The benchmark Nifty started the session lower following weak global cues and disappointing earnings. Telecom, technology, select auto and select financial companies' shares were under pressure.
At 9:01 hours IST, the SENSEX was trading at 17928, down 63 points and the NIFTY was at 5389, down 20 points. About 360 shares advanced while 367 shares declined.
Results Reaction
Siemens and ONGC tumbled 2%, Hero Honda lost 4% post disappointing numbers.
Hero Honda's Q1 net profit was down 1.6% at Rs 492 crore while expectation was at Rs 563 crore and ONGC's Q1 net profit was down 24% at Rs 3661 crore while expectation was at Rs 3920 crore. Siemens has reported Q3FY10 adjusted PAT at Rs 156 crore as against Rs 200 crore, de-growth of 22% (YoY).
Petronet LNG was down 2% and SAIL down 1.7%.
Reliance Power fell 2% ahead of numbers.
Tata Motors, Ambuja Cements, Idea Cellular, ICICI Bank, HDFC Bank, Reliance Communications, Bharti Airtel, PNB, ITC and Infosys were witnessing selling pressure.
However, HCL Tech rose 1%. Maruti Suzuki, ABB (ahead of numbers), Cipla L&T and Suzlon Energy were other gainers.
Central Bank of India rose 6% and Bank of Maharashtra gained 3% post good numbers.
Global cues:
Asian markets were trading lower. Nikkei and Hang Seng declined 1-1.5%. Hang Seng, Straits Times, Kospi and Taiwan fell 0.4-0.8%.
