Sensex closes 148 points down; telecom spikes post 2G auction

Indian shares closed lower for the fifth consecutive session on Thursday owing to increasing concerns looming over US fiscal, weak global economic growth and geo-political tensions in Middle East.

The 30-share BSE Sensex fell 147.50 points to close at 18,471.37 after losing as much as 210 points to intraday low of 18,408.69.

Meanwhile, the 50-share NSE Nifty that managed to hold the 5,600 level slipped 35.95 points to end at 5,631 today.

But experts looked bullish on Indian equities despite worries in US and Europe as they feel winning of re-election by Obama is positive for Indian equities.

Anand Tandon, CEO of JRG Securities said the market would head higher from current level.

''There is now emerging consensus that the market needs to do very well next year which makes me little cautious more than the fiscal cliff because when everybody is on the same side obviously there is something perhaps which is not fully being factored in. That said I would still maintain that over the next six months the market is likely to head higher from where it is currently,'' he explained.

Country's largest software services exporters TCS, Infosys and Wipro were down 2 percent each.

Cigarette major ITC and steel producer Tata Steel fell over 2.5 percent.

Oil & gas producers Reliance Industries and ONGC declined 0.6 percent and 1.25 percent, respectively.

Commercial vehicle maker Tata Motors and two-wheeler major Hero Motocorp lost over 1.7 percent.

Top lenders State Bank of India, ICICI Bank and HDFC Bank were down 0.2-0.9 percent.

Telecom operators Bharti Airtel, Idea Cellular and Reliance Communications were up 3-5 percent after 2G spectrum auction that was unsuccessful. ''Unsuccessful 2G auction shows that there is limited demand for spectrum at high prices,'' Goldman Sachs said.

In the second line shares, Network 18 rallied 20 percent and TV18 Broadcast surged 14 percent amid large volumes. (Moneycontrol.com and Television Eighteen Network are both part of the Network18 Group.)

Other media counters too were in bull grip. TV Today, Sun TV and Zee Entertainment were up 4-12 percent.

Jet Airways gained nearly 10 percent in late trade.

Ashok Leyland was up 4.4 percent and SREI Infrastructure rose 15 percent, both continuing gains since their second quarter results.

UB Group stocks: United Breweries and UB Holdings plummeted 5-10 percent on profit booking. Kingfisher Airlines was down 1.8 percent while United Spirits gained 2.44 percent on consistent buying demand since the stake sale deal with Diageo.

Decliners outpaced advancers by 1659 to 1131 on the Bombay Stock Exchange.

On the global front, Asian markets barring the Japanese market closed 1-1.5 percent lower following weak closing in the US. Nikkei rose 1.9 percent as fall in Yen against US dollar pushed export stocks higher.

European markets were down 0.3-0.5 percent (at 15:35 hours IST) as the fall in German GDP data indicated that largest economy in the Europe had slowed further in the July-September quarter. Additionally sentiment was weak on the back of co-ordinated strikes seen across the European region to protest against austerity measures.

Indian equity benchmarks came off day's low, helped by banking & financials and Reliance Industries that pared their losses. Housing finance company HDFC extended gains to 1.16 percent.

Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank lost 0.2-0.6 percent. Private oil & gas producer Reliance Industries trimmed losses to 0.85 percent from 1.5 percent.

The 30-share BSE Sensex fell 124.41 points to 18,494.46 and the 50-share NSE Nifty was down 31.25 points to 5,635.70.

Shares of ITC, TCS, Tata Motors, Tata Steel, Wipro and Jindal Steel were down 2-2.6 percent.

Software services exporter Infosys and drug producer Dr Reddy's Labs went down 1.7 percent each.

Capital goods majors Larsen & Toubro and BHEL gained 0.26 percent and 1.2 percent, respectively.

Telecom operator Bharti Airtel retained its top position in the buying list, rising nearly 3 percent after 2G spectrum auction. FMCG major Hindustan Unilever rose 1 percent.

In the second line shares, Tata Coffee shot up 20 percent, continuing upmove for the 11th consecutive session today. Jet Airways, Schneider Electric, Amtek Auto and Strides Arcolab were up 6-10 percent.

