at a stock brokerage firm in Mumbai October 6, 2008.

Credit: Reuters/Arko Datta/Files

Related Topics



MUMBAI (Reuters) - The Sensex and the Nifty fell on Thursday, retreating from near 4-1/2 week highs, as recent out-performers such as Larsen & Toubro were hit by profit-taking on worries about budget negotiations in the United States and about Europe's economic troubles.

However, Tata Motors (TAMO.NS) rose 5.4 percent, marking its biggest single-day gain since June 15, a day after the auto maker reported July-September margins at its key Jaguar Land Rover (JLR) subsidiary improved from a year ago.

The Sensex however recovered from earlier falls of as much as 0.9 percent on growing opinion that worries over the U.S. fiscal cliff and slowing Europe makes markets like India a better place to invest if government follows up on its policy actions.

"Market were worried about fiscal cliff as its getting more attention than before," said Vaibhav Sanghavi, Director at Ambit Capital

With the quarterly earnings season nearing its end, focus would shift back to government policy action and sustained capital inflows, added Sanghavi.

The Sensex fell 0.3 percent, or 56.15 points, to end at 18,846.26, after gaining 2.55 percent over the previous six sessions, till Wednesday.

The Nifty fell 0.37 percent, or 21.35 points, to 5,738.75, falling for the first time in the last seven trading sessions.

Housing Development and Finance Corporation (HDFC.NS) settled 0.7 percent lower on profit booking, after hitting a 52-week high of 805.85 rupees on Wednesday.

Shares in United Spirits (UNSP.NS) rose 3.37 percent, after CNBC TV 18 reported top officials at the Indian liquor maker were expected to meet Diageo (DGE.L) on Thursday to continue discussing a potential stake sale, citing unidentified sources.

Larsen & Toubro (LART.NS) shares ended 2 percent lower on risk aversion. Credit Suisse also downgraded the stock on Wednesday to 'underperform' from 'neutral' on concerns about deteriorating order flow mix and rising working capital cycle, which could impact margins and cash generation.

Sun Pharmaceutical Industries (SUN.NS) ended 0.5 percent lower after reporting a 46.5 percent drop in quarterly net profit after it set aside 5.84 billion rupees towards a possible compensation in a patent dispute case.

Drugmaker Cipla (CIPL.NS) ended 0.74 percent lower after it cut prices of three cancer drugs between 50 percent and 64 percent with immediate effect.

IPCA Laboratories Ltd (IPCA.NS) fell 6.3 percent after it said shipments to the U.S. from one of its units would stop until issues related to compliance are resolved.

However, State Bank of India rose 1.1 percent on hopes of better-than-expected results and lower non-performing loans in the September quarter, with results due on Friday.

The bank's chairman, Pratip Chaudhuri, said SBI's September quarter non-performing asset position was looking better than that of the June quarter.

L&T Finance (LTFH.NS) shares ended 5.4 percent higher after a senior ministry official said India hopes to have new banking licenses by the end of 2012/13 fiscal year.

(Additional reporting by Manoj Dharra; Editing by Sunil Nair)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Shares Hit Record

Sensex, Nifty rise to second consecutive record high

Sensex surges 500 points on BOJ easing, L&T gains

The BSE Sensex and Nifty surged to record highs for a second consecutive session on Friday after Bank of Japan's surprise expansion of its massive stimulus programme raised hopes for additional foreign inflows, boosting blue-chips such as Larsen & Toubro.  Full Article 


Wilful Negligence?

Wilful Negligence?

SEBI piles pressure on Sahara to sell overseas hotels  Full Article 

Indian Economy

Indian Economy

India's fiscal deficit in H1 almost 83 pct of full-year target.  Full Article 

M&M Earnings

M&M Earnings

M&M Q2 net profit down 4 percent, hit by poor monsoon.  Full Article 

Ban on E-Cigs?

Ban on E-Cigs?

Govt considers ban on e-cigarettes, sale of single smokes.  Full Article 



Silver futures in India hit four-year low on global cues.  Full Article 

BOJ Policy

BOJ Policy

BOJ shocks markets with surprise easing as inflation slows.  Full Article 

Shadow Banking

Shadow Banking

China's shadow banking sector growing rapidly, third largest in world - FSB.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage