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Markets still in red
July, 30th 2010

Markets continue to trade lower after the derivatives expriry day on weak global cues and earnings dissapointment - ONGC and Hero Honda.

The Sensex is now down 52 points at 17,939. The Nifty has decliend 14 points to 5394.

Asian stocks too have edged lower as markets await US GDP growth data. Nikkei has dropped 1.5% on strenghtening yen despite positive earnings from Sony, Panansonic and Nissan Motor.

The Shanghai Composite index has recovered partially but is still down 0.6% led by profit taking in banking and property stocks. Hang Seng is also down 0.6%.

Midcap and Smallcap Indexex continue to outperform the benchmark - Sensex. The  Midcap and the Smallcap indices are both up 0.73% each.

IT index under pressure down 0.59% dragged down by Mphasis down 1.6% to Rs 590, Wipro down 1% to Rs 413 and Infosys down 0.9% to Rs 2,807.

Even, the BSE Realty index had slipped 0.5%, Phoenix Mills has shed 3% at Rs 218, Indiabulls Realestate is down 1.6% to Rs 164.

Amongst the heavyweights, Hero Honda trades lower by 3% at Rs 1,817 as Q1 earnings dropped by 1.6%.

ONGC trades down 1.2% at Rs 1227 as Q1 net profit fell by 25%.

Stocks that outperform, Tata Steel up 1.5% at Rs 541, M&M up 1.4% at Rs 652 and SBI is up 1.2% at Rs 2,501.

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