Sensex down 39 points on Wipro Q3 results; RIL cushions fall | business | Hindustan Times
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Sensex down 39 points on Wipro Q3 results; RIL cushions fall

business Updated: Jan 21, 2011 18:10 IST

In a lacklustre trading today, the BSE bellwether Sensex ended about 39 points down on lower than expected Q3 results by software exporter Wipro, amid selling by foreign funds and weak Asian cues.

However, the top heavyweight and petrochem giant RIL helped cushion the Sensex fall by rising 1.73 per cent, ahead of its third quarter results to be announced late today.

Smart rise in SBI, ICICI Bank, BHEL and M&M too supported the market to some extent. Wipro tumbled 4.59 per cent, top loser from the Sensex pack on below expectations Q3 results. The company reported a 9.60 per cent jump in consolidated net profit. The company also surprised markets with resignations of the joint-CEOs of its IT business. India's largest electric equipment maker by sales Bharat Heavy Electricals (Bhel) gained ahead of its Q3 result today.

The Bombay Stock Exchange 30-share barometer moved major part of the day in the negative terrain in a range of nearly 133 points before closing at 19,007.53, a net fall of 39.01 points or 0.20 per cent. The NSE 50-issue Nifty also declined by 15.10 points or 0.26 per cent to 5,696.50. As per the provisional data, Foreign Institutional Investors (FIIs) sold shares worth Rs 943.91 crore while local funds bought shares worth Rs 256.32 crore yesterday.

Asian stocks ended mixed with downward bias after robust Chinese growth led to apprehensions that the world's second largest economy would try to choke off excessive demand that is fuelling inflation, by hiking interest rates.

Key benchmark indices in Hong Kong, Japan, Singapore and South Korea ended in the red while from China and Taiwan finished with gains. European stocks, however, exhibited a firm trend in their afternoon deals. The CAC was up by 0.68 per cent, the DAX by 0.35 per cent and the FTSE by 0.44 per cent.

From the Sensex pack, ONGC dropped by 2.57 per cent, ITC by 1.63 pc, DLF by 1.56 pc, Sterlite Ind by 1.52 pc, HDFC by 1.50 pc, Infosys Tech by 1.34 pc, Hero Honda by 1.25 pc, Tata power by 1.10 pc, Bharti Airtel by 1.09 pc and Jindal Steel by 1.04 pc.

Reliance Infra firmed up by 2.81 pc, SBI 2.49 pc, REL Com 2.14 pc, BHEL 1.75 pc, ICICI Bank 1.43 pc, Mah and Mah 1.40 pc and Bajaj Auto 1.14 pc. Among sectoral indices,BSE-IT dipped 1.29 pc and BSE-FMCG by 1.28 pc, while BSE-Oil&Gas rose by 0.78 per cent and Bankex by 0.77 pct.

The total market breadth turned positive as 1,478 shares ending with gains while 1,329 shares finishing with losses at BSE. The total turnover dropped further to Rs 3,037.54 crore from Rs 3,347.16 crore on Thursday. LIC Housing Finance showed the highest turnover of Rs 225.22 crore.