Sensex weak; Tata Motors down over 10%
30 May 2012
The BSE Sensex was trading weak in the afternoon trade. Rate sensitives and infra the main drags on the index.
The Sensex is down 75.43 points or 0.46% at 16363.15, and the Nifty down 26.50 points or 0.53% at 4963.60.
Sudarshan Sukhani of s2analytics.com said, Nifty's target of 5,100 remains intact, but as a trader one should ensure that their positions are protected. He has a breakeven target of 4,920 for Nifty Futures. "If the Nifty Futures are closing below that today then my trading positions will be taken off," he added.
About 1009 shares have advanced, 1513 shares declined, and 902 shares are unchanged.
Top losers on the Sensex were Tata Motors at Rs 246.70 down 10.58%, BHEL at Rs 213.05 down 2.18%, DLF at Rs 185 down 1.65%, Sterlite Ind at Rs 95.80 down 1.49% and ICICI Bank at Rs 828.45 down 1.25%.
The big index loser, Tata motors loses 11% on disappointing JLR earnings. CLSA slashes JLR's EBIDTA margin expectations to 15.5% over FY13-14 from 18.5% previously. Morgan Stanley downgrades the stock to an equal weight, while CITI cuts bottomline estimates by 13% in FY13.
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