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Markets have slumped suddenly on selling pressure in select sectors. The Sensex, after opening marginally in green, has slipped almost 100 points to 19,264. Nifty is down 35 points at 5,816.
Asian markets are down as well. Hang Seng has slipped 0.7% at 22,396. Nikkei however is holding on to gains - up 0.6% at 12,319.
Broader markets have slipped half a per cent each. BSE mid-cap index is down 37 points at 6,357. Small-cap index is down 34 points at 6,203.
All the sectoral indices have slipped into red.
Consumer Durables Index is the top loser among the sectoral indices on the BSE for the third straight session, down over 1% at 6,831, after high inflation for the past few months has led to lower spends on consumer durables.
Banking and financial shares are down after higher-than-expected industrial growth in January and retail inflation remaining in double digits for the third straight month diminished hopes of a rate cut by the central bank. Bankex, auto and metal indices are the key losers this morning - down 0.5-1% each. Capital goods shares are trading lower after recent data showed contraction in industrial output.
Auto shares are weak. Tata Motors has slipped 1.6% at Rs296 on reports that its key Jaguar Land Rover (JLR) unit posted lower-than-expected around 3% year-on-year (yoy) growth in retail volumes in February mainly due to a sharp decline in volumes in China. Bajaj Auto and Mahindra & Mahindra are down 0.5% each. However, Hero Motocorp is up 0.5%. Maruti Suzuki is up 1.3% at Rs 1,392 on news that the company is likely to begin construction of its Gujarat plant in the first quarter of the next fiscal, and is awaiting a final nod in the upcoming board meeting in April.
Among other gainers are SBI, BHEL and HUL.
The Supreme Court has disposed of petitions filed by a telecom industry body and Idea Cellular Ltd, which sought cancellation of Tata Teleservices Ltd (TTSL)’s GSM licences and inclusion of its spectrum in auctions. Shares of Tata Tele are up 0.5% at Rs 9.18.
The Government of India has decided to sell 12.88 crore equity shares of National Aluminium Company (Nalco), constituting 5% of the total paid up equity share capital of the company, with an option to sell additional 12.88 crore shares, in aggregate constituting 10% of the equity share capital of the company through Offer for Sale (OFS) via the stock exchanges mechanism tomorrow, 15 March 2013. Shares of Nalco are down 4% at Rs 44.50.
BSE market breadth is weak in mid-morning deals. Out of 2,062 stocks traded, 1,251 shares have declined while 717 shares have advanced in trades.
