Bharti Airtel, ICICI Bank results pull markets down

Written by PTI | Mumbai | Updated: Jan 30 2014, 10:33am hrs
The benchmark Sensex erased early gains and fell 36 points as Bharti Airtel and ICICI Bank earnings missed estimates and investors waited for a decision from the US Federal Reserve on tapering.

Overnight data on FII selling and fag-end profitbooking before monthly derivative contracts expire also weighed on stocks, traders said. Shares from the metal, banking, consumer durables and realty pack were among the laggards while capital goods and pharma stocks attracted good buying support.

The Sensex resumed on a positive note and firmed up to a high of 20,828.68 on strong buying aided by Asian trends. However, the gains were later frittered away and the 30-share index ended at 20,647.30, a loss of 36.21, or 0.18%. In four days, the Sensex s shed over 726 points.

Jignesh Chaudhary, head of research, Veracity Broking Services, said, Both ICICI Bank and Bharti Airtel posted positive numbers in Q3 earnings, but were below markets projections. During the later part of the day, profit booing picked up which created some pressure. Tata Steel, Sesa Sterlite, Hindalco and RIL also fell. Maruti with a 7% spurt led the 14 Sensex gainers that included Sun Pharma, Bhel and Hero Moto. The NSE Nifty eased by 6.00 points to end at 6,120.25.

Foreign Institutional Investors (FII) sold shares worth R1,267.35 crore on Tuesday, as per the provisional data. Globally, markets were stable ahead of Fed meet outcome.