STOCK MARKET LIVENEWS ( JAN 30)

Sensex opens 150 pts down; BHEL crashes 8%

Golden Investment Research Private Limited

Date: 30.01.2012

The Sensex opened 150 points lower to kick start the week following weak global cues. Dismal third quarter performance of BHEL on margin front weighed down the stock market tips. Metals, banks, capital goods and auto stocks were under pressure.

BHEL tanked 8.6% as its margin declined at 19.37% versus 22.96% YoY due to inflationary pressure and rising competition.

The Sensex was down 123 points at 17,110.63 and the NSE Nifty fell 40 points to 5,164.65.

Asian markets too were down, falling 0.4-0.8% on Greek concerns. There was no debt deal yet, which is even unlikely before European Union Summit that would be started today. Fitch downgraded Italy and Spain among others last week.

Meanwhile, Sterlite, SAIL Hindalco, Tata Steel, L&T, JP Associates, Hero Motocorp, SBI, PNB, ICICI Bank, Kotak Mahindra Bank and Reliance Industries were down.

However, ITC, TCS, Wipro and Bajaj Auto managed offset some of losses in early trade.

The CNX Midcap fell 29 points to 7,060. About two shares declined for every shares rising on the National Stock Exchange.

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