Market update: Sensex slips 217 points; Reliance drops 2.5 per cent

Frontline Indian indexes have corrected in early trading as results from Reliance Industries announced yesterday have failed to excite the markets. Profit booking across most Asian markets has also added to the negative sentiment.

Sensex opened at 14219 and declined to a low of 14968. The index is trading lower by 217 points at 14010 at 11.10 AM IST.

Nifty opened at 4182 and slipped to a low of 4104. The index is now trading lower by 62 points at 4116.

Reliance Industries has lost nearly 2.5 per cent following results announced after market close yesterday. ONGC has lost another 2 per cent.

HDFC has lost nearly 3 per cent while ICICI Bank is trading well over 2.5 per cent lower.

Cipla has crashed 14 per cent after disappointing results and is the major loser among Nifty stocks.

Among metals, Tata Steel has lost nearly 2.5 per cent and Sterlite is trading well over 2 per cent lower.

Suzlon Energy has lost over 3.5 per cent.

Among other major losers, Bharti and Tata Power have slipped nearly 2.5 per cent each.

There are not many gainers among Nifty stocks. Oil marketing stocks are doing well and BPCL is the best performer with gains of over 1.5 per cent while HPCL has added nearly a per cent.

Bajaj Auto is continuing the rally and has added more than a per cent.

Among tech stocks, Satyam has added over 0.5 per cent while Wipro is trading with modest gains.

Ranbaxy and Dr. Reddy's are trading with modest gains.

ABB is the only other gainer among Nifty components, trading 0.5 per cent higher.

Mid-caps and small caps have also come under pressure, but losses are lower than large caps. The NSE mid-cap index is now trading with losses of nearly 0.4 per cent. BSE mid-cap index has lost 0.6 per cent and the BSE small-cap index is trading 0.9 per cent lower.

Among larger mid-caps, Mico has gained nearly 11 per cent.

Among banking and financial stocks, Cholamandalam DBS has rallied more than 9.5 per cent while DCB is trading nearly 6.5 per cent higher.

Visa Steel is locked in 10 per cent upper circuit.

Archies, Deccan Chronicle, Asian Electronics, Cyber Media and Elgi Tyre are the other major gainers among mid-caps and small caps.

Rei Agro is locked in 20 per cent down circuit while GHCL and Genus Overseas are in 10 per cent down circuits for the second day. Pyramid Saimira is also locked in 10 per cent down circuit.

Khaitan Limited, Lakshmi Energy and Foods, JBM Auto, Cambridge Technologies and Aztecsoft are the major losers among mid-caps and small-caps.

Thomas White Global Research, part of the Thomas White International Group, publishes capital market research for global institutions and investment banks, and is headed by Thomas White, a former managing director of Morgan Stanley Asset Management.

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