BSE Sensex at lowest level since Jan 1; ITC, ICICI fall

MUMBAI Tue Feb 5, 2013 5:03pm IST

1 of 2. A broker looks at a computer screen as he talks on a phone at a stock brokerage firm in Mumbai December 3, 2012.

Credit: Reuters/Danish Siddiqui/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - The Sensex fell on Tuesday for the fifth session in the last six sessions as renewed worries about the euro zone hit global markets, spurring continued profit-taking in recent outperformers such as ITC Ltd (ITC.NS) and ICICI Bank (ICBK.NS).

Domestic shares have struggled ever since the Reserve Bank of India surprised investors with a cautious stance on future rate cuts on January 29, dashing some of the optimism that sustained monetary easing would boost economic growth this year.

Investors are also cautious ahead of the budget, to be unveiled later this month, which is seen as a key test of commitment to shoring up finances.

Fitch Ratings said on Monday that India needs to commit to its recent reform measures and meet its fiscal deficit targets, putting further pressure on a government keen to retain investment grade ratings.

"At a time when inflation remains high, diesel prices are rising, we are looking ahead to how the finance minister balances the gap between income and expenditure in the upcoming budget. Till that time markets will continue to be in a narrow range," said R.K. Gupta, Managing Director at Taurus Mutual Fund.

The Sensex fell 0.46 percent, or 91.37 points, to end at 19,659.82, marking its lowest close since January 1. The index has fallen 1.94 percent in six sessions.

The broader Nifty fell 0.51 percent, or 30.35 points, to end at 5,956.90.

Cigarette maker ITC Ltd fell 1.56 percent, after gaining 7.3 percent in January. ICICI Bank Ltd shares fell 1.33 percent, its third fall in four sessions.

Bharat Heavy Electricals Ltd (BHEL.NS) shares fell 3.5 percent, extending their fall after the company's October-December earnings on Friday disappointed investors.

Jain Irrigation Systems Ltd (JAIR.NS) ended 5.2 percent lower, after the company reported a net loss of 311.7 million rupees in the October-December quarter.

Jubilant Foodworks Ltd (JUBI.NS) shares fall 8.5 percent, after its December-quarter same store sales grew by 16 percent versus expectations of 20 percent.

UCO Bank (UCBK.NS) shares ended 5 percent lower after reporting disappointing asset quality and rising provisioning expenses.

However, Sun Pharmaceutical Industries Ltd (SUN.NS) rose as 4.14 percent after the U.S. Food and Drug Administration approved its generic version of ovarian cancer drug Doxil, made by Johnson & Johnson (JNJ.N) in the U.S. market.

Shares in Sun also gained after subsidiary Taro Pharmaceutical Industries Ltd (TARO.N) posted a 42 percent growth in October-December net profit.

Another blue chip drug maker, Cipla Ltd (CIPL.NS), gained 1 percent ahead of its third-quarter earnings on Wednesday.

Shares in United Spirits Ltd (UNSP.NS) gained 2 percent after media reports that India's securities market regulator, Securities and Exchange Board of India (SEBI), has cleared Diageo Plc's (DGE.L) open offer for the Indian company.

A SEBI spokesman told Reuters the regulator has issued final observations on the offer but would not comment beyond that.

(Editing by Anupama Dwivedi)

FILED UNDER:
  • Most Popular
  • Most Shared

DEFENCE

REUTERS SHOWCASE

Canonisation

Canonisation

Pope declares sainthood of two Indians, four Italians.  Full Article 

Stake Sale Strike

Stake Sale Strike

Coal India trade unions call off strike in victory for Modi.  Full Article 

Markets Weekahead

Markets Weekahead

Ride the bull with a finger on the ejector button.  Full Article 

Arms Purchase

Arms Purchase

India approves $2.6 bln mounted gun purchase - official.  Full Article 

Interview with Bulgari CEO

Interview: Bulgari CEO

Bulgari CEO: we shouldn’t have left India so we’re back  Full Article 

Formula One

Formula One

Hamilton takes second F1 title in style.  Full Article 

Available For Remake

Available For Remake

Bollywood finally wants to pay the price for remakes  Full Article 

Davis Cup

Davis Cup

Vintage Federer seals first Davis Cup for Switzerland.  Full Article 

Movie Review

Movie Review

"Happy Ending" is old wine in an older bottle  Full Article 

Reuters India Mobile

Reuters India Mobile

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