Markets ended lower on Tuesday amid selling pressure in metal shares.
Markets ended on a weak note amid a rangebound session. The Sensex provisionally closed at 17,613 down 66 points and the 50-share Nifty slipped 22 points to close at 5,328.
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(Updated at 1430 hours)
Markets continue to languish in the red in the late noon deals. The Sensex is down 77 points at 17,600 and the 50-share Nifty is down 29 points at 5,321 levels.
Meanwhile, the Asian markets ended on a mixed note as some investors made bearish bets after a recent strong run and as concerns over China's economic growth outweighed expectations the U.S. Federal Reserve will soon launch more stimulus. The Nikkei ended weaker by 0.6% at 9,033, Taiwan Weighted slipped 106 points to 7,362. While, Shanghai Composite and Hang Seng closed on a flat note.
On Monday China's industrial sector posted a sharp profit drop in July, offering a fresh sign that slackening domestic and external demand has further weighed on corporate earnings.
The European markets were also trading on a weak note. The CAC40, DAX and FTSE were down 0.2-0.6% each.
Back home, the metal stocks are amongst the worst hit in trades today. The BSE metal index is the top sectoral loser, the index has tanked 3% or 322 points to 9,955 levels. From this pack, Jindal Steel is the top loser it has slipped over 6% to Rs 353. Sterlite Industries, Hindalco, Hindustan Zinc, Sesa Goa, JSW Steel, Tata Steel, Coal Indi and SAIL are also trading weaker by 1.6-5.3% each.
Consumer durables, capital goods, bankex, realty, PSU, auto, oil & gas and healthcare indices are also among the sectoral losers, down 06-1.7% each.
On the other hand, IT, FMCG, teck and power indices are among the sectoral gainers.
From the Sensex pack, Larsen & Toubro, Bajaj Auto, ICICI Bank, ONGC, Tata Motors, BHEL, Hero MotoCorp, HDFC, Reliance Industries and Maruti Suzuki are also among the losers, down 0.6-2% each.
At the same time, Tata Power, TCS, NTPC, Dr Reddy's abs Sun Pharma, ITC and infosys are among the notable gainers.
Among the individual stocks, Jain Irrigation Systems has tanked 8% to Rs 67.80, its lowest value since April 2009 on the National Stock Exchange (NSE).
Dishman Pharmaceuticals and Chemicals is trading higher by 4% at Rs 105, its highest level since April 2011 on the Bombay Stock Exchange.
The broader markets are under performing the benchmark indices. The BSE mid-cap and small-cap indices have slipped 1.5% each.
The overall breadth is extremely negative as 1,957 stocks are declining while 740 are advancing.
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