Mumbai: The markets are choppy on Friday. The Nifty is hovering around the 2900 mark. Private banking, technology (barring Satyam), select power and metal stocks as well as ONGC are supporting the markets. However, Bharti Airtel, Reliance Industries, L&T, Satyam, Nalco, Sterlite, DLF, Tata Motors, and Ranbaxy are seeing selling pressure.
The Sensex went down 44 points to 9,543 and the Nifty lost 14 points at 2,906, at 1016 hrs IST. BSE Midcap lost 0.5 per cent and Small Cap Index fell 1.5 per cent.
Satyam tanked 59 per cent at Rs 16.50 and also touched a new 52-week low of Rs 6.30. Maytas Infra locked at 5 per cent lower circuit; there are pending sell orders of 1,724,153 shares, with no buyers available.
Mastek's Q2 net ales down by 3 per cent at Rs 251 crore versus Rs 257.8 crore. Operating profit margin went down by 3 per cent at 15.2 per cent from 18.2 per cent; OPM's have slid almost 5 per cent since June (19.9 per cent to 15.2 per cent). Net profit was down by 24 per cent at Rs 31.3 crore versus Rs 41.2 crore. The stock fell over 8 per cent.
Sun Pharma rejected Taro’s proposal and said $ 15 is way beyond what Taro is worth. The company has received US FDA approval for 4 generic products. Sun Pharma will replace Satyam in BSE Sensex from January 12; the stock gained 2.8 per cent.
Reliance Capital went up 3.5 per cent, as the stock is going to replace Satyam in NSE Nifty from January 12.
Punj Lloyd has started adjudication against UK's SABIC Petrochem; the stock went down nearly 12 per cent.
Market breadth is weak; about 700 shares have advanced while 2079 shares declined. Nearly 85 shares are unchanged.
Asian markets are trading mixed. Hang Seng and Straits Times went up around 1 per cent. Shanghai, Nikkei and Jakarta rose just 0.1-0.64 per cent. However, Kospi fell over 1 per cent and Taiwan down 0.3 per cent.
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