The benchmark Nifty started the trade below the 5500 mark on expiry day, reacting to weak global cues. US debt ceiling talks failed to make progress yesterday; there were reports that debt deadline may be postponed to August 10 from August 2.
The 30-share BSE Sensex was trading at 18,283, down 149 points and the 50-share NSE Nifty lost 48 points to 5,498.
N Krishnan of CLSA said he continued to remain cautious on the markets amid earnings downgrades. He has maintained March 2012 Sensex target of 19,500 offering a 5% upside.
Among frontliners, HCL Tech, Sterlite Industries, Wipro, Infosys, SBI, IDFC, PNB, Jaiprakash Associates, HUL, Bharti Airtel, L&T, DLF and Reliance Industries were putting pressure on the market.
However, ONGC and ITC gained marginally ahead of numbers today.
Kotak Mahindra Bank too was up.
Idea Cellular lost 1% as Providence sold 8.34 crore shares (9.9% equity) of the company via block deal.
The CNX Midcap fell 43 points to 8,071.
Results reaction: EID Parrry was up 1.6%. Manappuram Finance and Karur Vysya Bank declined over 1.2%.
Cox & Kings went up over 2% post company bought UK-based Holidaybreak for £ 312 million.
SKS Microfinance tumbled 7%.
Lanco Infratech, HCC (ahead of numbers) and GVK Power too were down 1-2%.
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