2:48 pm
Jack
MUMBAI : The 30-share Bombay Stock Exchange benchmark Sensex continued to remain weak on the back of negative cues from global peers. Technology, realty, metals and banks led the decline. According to dealers, the market is likely to consolidate with negative bias as the benchmarks lacked strength near resistance levels.
At 1:10 pm; the Sensex was at 16690.21, down 334.88 points or 1.97 per cent. The 30-share index touched intraday low of 16669.04 and high of 16824.76.
The National Stock Exchange's Nifty was at 5018.85, down 99.40 points or 1.94 per cent. The broader index touched a high of 5057.50 and low of 5011.05 in trade so far.
"On the Hourly chart we are witnessing a negative divergence in progress. This suggests weakness. At present 5170 level is a crucial resistance for Nifty. If Nifty trades convincingly above 5170 level then only it could resume upside momentum and it may test 5230 level. However, the negative divergence which is in progress on the hourly chart suggests that if Nifty trades below 5080 level then it may test 5050 - 5030 level," said Arihant Capital Market report.
BSE Midcap Index was down 1.45 per cent and BSE Smallcap Index fell 1.31 per cent.
Amongst the sectoral indices, BSE IT Index fell 3.89 per cent, BSE Realty Index declined 2.90 per cent and BSE Metal Index was down 2.38 per cent.
TCS (-8.45%), Tata Motors (-4.79%), Sterlite Industries (-4.18%), Hindalco Industries (-3.65%) and DLF (-3.46%) were amongst the major Nifty losers.
Shares of Tata Consultancy Services fell sharply after the company announced second quarter results. It reported consolidated net profit of Rs 2514.90 crore for quarter ended September 2011 against Rs 2414.76 crore last quarter. Net sales were at Rs 11289.82 crore against Rs 10797.02 crore in the corresponding last quarter.
"TCS' reported revenue and EPS growth was marginally below our and Street expectations. USD revenues grew by 4.7% qoq to US$2.53bn, below our estimate of US$2.55bn," said IDFC Securities report.
