The BSE benchmark Sensex fell 1% in the opening trade on Friday, following sharp sell-off in Asian markets (on Thursday) and US equities on Wednesday. This was on the back of fears that Italy may seek a bailout after Italian bond yields hit 7.45%. (Indian markets were shut yesterday)
However, the market managed to trim some of early trade losses as it has priced in all negatives.
The 30-share BSE Sensex fell 109 points to 17,253.43 and the 50-share NSE Nifty lost 28 points to 5,192.90.
Results Reaction: Tata Steel fell 4.5% on disappointing numbers in Q2. Company's net was down 89% to Rs 212 crore (YoY). DLF, Hindalco were down 1.5-2%.
Infosys. Wipro, HCL Tech and TCS too were under pressure.
However, Reliance Communications gained 0.5% on buzz of stake sale in tower business.
The CNX Midcap tumbled 39 points to 7,177. About three shares declined for every share rising.
Kingfisher Airlines crashed 14% on reports that company's operations may have affected.
Results Reaction: Voltas lost 5% on weak performance in Q2; Shriram Transport was down 3.5%; IRB Infra rose 1%; GMR Infra fell 0.4%; Mahindra Satyam rallied 6%; Apollo Tyres went up 2%; GVK Power slipped 1.5%; Eicher Motors was up 1%; and REC was down 0.7%.
HCC gained 7% after Environment Ministry gave clearance to Lavasa. (Company holds over 60% stake in Lavasa).
Global cues
Asian markets were trading 0.5-2% higher.
