Sensex closed with losses of 35 points at 14183 and the Nifty lost 19 points to end at 4090. Nifty January futures closed at a premium of 1 point to the spot index.

Satyam was the biggest loser among Nifty stocks following disappointing results. The stock ended 4.98 per cent. Tech Mahindra was the worst performer among tech stocks, ending 6.42 per cent lower. Wipro lost 3.27 per cent

Ranbaxy lost 3.69 per cent as its results did not exceed expectations. Cipla lost 2.72 per cent and Sun Pharma ended 1.9 per cent lower

M&M continued to correct and lost another 3.57 per cent

Siemens dropped 2.81 per cent even after announcing better than expected results

ONGC slipped 2.02 per cent as the much-awaited announcement on the gas discovery did not happen

Among other losers, Reliance Energy lost 2.57 per cent and SAIL lost 1.87 per cent

Telecom stocks rallied today and ended with good gains. MTNL was the best performer with gains of 5.42 per cent. Reliance Communications added 2.45 per cent and Bharti gained 1.75 per cent

Reliance Industries ended 1.12 per cent higher after surprising the market with very good numbers

Cement stocks did well on expectations of good results. Gujarat Ambuja gained 2.41 per cent while ACC closed 1.18 per cent higher. Grasim added 0.88 per cent

ICICI Bank added another 1.46 per cent ahead of results announcement

Zee Tele and ITC were the other major gainers.

Global markets / crude oil
US markets continued their decline yesterday as hopes of an early cut in interest rates receded further. Further decline in crude oil prices led to losses in oil stocks.

The Dow index lost nearly 0.1 per cent while the S&P 500 index gave up 0.3 per cent. Lower guidance from Apple led to further weakness in technology stocks and the NASDAQ closed nearly 1.5 per cent lower.

Asian markets were mixed in opening trades but most indices recovered later in the day. Shanghai bounced back strongly after the recent decline and ended nearly 2.75 per cent higher. Indonesia ended a per cent higher while Thailand gained 0.5 per cent.

Singapore added 0.35 per cent and Hong Kong ended 0.25 per cent higher.

South Korea dropped 1.65 per cent while Japan ended 0.35 per cent lower.

European markets were weak in opening trades and remain so. Major indices are trading with losses of between 0.1 and 0.3 per cent each in early afternoon trades

Crude oil prices slipped further yesterday following higher than expected US fuel inventories. Near month NYMEX futures ended nearly 3 per cent lower at $50.48 yesterday. The commodity is trading with modest gains in European trades today.

Large-cap news flow

• Bharti Airtel has received license to start 2G and 3G mobile services in Sri Lanka. This would be the first international venture of Bharti though a group company is already providing telecom services in Seychelles
• HPCL has declined to confirm media reports that the company is planning to sell 50 per cent stake in its Vizag refinery to French company Total.
  
• ONGC would tie up with Brazilian company Petrobras to jointly bid for exploration blocks in the next round of domestic bidding, according to unconfirmed media reports. The companies may also bid jointly for exploration blocks in Brazil.

Mid-Cap Action

Mid-caps and small caps also corrected today. The CNX Mid-Cap index ended 37 points, or 0.69 per cent, lower at 5283. BSE mid-cap index lost 0.46 per cent and the BSE small cap index ended with losses of 0.5 per cent.

IFB Agro, KEI industries, EssDee Aluminium, Geodesic Info, Sarla Poly, Industrial Meters, Paramount Communications, Astra Microwave, Micro Inks and JK Lakhsmi Cements were the major mid-cap gainers.

Nocil, Zensar, AVT Natural, CMC, Enkei, IFB Industries, DCB, Eimco Elecon and Bluestar Info were among the major mid-cap losers.

Mid-cap news flow

• Bombay Rayon Fashions has raised Rs294.42 crore from a QIP issue at a price of Rs210 per share
• Hindustan Dorr Oliver has received an order worth Rs5.5 crore
• Provogue India would issue 32.5 lakh equity shares at a price of Rs450 per share on a preferential basis. The company would also issue 18 lakh convertible warrants to promoters
• Aban Offshore has terminated the negotiations to acquire a majority stake in am Indonesian company
• India Gelatine would issue 9.2 lakh equity shares to a Japanese company at a price of Rs24.5 per share
• Inox Leisure has started commercial operations at its new multiplex in Chennai
• Orchid Chemicals would issue 50 lakh convertible warrants to promoters
• Lupin has dropped its plans to set up a manufacturing JV with a South African company for anti-TB products
• Dolphin Offshore would issue bonus shares in the ratio of 3 shares for every 5 shares held
• Cera Sanitary is considering a preferential issue of equity shares
• RCF would sign an agreement with a Rajasthan PSU to set up a DAP plant at an investment of Rs400 crore
• The board of Rana Sugars would meet later this month to consider a preferential issue to promoters
• Nucleus Software has won an order from a Japanese consumer finance company for financial software and offshore development services
• Crew BOS would set up a JV to manufacture leather products for exports
• Mid-Day Multimedia is planning to issue an addition 26.85 lakh equity shares to an associate firm of Bennett, Coleman & Co. The company is also planning to allot 29.27 lakh shares to promoters
• Deccan Chronicle has announced a stock split in the ratio of 5 shares for every share
• Sobha Developers has received a new construction contract worth Rs15 crore
• Aurobindo Pharma has received US FDA approval for an antibiotic in oral suspension form
• The board of Gemini Communication would meet later this week to consider a bonus issue
  

*Disclaimer: The author may have positions in some of the stocks specifically mentioned above at the time of writing this article. This analysis / report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content the author or publisher shall not be held responsible for any loss caused to any person whatsoever.