Live: Sensex closes flat, ABB jumps on results

3.30 p.m: Stronger European markets helped markets recover from their low of the day. Sensex closing 6 points lower at 17,556 and Nifty closing 6 points higher at 5289.

ABB doubled its profit for the September quarter helping the stock close 5.4 percent higher at Rs 715.

Tech Mahindra closed 2.25 percent lower as British Telecom was reported to cut its software budget.

Bank of India announced its results well below market expectation on higher provisioning. The stock closed 4.7 percent lower at Rs 417.60.

Short covering pulled up Jain Irrigation by nearly 10 percent, even though the company posted a sharp drop of over 80 percent in its net profit.

SBI on the other hand saw an addition in its open interest a day before the company announces its results. The stock closed the day 2 percent higher at Rs 2003.

Anil Ambani group companies posted a smart run with Reliance Communications moving by 4.5 percent, while Reliance Infra closed 3.9 percent up by Rs 474.80.

News report say that British Gas is expected to sell its stake inGujarat Gas. The stock closed 4.7 percent lower at Rs 418.

Sensex up 50 pts, SBI, INFY lead rally

2.30 p.m: Anil Ambani group companies have moved higher with Reliance Communication leading the pack with a 4 percent move at Rs 86.50. Reliance Infra trades 3.4 percent higher at Rs 472.35.

Meanwhile SBI has moved by 1.7 percent at Rs 1999.40 a day before the company is expected to announce its results. Infosys has moved sharply from its low of Rs 2805 to Rs 2835, adding to Sensex’s gain of 50 points. Nifty meanwhile trades 11 points higher at 5296.

News report say that British Gas is expected to sell its stake in Gujarat Gas. The stock trades 4 percent lower at Rs 420.

European market trade near their day’s high, up by nearly 1.2 percent.

Bank of India drops 5% on poor results

2.15 p.m: Bank of India posted a lower than expected net profit of Rs 491 crore against market expectation of around Rs 600 crore. The stock has slipped by 5 percent to Rs 323.85. Non performing assets moved up from 2.64 percent to 3 percent.

Sensex meanwhile trades at 17,567 up by 7 points and Nifty is trading 3 points higher at 5287. Indian markets moved higher as European markets trade nearly 1 percent above their previous day’s close.

SBI moves higher by 1.3 percent to Rs 1992 on short covering, a day ahead of the company announcing its results.

European markets open flat, ABB zooms post results

1.30 p.m: European markets opened flat and currently trade 0.2 percent over their Monday’s close.

ABB meanwhile has zoomed after the company announced their results, which were lower than market expectations. The stock currently trades at Rs 709.45, higher by 4.75 percent. The company has posted a 29 percent growth in revenues, while its order flow increased by 23 percent. Order book however, stood marginally lower as compared to the previous year at Rs 9151 crore against Rs 9178 crore. Net profit of the company increased from Rs 11.5 crore to Rs 22.2 crore against market expectation of over Rs 30 crore.

Tech Mahindra is trading 2.4 percent lower at Rs 613 on news of British Telecom reducing its technology budget for the year.

Sensex meanwhile has recovered from its low after European markets opened flat, it currently trades 12 points lower at 17,550 while Nifty is down 7 points at 5276.

Cane Sugar prices increased in UP, stocks down

1.00 p.m: Ahead of the state elections Mayawati government has increased prices of sugar cane by around Rs 40 per quintal to Rs 235-250 per quintal. Sugar companies, which will see a drop in profit as a result of higher raw material prices, have started falling, especially those in UP. Balrampur Chinni is down 0.65 percent at Rs 53.15 while Bajaj Hindustan is down 3.6 percent at Rs 33.20.

Sensex meanwhile trades 64 points lower at 17,498 and Nifty is down 15 points at 5269.

ABB hasstabilisedafter announcing a lower than expected set of numbers. The stock trades at Rs 682, up by 0.72 percent.

Sensex down 60 pts, Amrutanjan gains on results

12.15 p.m: Markets continue to move in a narrow range as action has shifted to side counters. Sensex trades 60 points lower at 17,495 while Nifty is down 17 points at 5266.

Amrutanjan has gained 9 percent on a decent set of numbers announced by the company over the week-end. The company posted a profit of Rs 3.53 crore for the September quarter and announced a dividend of Rs 10 per share.

DLF is the top loser among frontline stocks falling by 3.35 percent to Rs 239 as CSFB downgraded the company with a target of Rs 165. The company has also been impacted by a poor performance of another North India real estate player – Parsvanath, which is down by 3.65 percent.

Cairn continues to trade 3 percent higher at Rs 316.

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Cairn adjudged fastest growing energy co; stock up

10.30 a.m: Markets move in a narrow range as Sensex trades 12 points lower at 17,542 and Nifty trades 5 points lower at 5279.

Jain Irrigation continue to trade over 6 percent higher at Rs 117.90.ONGC trades 1.5 percent higher at Rs 281. Both the companies had announced their results over the weekend.

Cairn shoots up 3 percent after being adjudged as the fastest growing energy company in Asia by Platts. The stock trades at Rs 316.10

Sensex down 30 pts, Jain Irrigation gains despite poor results

9.45 a.m: Despite a loss of Rs 59.3 crore in forex and a 81 percent drop in net profit, Jain Irrigation is trading 6 percent higher at Rs 117.80. The stock has been falling from Rs 150 levels in anticipation of the loss.

Markets meanwhile opened marginally higher with the BSE Sensex trading 42 points higher at 17,605 and Nifty trading at 5298 up by 15 points.

SKS Micro had hit the lower circuit of 10 percent in the initial trades but is now trading 5 percent lower at Rs 198.80 after the company posted a loss of Rs 300 crore for the September quarter.

ONGC currently trades 1.5 percent higher after the company posted a better than expected results. The stock trades at Rs 279.80.

Indian markets await European cues

9.00 a.m: A late rally in the US market has resulted in Asian markets opening higher. Concerns over Italy is likely to keep market jittery as the country goes in for a confidence vote.

International markets have now shifted their attention from Greece to the biggest country in need of funds, Italy. Though Berlusconi had said that he will quit from his post as the prime minister of the country, recent reports say that he has denied quitting. Italian bond yields have for the first time since the formation of eurozone crossed 6.5 percent. Spread between Italian and German bonds have crossed the 4 percent mark, signalling a deeper issue with Italy.

Indian markets, though might open higher, direction of the market will be dictated by European developments.

Among the stocks that are likely to see action during the day are Kingfisher, which has cancelled a number of flights due to non-payment of fuel bills to refiners HPCL and BPCL.

SKS Microfinance continues to post bigger losses as the company waits for a micro-finance bill to be introduced from the centre.

Punj Lloyd has once again disappointed with a poor set of numbers, the stock can come under selling pressure.

Jain Irrigation, which was expected to be hit due to forex exposure has posted a Rs 59.3 crore loss due to foreign exchange. The company posted a 81 percent drop in net profit.

Companies which are likely to post their results are Reliance Infra, Reliance Power, IDFC, ABB, Aban Offshore and Bank of India.