Lacklustre markets; BHEL tanks 4% on dismal earnings

12:25

Key equity benchmarks are trading flat after up gains seen in the morning. At 12.04 PM, the Sensex is down 4.65 points at 19890.33, and the Nifty down 3 points at 6031.75.
About 1277 shares have advanced, 1107 shares declined, and 1110 shares are unchanged.

Shares of Bharti Airtel slipped 1.05 percent after the telecom major's third quarter  profit declined significantly due to higher forex. The company's Africa operations continue to remain sticky.

From the auto space, Maruti Suzuki is the top gainer on the Sensex rising 1.37 percent after posting a slight uptick in January sales. Bajaj Auto is also up more than a percent ahead of its monthly sales data. Motherson Sumi and Eicher Motors are also up more than a percent.

Pharma stocks are also performing well with Cipla, Lupin and Dr Reddys Labs rising between 1-2 percent.

Meanwhile, engineering major BHEL tanked 4% post dismal third quarter earnings. Its net profit slipped 17.5 percent year-on-year - higher than expected - to Rs 1,182 crore in the December quarter. Revenues dropped by 4.8 percent to Rs 10,041 crore from Rs 10,548 crore during the same period.

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