Jindal Saw, Hexaware Tech, Prism Cement, Chennai Petroleum and Opto Circuits were down 4-6 percent.

The BSE Sensex plummeted nearly 1 percent following further fall in Asian markets in late trade. European markets opened 0.5 percent lower on Thursday due to worries over US fiscal cliff and upsurge of violence in the Middle East.

The 30-share BSE benchmark was down 181 points to 18,437.77, weighed down by oil & gas exploration, technology, banks and metals stocks. Meanwhile, the 50-share NSE benchmark fell 51.4 points to 5,615.55.

The BSE IT and Metal indices went down 1.7 percent each while Auto, Oil & Gas and Healthcare were down over 1 percent.

Shares of Bharti Airtel and Kotak Mahindra Bank topped the buying list, rising 3 percent each. HCL Tech surged 2 percent but its peers TCS, Infosys and Wipro were down around 2 percent.

Steel producer Tata Steel and commercial vehicle maker Tata Motors dropped 2.4 percent each while Tata Coffee and Tata Global Beverage were up 17 percent & 4 percent, respectively.

Cigarette major ITC extended losses to 2 percent. Oil & gas producers Reliance Industries and ONGC slipped 1-1.7 percent.

Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank trimmed losses to 0.3-0.8 percent following comments on banking space by Finance Minister P Chidambaram.

In the second line shares, Emami, M&M Financial, Amtek Auto and Shree Global gained 5-6.5 percent. Tata Coffee surged over 18 percent whereas Jindal Saw, Hexaware Tech, Pantaloon Retail, HDIL and Muthoot Finance lost 4-6 percent.

Declining shares outnumbered advancing by a ratio of 1017 to 421 on the Bombay Stock Exchange.

Indian shares stayed in a bear grip since early trade on concerns over looming US fiscal cliff. All sectoral indices barring Consumer Durables were in bear grip; the BSE IT, Metal, Oil & Gas, Healthcare and Auto indices fell 1-1.8 percent.

The 30-share BSE Sensex was down 171 points to 18,447.68 and the 50-share NSE Nifty dropped 53.65 points to 5,613.30.

Cement majors remained under pressure. UltraTech Cement, one of the biggest cement companies in India plunged over 5 percent while its rivals ACC and Ambuja Cements plummeted over 1.5 percent.

In the second line shares, Tata Coffee surged nearly 19 percent amid large volumes while its other Tata Group company Tata Global Beverage was up nearly 6 percent.

Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank were down 0.6-1 percent whereas housing finance company HDFC rose 0.5 percent.

Technology stocks like TCS, Infosys and Wipro tumbled 2 percent each. Cigarette major ITC tanked 1.9 percent whereas FMCG major Hindustan Unilever advanced 1 percent.

Oil & gas producers Reliance Industries and ONGC fell nearly 1.5 percent. Shares of Sun Pharma, Jindal Steel, Hindalco and Tata Steel dropped 2-2.5 percent.

India's biggest commercial vehicle company Tata Motors declined 1.8 percent while top car maker Maruti recouped entire losses, rising 0.75 percent.

Bharti Airtel and Idea Cellular, telecom operators in the GSM segment, spiked 3-3.5 percent after the 2G spectrum auction.

The NSE Nifty was trading near day's low due to weakness in ITC and Infosys. Reliance Industries, ICICI Bank, TCS and Tata Motors too added pressure whereas Bharti and HDFC outperformed other bluechips.

The 30-share BSE benchmark dropped 171 points to 18,448.08 and the 50-share NSE benchmark was down 51 points to 5,615.80.

In the second line shares, Tata Coffee surged 17.5 percent. Amtek Auto, Biocon, Shree Global and M&M Financial were up 3-4 percent while Jindal Saw, Muthoot Finance, HDIL, Indiabulls Real and Pantaloon Retail were down 4-6 percent.

Top telecom operator Bharti Airtel and its rival Idea Cellular gained 3-4 percent after 2G spectrum auction.

Housing finance company HDFC rose 0.5 percent and FMCG major Hindustan Unilever was up 0.23 percent.

Shares of ITC, Infosys, Reliance Industries, ICICI Bank, TCS and Tata Motors tanked 1-2 percent. Lenders HDFC Bank and State Bank of India were down 0.6 percent each.

