BSE Sensex retreats from highs, top gainer Tata Power, Hero MotoCorp shares fall

Oct 22 2013, 17:46 IST
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BSE Sensex index fell 0.11 percent, Hero MotoCorp Ltd shares fell 1.4 percent. PTI BSE Sensex index fell 0.11 percent, Hero MotoCorp Ltd shares fell 1.4 percent. PTI
SummaryBSE Sensex, NSE Nifty off 3-year highs ahead of key US monthly jobs report; FIIs extend buying streak to 12th day.

BSE Sensex edged lower on Tuesday, backing away slightly from near three-year highs hit in the previous session, as Hero MotoCorp shares fell a day ahead of its quarterly earnings, while caution prevailed ahead of a key US monthly jobs report. Among the top gainers are Tata Power shares.

Stocks: Top Gainers/Top Losers

The US non-farm payrolls report later in the day may help calibrate bets on when the Federal Reserve would start the expected tapering of its monetary stimulus.

At home, traders are also growing cautious ahead of earnings from major companies such as ICICI Bank and ITC Ltd, while the Reserve Bank of India is due to hold its policy review on Oct. 29.

Sensex October 22

Still, sentiment remains buoyed as foreign institutional investors (FIIs) continue to purchase Indian shares, remaining net buyers for a twelfth consecutive session on Monday for a combined total of 103.1 billion rupees ($1.68 billion), according to regulatory and exchange data show.

"Earnings from better business except pharmaceuticals are out, so expect some short-term correction given recent gains" said Paras Adenwala, managing director and principal portfolio manager at Capital Portfolio Advisors.

The benchmark BSE Sensex index edged down 0.14 percent, or 28.92 points, to end at 20,864.97 after hitting its highest level since November 2010 on Monday.

The broader NSE Nifty index drifted down 0.03 percent, or 2.15 points, to end at 6,202.80.

Hero MotoCorp fell 1.6 percent ahead of its July-September earnings due on Wednesday.

Hero MotoCorp may miss the consensus operating profit forecast for the July-September quarter, according to data.

Reliance Industries (RIL) shares fell 1 percent on profit-taking after rising more than 5 percent in the last three consecutive sessions until Monday.

Wockhardt Ltd shares fell 4 percent after Britain's drug regulator revoked the quality compliance certificate for one of its factory in India, the drugmaker said on Tuesday, the third of its plants to be hit by export restrictions this year.

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