Sensex dips 166 pts on profit-booking

Nov 08 2012, 09:46 IST
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Stocks of realty, power, banking and IT sectors declined due to profit-booking.  (Reuters) Stocks of realty, power, banking and IT sectors declined due to profit-booking. (Reuters)
SummarySensex fell by 165.96 points, or 0.87 per cent, to 18,736.45 in the opening trade.

The BSE benchmark Sensex declined by almost 166 points in early trade today as funds and retail investors preferred to book profits after six sessions of gains amid a weak trend in global markets.

The 30-share barometer, which has surged by over 470 points in the last six sessions, fell by 165.96 points, or 0.87 per cent, to 18,736.45.

Stocks of realty, power, banking and IT sectors declined due to profit-booking.

Similarly, the wide-based National Stock Exchange index Nifty fell by 66.15 points, or 1.14 per cent, to 5,693.95.

Brokers said besides profit-booking by speculators, a weak trend in Asian trade following overnight losses at the US market on fears its economy is facing another huge economic crisis, spurring a sell-off, dampened the trading sentiments here.

In Asian region, Japan's Nikkei Index was down 1.64 per cent, while Hong Kong's Hang Seng index shed 1.28 per cent in early trade.

The US Dow Jones Industrial Average ended 2.36 per cent down in yesterday's trade.


Nifty futures on the Singapore Exchange fell 0.87 percent. The MSCI-Asia Pacific index excluding Japan fell 1 percent.

The Dow industrials lost more than 300 points in a sell-off on Wednesday that drove all major U.S. stock indexes down over 2 percent in the wake of the presidential election as investors' focus shifted to the looming fiscal cliff debate and Europe's economic troubles.

Asian shares fell on Thursday as investors worried about the fiscal crisis in the United States and the European economy's further deterioration, underpinning safe- haven currencies such as the yen and dollar.


India's federal cabinet is set to discuss and likely approve a plan to levy a total surcharge of $5.7 billion on long-established mobile phone carriers for additional airwaves they hold.

The Cabinet is also likely to approve the new pharmaceutical policy that could bring over 300 essential drugs under price control from 74 drugs as at present.

Oil and Natural Gas Corporation, Ranbaxy Laboratories, Sun Pharmaceutical Industries, Steel Authority of India, Reliance Communications to report July-September earnings.



India's Tata Motors Ltd net profit fell short of expectations as rising marketing costs hurt its margins and slowing economic growth curbed demand for its commercial vehicles.

India's state-run upstream oil companies are likely to bear a total subsidy burden of 151.08 billion rupees ($2.8 billion) for the September quarter, a government source said, to compensate state oil marketing companies for losses on fuel sales.

Kingfisher Airlines


India has pushed back a decision on divesting stake in state-run National Aluminium Co to the January-March quarter, federal minister of state for mines Dinshaw Patel said on Wednesday.


India's Mahindra & Mahindra Financial Services launched a share sale on Wednesday to raise about $160 million, two sources with direct knowledge of the situation said.

Mahindra and Mahindra set a floor price for the qualified institutional placement at 880.70 rupees.

The Land Acquisition Bill is set to be delayed as the Cabinet is unlikely to take it up at its meeting this week even after the Group of Ministers (GoM) approved it, sources with knowledge of the development said.


The Bombay High Court dismissed an Income-Tax Department's appeal on tax claims from Reliance Communication on nearly 56.35 billion rupees of revenues, saying the transactions being examined did not qualify to be taxed.


Kingfisher Airlines is preparing a comprehensive plan to re-start operations, which will be shared with banks and regulators, the airline said in a statement, while also announcing its July-September net loss had widened to 7.54 billion rupees from 4.69 billion rupees a year ago.

Separately, the chairman of State Bank of India said on Wednesday Kingfisher needs to raise or commit at least $1 billion by Nov. 30, adding that lenders are not looking at liquidating the carrier's assets as of now.


Eicher Motors and Volvo AB will invest 18 billion rupees ($331 million) over the next two years in their Indian joint venture, Eicher's head said on Wednesday, and begin exports of engines to Volvo's European operations next year.


Strong demand from the financial services industry and from companies in Europe boosted Cognizant Technology Solutions Corp's third-quarter results and prompted the IT services company to raise its full-year earnings forecast.


Delta Corp has increased stake in Daman Hospitality to 87.16 percent through conversion of fully convertible debentures, according to a stock filing.


Indian debt/FX factors to watch

Yen rallies on risk aversion; NZD hit by jobs data

Oil down about 4 pct, fiscal cliff looms after US vote

Foreign institutional investor flows

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