BSE Sensex at Lowest Level Since Jan 1; ITC, ICICI Fall
February 5, 2013 11:48 PM EST
The Sensex fell on Tuesday for the fifth session in the last six sessions as renewed worries about the by SavingsApp" href="http://in.reuters.com/article/2013/02/05/india-sensex-bhel-nifty-idINDEE91403B20130205">euro zone hit global markets, spurring continued profit-taking in recent outperformers such as ITC Ltd (ITC.NS) and ICICI Bank (ICBK.NS).
Domestic shares have struggled ever since the Reserve Bank of India surprised investors with a cautious stance on future rate cuts on January 29, dashing some of the optimism that sustained monetary easing would boost economic growth this year.
Investors are also cautious ahead of the budget, to be unveiled later this month, which is seen as a key test of commitment to shoring up finances.
Fitch Ratings said on Monday that India needs to commit to its recent reform measures and meet its fiscal deficit targets, putting further pressure on a government keen to retain investment grade ratings.
"At a time when inflation remains high, diesel prices are rising, we are looking ahead to how the finance minister balances the gap between by SavingsApp" href="http://in.reuters.com/article/2013/02/05/india-sensex-bhel-nifty-idINDEE91403B20130205">income and expenditure in the upcoming budget. Till that time markets will continue to be in a narrow range," said R.K. Gupta, Managing Director at Taurus Mutual Fund.
The Sensex fell 0.46 percent, or 91.37 points, to end at 19,659.82, marking its lowest close since January 1. The index has fallen 1.94 percent in six sessions.
The broader Nifty fell 0.51 percent, or 30.35 points, to end at 5,956.90.
Cigarette maker ITC Ltd fell 1.56 percent, after gaining 7.3 percent in January. ICICI Bank Ltd shares fell 1.33 percent, its third fall in four sessions.
Bharat Heavy Electricals Ltd (BHEL.NS) shares fell 3.5 percent, extending their fall after the company's October-December earnings on Friday disappointed investors.
Jain Irrigation Systems Ltd (JAIR.NS) ended 5.2 percent lower, after the company reported a net loss of 311.7 million rupees in the October-December quarter.
Jubilant Foodworks Ltd (JUBI.NS) shares fall 8.5 percent, after its December-quarter same store sales grew by 16 percent versus expectations of 20 percent.
UCO Bank (UCBK.NS) shares ended 5 percent lower after reporting disappointing asset quality and rising provisioning expenses.
However, Sun Pharmaceutical Industries Ltd (SUN.NS) rose as 4.14 percent after the U.S. Food and Drug Administration approved its generic version of ovarian cancer drug Doxil, made by Johnson & Johnson (JNJ.N) in the U.S. market.
Shares in Sun also gained after subsidiary Taro Pharmaceutical Industries Ltd (TARO.N) posted a 42 percent growth in October-December net profit.
Another blue chip drug maker, Cipla Ltd (CIPL.NS), gained 1 percent ahead of its third-quarter earnings on Wednesday.
Shares in United Spirits Ltd (UNSP.NS) gained 2 percent after media reports that India's securities market regulator, Securities and Exchange Board of India (SEBI), has cleared Diageo Plc's (DGE.L) open offer for the Indian company.
A SEBI spokesman told Reuters the regulator has issued final observations on the offer but would not comment beyond that.
Most Popular Slideshows
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- ‘Sons of Anarchy’ Season 7 Finale Spoilers: Kurt Sutter On Ending The Biker Series And Picking The Right Song For The Final Ride
- Prince Charles’ Wife Camilla Parker-Bowles In Drug Scandal - Reports
- Camilla Parker-Bowles To Become Queen When Prince Charles Accedes To The Throne
Join the Conversation
- Galaxy Note 4 vs Redmi Note 2 vs iPhone 6: Samsung in Danger with Depressing Q3
- iOS 8 Jailbreak Release Date Likely this October 2014 with Pangu not Evad3rs Firming Up as Creator
- Top 4 Free-To-Download Apps for Fuller iPhone 6, 6 Plus Experience
- Battery Saving Android 5.0 Lollipop Feature Extends The Battery Life Of Your Android Device By 90 Minutes And Displays Orange Bar While Power Saving Mode Is On
- Apple Inc. (AAPL) Stock Set to Soar Beyond $100 Despite Decline After New iPad Launch
- Russia Beefs Up Gold Reserves To Offset Heat of Sanctions And Undercut Dollar
- Australia's 'No Way' Anti-Asylum Seeker Poster Sparks Outrage