Markets open lower, Maruti, Tata Motors drop

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Markets open lower, Maruti, Tata Motors drop
Markets opened the day lower in line with Asian markets and on poor results from heavweights. The Sensex shed 39 points, while the Nifty dropped more than 16 points in early trade.

Among the Nifty stocks that lost ground were Tata Motors which shed 1.21 per cent, following a poor set of numbers by the company. State Bank of India gained after the selling pressure witnessed on Thursday, following a poor set of results.

Wipro continued to have a bad run, following a decision to exclude the company from the Nifty stocks. Maruti on the other hand dropped after the company was excluded from the MSCI index.

Bharti Airtel continued to drop lower for the second day in a row on institutional selling. HUL which saw some buying support on Thursday was trading flat.

Nifty stocks that gained in trade today were GAIL, HDFC, HDFC Bank, ITC and Larsen and Toubro. Laggards in trade today were ONGC, TCS and Mahindra and Mahindra.

Realty stocks continued to fall led by DLF. The stocks tanked by more than 2.27 per cent. Other stocks from the sector which fell were Parsvnath, DB Realty and Anant Raj.

Shares of GAIL gained after the company reported a rise of 17.72 per cent in net profit on year-on-year basis to Rs 12.84 billion for the quarter ended Dec. 31, 2012.

Meanwhile, markets in Asia were trading mixed with the Korean and the Chinese markets trading higher, while the Japanese and the Hong Kong markets declined.

GoodReturns.in

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