 "Markets continue to trade weak; Nifty holds 7,300")
Markets continued to trade weak in late noon deals as investors turned cautious and booked profits with oil and financial shares leading the decline.
At 2:25PM, the 30-share Sensex was down 190 points at 24,527 and the 50-share Nifty was down 51 points at 7,308.
The Indian rupee was trading lower at Rs 58.97 on demand for dollars from oil importers. Further, weakness in the stock markets dampened sentiment. The rupee had ended at Rs 58.72 on Monday.
Straits Times, Hang Seng and Shanghai Composite were down 0.1-0.3% each.
European shares were trading mixed with CAC and DAX marginally down while FTSE-100 which opened for trading after an extended weekend was up 0.3%.
BSE POwer, Oil and Gas, Bankex, Realty and Auto indices were among the top losers.
Reliance Industries was down 1.6% while ONGC was down 1.4% amid profit taking after recent gains following a deal of its overseas arm ONGC Videsh signed a deal with Russia's largest oil and gas producer Rosneft to jointly explore hydrocarbons in the offshore Arctic.
In the financials space, ICICI Bank, SBI and HDFC were down 1-2% each.
Gail was down 7.4% after reporting a lower than expected net profit at Rs 972 crore for the fourth quarter ended March 31, 2014 (Q4), due to lower volumes. The state gas utility had profit of Rs 618 crore in the same quarter last fiscal.Net sales grew by 16.5% to Rs 14,464 crore for the quarter under review against Rs 1,486 crore in the corresponding quarter of previous year. Analysts on an average had expected net profit of Rs 1,429 crore on net sales of Rs 16,804 crore.
Larsen & Toubro was up 1.4%. The engineering major made its entry into the list of the top-10 most valuable companies by market capitalisation (m-cap), after a sharp rally in its stock. With a m-cap of Rs 1,46,067 crore (Rs 1.46 trillion), L&T now features at tenth rank in the list and replaces a leading housing finance provider company Housing Development Finance Corporation (HDFC) in this prestigious club. HDFC has m-cap of Rs 1,43,834 crore.
However, IT shares firmed up on the back of a weakening rupee and upbeat economic data from the US. Infosys and Wipro were up 0.6-1.2% each.
Among other shares, India Cements has dipped 7% to Rs 92 after reporting a net loss of Rs 31 crore for the fourth quarter ended March 31, 2014 (Q4FY14), due to lower realization and higher interest cost. The Chennai-based cement manufacturer had recorded a profit of Rs 26 crore in the same quarter last year.
Wonderla Holidays has soared 8% to Rs 210 on back of heavy volumes in otherwise weak market on the National Stock Exchange (NSE). The stock opened at Rs 195 and hit a high of Rs 222, also highest level since its listing earlier this month. On 9 May 2014, Wonderla Holidays, the amusement park operator, shares listed at Rs 160, up 28%, against its issue price of Rs 125 apiece. Since then, the stock has rallied 34% compared to 6% rise in benchmark CNX Nifty.
Market breadth was weak with 1,775 losers and 1,083 gainers on the BSE.
At 2:25PM, the 30-share Sensex was down 190 points at 24,527 and the 50-share Nifty was down 51 points at 7,308.
The Indian rupee was trading lower at Rs 58.97 on demand for dollars from oil importers. Further, weakness in the stock markets dampened sentiment. The rupee had ended at Rs 58.72 on Monday.
Also Read
Asian stocks were trading lower amid lacklustre cues from the US and UK after both markets were closed on Monday. The Nikkei also retreated from intra-day amid profit taking and ended up 0.2%.
Straits Times, Hang Seng and Shanghai Composite were down 0.1-0.3% each.
European shares were trading mixed with CAC and DAX marginally down while FTSE-100 which opened for trading after an extended weekend was up 0.3%.
BSE POwer, Oil and Gas, Bankex, Realty and Auto indices were among the top losers.
Reliance Industries was down 1.6% while ONGC was down 1.4% amid profit taking after recent gains following a deal of its overseas arm ONGC Videsh signed a deal with Russia's largest oil and gas producer Rosneft to jointly explore hydrocarbons in the offshore Arctic.
In the financials space, ICICI Bank, SBI and HDFC were down 1-2% each.
Gail was down 7.4% after reporting a lower than expected net profit at Rs 972 crore for the fourth quarter ended March 31, 2014 (Q4), due to lower volumes. The state gas utility had profit of Rs 618 crore in the same quarter last fiscal.Net sales grew by 16.5% to Rs 14,464 crore for the quarter under review against Rs 1,486 crore in the corresponding quarter of previous year. Analysts on an average had expected net profit of Rs 1,429 crore on net sales of Rs 16,804 crore.
Larsen & Toubro was up 1.4%. The engineering major made its entry into the list of the top-10 most valuable companies by market capitalisation (m-cap), after a sharp rally in its stock. With a m-cap of Rs 1,46,067 crore (Rs 1.46 trillion), L&T now features at tenth rank in the list and replaces a leading housing finance provider company Housing Development Finance Corporation (HDFC) in this prestigious club. HDFC has m-cap of Rs 1,43,834 crore.
However, IT shares firmed up on the back of a weakening rupee and upbeat economic data from the US. Infosys and Wipro were up 0.6-1.2% each.
Among other shares, India Cements has dipped 7% to Rs 92 after reporting a net loss of Rs 31 crore for the fourth quarter ended March 31, 2014 (Q4FY14), due to lower realization and higher interest cost. The Chennai-based cement manufacturer had recorded a profit of Rs 26 crore in the same quarter last year.
Wonderla Holidays has soared 8% to Rs 210 on back of heavy volumes in otherwise weak market on the National Stock Exchange (NSE). The stock opened at Rs 195 and hit a high of Rs 222, also highest level since its listing earlier this month. On 9 May 2014, Wonderla Holidays, the amusement park operator, shares listed at Rs 160, up 28%, against its issue price of Rs 125 apiece. Since then, the stock has rallied 34% compared to 6% rise in benchmark CNX Nifty.
Market breadth was weak with 1,775 losers and 1,083 gainers on the BSE.