The key benchmark indices were trading lower on heavy selling by funds following a weak global trend.

Selling pressure has emerged across most sectors and power, capital goods and pharma lead the decline.

At 11:38 a.m., the Sensex was down 45.10 points at 9,191.18 levels and the Nifty has slumped 13.45 points to 2,810.50 levels.

Mr. Shrikant Chouhan, technical analyst, Kotak Securities, said, “The overall breadth of the market remains weak but if the Nifty is able to sustain above 2,790 then it may reach 2,925 levels also.”

Stock market analysts have suggested investors to ‘sell’ ICICI Bank stock with a target of Rs 397 as the stock is experiencing heavy selling pressure at higher levels.

According to them, interested investors can sell the stock with a strict stop loss of Rs 418.
 
Today (Jan 30), the stock opened at Rs 401, as against its last closure at Rs 408.40 on the Bombay Stock Exchange (BSE) on Thursday (Jan 29). Current EPS & P/E ratio stood at 37.03 and 10.82 respectively. The share price has seen a 52-week high of Rs 1300 and a low of Rs 282.15 on BSE.

Bharat Heavy Electricals (BHEL) has announced its financial results for the third quarter of current financial year.

India’s largest power equipment manufacturer has posted a marginal 2.4 percent growth in net profit for Q3 ended December 31, 2008 on account of high raw material costs and increased wage revision.

Its net profit stood at Rs 790.56 crore against Rs 771.90 crore for the quarter ended December 31, 2007.

Yuvarajyam president and Chiranjeevi’s youngest brother Pawan Kalyan has tied the nuptial knot with his live-in companion of eight years, Renu Desai on Wednesday.

Pavan and Renu have a 5 year old son Akira Nandan. Renu had also worked with Pavan Kalyan in two Telugu movies ‘Badri’ and ‘Johnny’.

The marriage, which was performed as per Arya Samaj rituals, took place at Pavan’s house in the upmarket Jubilee Hills in the city.

The power ministry revealed that the utilization of biomass resources could soon be increased for the generation of electricity.

According to ministry, in India, the electricity generated from renewable sources presently stands at about 13,200 MW out of the total electricity production of 147,400 MW.

Of this, the usage of biomass resources for generating electricity is just 650 MW as opposed to a potential of 16,000 MW.

Following the yellow metal's recent rise to three-month high, on Thursday India's gold futures extended losses for a second day on profit-taking.

Debjyoti Chatterjee, associate vice-president with MAPE ADMISI Commodities in Mumbai said, "An absolute decline in demand from India would also weigh on prices."

In January 2009, India's gold imports dropped more than 90% to just 1.2 tonnes, from 18 tonnes during the same month last year, in the midst of high prices and ample stocks. The news came from Bombay Bullion Association on Thursday.