Sensex below 9100; DLF, JP Associates, HDFC plunge

MUMBAI: Selling in frontline stocks intensified Monday as traders squared positions following a weak opening of European markets. Poor results from real estate companies and rate sensitive banking stocks were the worst hit.

At 2:35 pm, Bombay Stock Exchange’s Sensex was at 9080.10, down 344.14 points or 3.65 per cent. The index touched an intra-day low of 9071.39 and high of 9363.58.

National Stock Exchange’s Nifty was at 2774.50, down 100.3 points or 3.49 per cent. The broader index touched a low of 2764.75 and high of 2873.45.

BSE Midcap Index was down 0.88 per cent and BSE Smallcap Index declined 0.78 per cent.

DLF (-12.27%), Jaiprakash Associates (-10.49%), Reliance Infrastructure (-7.61%), HDFC (-6.54%) and Hindalco (-5.91%) were the top Sensex losers.

Maruti Suzuki (0.53%) was the lone index gainer.

All sectoral indices were in red with realty being the worst hit on account of poor results. BSE Realty Index was down 8.89 per cent, BSE Metal Index fell 4.72 per cent, BSE Bankex declined 4.34 per cent and BSE Oil&gas index was down 2.78 per cent.

Maruti Suzuki announced highest ever domestic and total sales in January. During the month, the company sold 67,005 units in the domestic market, up 5.6 per cent over corresponding month last fiscal. The previous highest monthly domestic sales were 65,216 units in November 2007.

DLF 's net profit for quarter ended Dec was down 68.72 per cent to Rs 670.79 crore from Rs 2144.98 crore in the same quarter a year ago. Revenues fell 62.02 per cent to Rs 1366.67 crore from Rs 3598.42 crore. Other income was up 157.65 per c ent to Rs 136.12 crore from Rs 52.83 crore.

Unitech’s Q3 net profit was down 74.12 per cent to Rs 136.05 crore, sales was down 57.15 per cent to Rs 489.39 crore. The company is in talks with three private equity players to sell about 20-26 per cent of its equity for an estimated Rs 2,500 crore. The funds would go into diluting its debt load, which is currently at Rs 8,000 crore. The scrip was down 8.24 per cent.

Indiabulls Real Estate Q3 consolidated net profit was at Rs 11.33 crore versus Rs 25.84 crore. Net sales stood at Rs 38.95 crore from Rs 81.56 crore. The stock was down 9.63 per cent.