New Delhi: Indian equities continue to reel under selling pressure led by sell-off majorly in technology, metal, realty, auto, FMCG, telecom and financial companies' shares.
However, there was a bit of recovery from day's low - the Nifty got back above the 5450 level on the back of buying in heavyweights ONGC and Reliance Industries followed by Siemens, SAIL, Dr Reddy's Labs, HUL, BHEL and Sun Pharma.
The benchmark Nifty started the final session of January month on a weak note, led by sell-off in almost all major heavyweights. The downtrend continued for fourth consecutive day on the back of fall in US markets, tracking tensions in Egypt. The Nifty slipped below 5450 level on panic selling and was inching down towards 5400-mark.
Investors are caution about access to the Suez Canal, crucial to Europe's imports of oil and Asian goods, as clashes between government forces and protesters demanding the removal of President Hosni Mubarak escalated
Among frontliners, Maruti Suzuki (down 4.5percent post numbers - ), Bharti Airtel, Reliance Communications, Jaiprakash Associates, Sterlite Industries, Tata Steel, Hero Honda, Tata Motors, BPCL, Sun Pharma, Wipro, DLF (ahead of numbers), L&T, TCS, Infosys, SBI, ICICI Bank and Kotak Mahindra Bank were witnessing selling pressure.
However, Siemens jumped 16percent post open offer. Company made open offer to buy 19.82percent stake at Rs 930/share. Promoters currently hold 55percent stake. Offer will open on March 25 and close on April 13.
Dr Reddy's Labs gained 3.3percent as it has received US court approval to sell Allegra D24, reports CNBC-TV18 quoting NW18.
ONGC went up 1.7percent as it reported 131percent rise in net profit to Rs 7083 crore.
At 9:17 hours IST, the 30-share BSE Sensex was trading at 18,144, down 251 points and the 50-share NSE Nifty was at 5,449, down 63 points.
The Nifty Junior fell 234 points to 10,620 and CNX Midcap lost 147 points to 7,733. About 107 shares advanced as against 663 shares declined on National Stock Exchange.
Midcap and Smallcap Space:
Results Reaction: GIC Housing Finance rose 3percent. GSFC was up 3.4percent. However, Eros International went down 0.5percent despite good numbers. Jagran Prakashan tanked 6percent and Alok Industries was down 1.7percent despite strong gnumbers, could be seeing profit booking.
MindTree lost 12percent as Ashok Soota resigned from company's board of directors. Soota co-founded MindTree in 1999.
Aban Offshore was down 2percent and Exide down 8percent. Lupin, Ashok Leyland, United Phosphorous, S Kumars, REC, Apollo Tyres, South Indian Bank, Delta Corp, Uttam Galva and TVS Motor plunged 3-5percent.
Global cues:
Asian markets were mixed in trade. Hang Seng, Nikkei, Straits Times and Kospi were down over 1percent. However, Shanghai rose 1percent and Taiwan was up 0.5percent.
The US markets witnessed worst single-session slide in five months; Dow Jones broke an eight-week winning streak.
The Dow Jones Industrial Average ended down 166 points or 1.4percent at 11,824 on Friday. It was down 0.4percent for week while up 2.13percent YTD.
Commodities
CRB Commodity Index gained 1.2percent on Friday. It was up 0.4percent for the week
Crude Oil surged 4.3percent at USD 89.34/barrel post social unrest in Egypt
Natural gas ended up 0.2percent at USD 4.33 per MMBtu
Gold gained 1.5percent at USD 1337.70 per ounce, rebounded after hitting 4-monthlow
Silver was up 3.3percent at USD 27.92 per ounce, rebounded after hitting 1 month low
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