Markets move in red, JP Associates continues to fall
Markets drift in red with JP Associate being the biggest loser among the index stocks.
•BSE Sensex has drifted in the negative zone with a fall of 90 points to 18,428. Hindalco and Tata Power were among the top gainers in the sensex, while JP Associate continues to fall, followed by Tata Motors.
• NSE Nifty too has moved in the red with a fall of 30 points to 5520.
• After JP Morgan, Credit Suisse now cuts SKS Microfinance to 'Underperform' from 'Outperform' The company currently trades at Rs 303, 9% lower than its previous close. Newspaper reports suggests that given the volume and quantum of fall, there is a possibility of a probe by Sebi in the stock.
•Amrutanjan Health Care moves up 7.62% to Rs 759 after the company fixed a price of Rs 900 per share for buyback.
• Jaiprakash Associate is the top loser among the sensex stock today with a fall of 1.62%, this is in response to the farmer agitation in UP on land acquisition.
• Bank of America Merill Lynch says that it expects downgrades in Auto, Infrastructure and capital goods sector. As per the broker interest rates are expected to hurt earnings. Global liquidity, which is one of the main reason for the sharp move in equity and commodities across the world, is likely to ease post QE2.
• Meanwhile crude oil is trading higher by 1.29% at$ 110.54 a barrel.
• Block deal of 25 lakh shares worth Rs 180 crore in Adani Enterprises at Rs 625 ashare.