Nifty ends flat; Sterlite down 5%, Maruti up 6% post Q3 nos
23 Jan 2012
The Sensex closed rangebound session on a flat note following lacklustre global markets. Mixed set of numbers too kept the Nifty moving around 5050 level during the day; Reliance and Sterlite disappointed the street with less than expected bottomline numbers in Q3 while L&T's numbers were above expectations and Maruti's profit was in line with estimates.
The BSE benchmark went up 12.72 points, to close at 16,751.73 while the NSE benchmark fell just 2.35 points to 5,046.25. Globally, European markets were mixed while major Asian markets were shut today.
Back home, capital goods, banks (except HDFC Bank), FMCG, technology and power stocks helped the market while metals stocks and Reliance weighed down.
Index heavyweight Reliance Industries fell 2.8% on the back of dismal performance in third quarter results, but the downside in stock capped by buyback offer of Rs 10,440 crore from the company.
Even metal stocks lost their shine; Sterlite Industries plunged over 5% post less than expected bottomline in the October-December quarter as compared to a year ago period. Company reported net profit of Rs 914 crore in Q3 as against expectations of Rs 1,001 crore.
Hindalco crashed 4% and Tata Steel was down over 2%; Coal India continued to fall due to pricing issues, losing 2.7%.