The market breadth was negative as about 822 shares advanced while 1596 shares declined on the Bombay Stock Exchange.

Among Asian markets, Shanghai, Hang Seng, Straits Times and Kospi fell 0.4-1 percent but Nikkei extended gains to 1.8 percent after Japan's main opposition leader, Shinzo Abe, who is expected to win next month's election, said he wants the Bank of Japan to adopt interest rates of zero or below zero to enhance lending.

Indian equity benchmarks remained under pressure with the Nifty trading below the 5650 level, weighed down by oil & gas exploration, technology, auto, metals and banking & financials stocks.

The 30-share BSE Sensex dropped 156 points to 18,462.92 and the 50-share NSE Nifty lost 46.6 points to 5,620.35.

Country's largest lender State Bank of India and private sector lender were down 0.5 percent each while their rival ICICI Bank fell 1 percent.

Software services exporters Infosys, Wipro and TCS tumbled 1.7-2.3 percent. Cigarette major ITC tanked 1.8 percent and drug producer Sun Pharma lost 2.4 percent.

Among auto stocks, Tata Motors, Mahindra & Mahindra, Maruti and Hero Motocorp were down 1-1.7 percent.

Even metals stocks remained under pressure. Tata Steel plunged 2.5 percent while Hindalco, Jindal Steel and Sterlite were down 1.5 percent.

Telecom operators Bharti Airtel and Idea Cellular outperformed after 2G auction, rising 2.6-3 percent. State-run gas transmission company GAIL gained 1 percent.

Declining shares advancing by a ratio of 988 to 376 on the National Stock Exchange.

The BSE Sensex fell as much as 180 points in early trade on Thursday following concerns over US fiscal and geopolitical tension in West Asia. But immediately the market showed some recovery, helped by telecom stocks and somewhat short covering.

The 30-share BSE Sensex was down 144 points to 18,474.87 and the 50-share NSE Nifty lost 43 points to 5,623.70.

In the US markets, the Dow Jones closed at a 5-month low yesterday, losing 1.45 percent following President Barack Obama's press conference on the fiscal cliff, worries over the global economy and amid geopolitical tension in West Asia.

Even Asian markets were under pressure. Shanghai, Hang Seng, Straits Times and Kospi went down 0.6-1.5 percent whereas only Nikkei outperformed with gains of over 1 percent.

Back home, country's largest telecom operator Bharti Airtel surged over 4 percent and Idea Cellular gained 2.6 percent after 2G auction. Bharti was the provisional bidder in only one circle (Assam Circle) while Idea Cellular was provisional bidder in 8 circles.

Real estate firm DLF and diversified conglomerate Jaiprakash Associates were down over 2 percent following disappointing second quarter numbers.

Cigarette major ITC and housing finance company HDFC dropped 1.5 percent. Technology majors TCS and Infosys slipped 1.3 percent and 1.8 percent, respectively.

Commercial vehicle maker Tata Motors plunged 2.5 percent. Two-wheeler major Hero Motocorp and utility vehicle maker M&M wetn down 1-2 percent.

Oil & gas exploration producers Reliance Industries and ONGC lost 0.7 percent each.

In the second line shares, Gammon India crashed 6 percent after the company reported a net loss of Rs 39.4 crore in the second quarter of FY13 as against profit of Rs 4.1 crore in a year ago period.

SpiceJet was flat to lower; the company posted a loss of Rs 163.5 crore but that was lower than expectations.

Adhunik Metaliks gained 9 percent as it has reported a consolidated net profit of Rs 36 crore in the second quarter as against loss of Rs 5.5 crore in the corresponding quarter of last fiscal.

Wockhardt rose 2.5 percent as its net profit surged 255 percent YoY to consolidated net profit of Rs 453.5 crore in the July-September quarter.

Ashok Leyland gained another 2 percent following better than expected results at operating level in second quarter.

All UB group stocks were under pressure. United Breweries plunged 8 percent while Kingfisher was down 4 percent and UB Holdings fell 2 percent. United Spirits was marginally down on profit booking.

TV18 Broadcast was up 2 percent. (Moneycontrol.com and Television Eighteen Network are both part of the Network18 Group.)