By RTT News,
December 10, 2013, 06:20:00 AM EDT
(RTTNews.com) - The Indian markets fell modestly on Tuesday following the previous session's big rally. Investors adopted a cautious stance, tracking mixed global cues after top Federal Reserve officials voiced support for a small tapering beginning next week.
The benchmark BSE Sensex fell 71.16 points or 0.33 percent to 21,255.26, with 15 of its components retreating. The broader Nifty index closed at 6,332.85, down 31.05 points or 0.49 percent from its previous close.
Among the prominent decliners, NTPC shares plunged over 11 percent after the Central Electricity Regulatory Commission released draft regulations for tariff determination during FY15-19. Torrent Power lost 4.7 percent, Tata Power declined 1.6 percent, Power Grid Corp slumped 3.9 percent and NHPC shed 1.4 percent.
Engineering & construction giant Larsen & Toubro retreated 4 percent, power equipment major BHEL dropped 3.5 percent and private sector lender ICICI Bank lost 3.5 percent. ONGC fell 2.4 percent on going ex-dividend.
SBI declined 2.6 percent on equity dilution worries after the state-owned lender received government approval to raise Rs 9,576 crore of equity through a qualified institutional share placement.
Maruti Suzuki and Tata Motors fell about a percent each after data released by SIAM showed domestic passenger car sales dipped 8 percent in November while sales of motorcycles grew 1.4 percent compared with the same month last year. Hero MotoCorp rallied 3.8 percent and Bajaj Auto rose 0.7 percent.
Tata Chemicals fell 1.3 percent as it unveiled plans to restructure its European business. NMDC shed half a percent after announcing production figures for the April-November period. Pennar Industries rose 1.2 percent on winning new orders.
Telecom stocks ended mixed after the Union Cabinet approved lower reserve prices for the auction of 2G telecom spectrum. Bharti Airtel eased 0.3 percent, while Idea Cellular gained 0.6 percent. Reliance Communications dropped 1.7 percent on a report that it is mulling a $1 billion bond issue.
Infosys added a percent after launching its retail trade platform, TradeEdge. Rival TCS soared 4 percent and Wipro gained 1.5 percent on optimism the U.S. economic recovery is gaining traction. Lupin advanced 2.4 percent on receiving the U.S. FDA approval for its generic version of Trizivir tablets.
Strides Arcolab closed 1.6 percent higher as its board announced a special divided of Rs 500 per share following the completion of its $1.75 billion sale of Agila Specialties division to Mylan Inc. of the U.S.
Ess Dee Aluminium jumped 7.3 percent after the Reserve Bank of India allowed FIIs and NRIs to increase their stake in the company. GVK Power and Infrastructure climbed 9 percent after it secured Australian Federal Government approval for its Abbot Point Port Capital Dredging program.
On the global front, the Asian markets fell broadly as investors digested a raft of Chinese data and looked ahead to next week's Federal Reserve policy meeting for fresh clues about the stimulus outlook. European stocks were modestly higher in early trade, shrugging off weak industrial output data out of France.
For comments and feedback: contact email@example.com