Sensex off day's high, Ranbaxy, BHEL extend losses
However, other food products, led by protein-based items, became more expensive on an annual basis. Pulses prices were 12.77 per cent higher, while milk grew dearer by 12.25 per cent. Eggs, meat and fish prices were up 20.33 per cent year-on-year.
Markets have witnessed profit booking after a strong opening and the benchmark indices traded off the day's high.
The Sensex traded with over 86 point gains (0.50%) at 17,163 at 1210 hours, which was nearly 100 points off the intraday high. The Nifty was up 24 points at 5,182, shedding over 30 points from the day's high.
Ranbaxy (down 6%) continued to be the top loser on the Nifty index after analysts said the consent decree filed by the US Department of Justice on behalf of the FDA had far worse implications for company than earlier perceived.
BHEL (down 4%) extended losses ahead of Q3 numbers today. Analysts expect the company to revise the order inflow guidance lower.
Realty counters saw heavy selling as the index slipped 2% on the Bombay Stock Exchange (BSE). HDIL (down 4%), Unitech (down 2.5%) and DLF (down 2.5%) were the big losers on the BSE realty index.
Banking stocks also came under selling pressure amid renewed concerns about bad loans and restructuring, evident in the quarterly numbers of some big PSU banks. Bank of Baroda slipped 3.5% while Canara Bank traded 2.7% lower ahead of reporting Q3 numbers today.
Among the gainers, IT (1.5%), metal (1.6%), energy (2%) and consumer durables (2.4%) saw big gains. Sesa Goa (6%) saw strong buying interest, after the company beat Street expectations with strong volumes growth in Q3.
The market breadth was positive with over 60 per cent stocks trading higher on the broader BSE 500 index.
