According to our Sharetipsexpert,The Sensex opened 40 points higher on Wednesday on Reliance' support, but it could not hold that gains due to sell-off in technology, banks and FMCG stocks. Overall the market was in a consolidation mode after rallying 277 points on the Sensex yesterday. Even Asian markets were lacklustre.
Index heavyweight Reliance Industries shot up 4% as the company will consider share buyback on January 20. It will also declare its third quarter numbers on the same day.
Reliance Comm, Reliance Power and Reliance Infra gained 0.5-1%. Bharti and DLF too were up.
However, TCS tanked 3% post third quarter results; results met street expectations but global environment remains weak. Wipro was down 1.4%.
Tata Motors, ICICI Bank, PNB, SBI, ITC and HDFC too were under pressure on profit taking.
About two shares advanced for every share falling on the National Stock Exchange.
In the second line shares, Essar Oil plunged 20% post Supreme Court said company is not eligible for sales tax benefit. Company will pay sales tax to the Gujarat State Government of approximately Rs 6,300 crore.
Infrastructure stocks were seeing profit booking after rallying smartly in previous few sessions. Lanco Infratech was down 4.4% and GMR Infra down 1.6%.
Sugar stocks like Bajaj Hindusthan and Balrampur Chini fell over 2.5%.
However, Kingfisher and Jet Airways shot up 6% after FDI in aviation was cleared yesterday in a meeting. Now proposal for 49% FDI in aviation will be sent for cabinet approval.
Zee News gained 8% on quarterly numbers.
United Spirits and S Kumars were up 2%.
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