Benchmark share indices have lost further ground after government data showed lower-than-expected fourth quarter GDP growth. GDP growth for the Jan-Mar quarter stood at 5.3% against a consensus of just over 6% while GDP growth for 2011-12 was 6.5%.
The 30-share Sensex was down 205 points at 16,107 and the 50-share Nifty was down 61 points at 4,889.
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(Updated at 10:41am)
Markets continue to reel under selling pressure with the Sensex and the Nifty declining by almost 1% each. Weak global markets and sharp depreciation in the Indian rupee, as investors turned cautious ahead of the GDP for Jan-Mar quarter to be released later today.
By 10:35, the Sensex was down 145 points at 16,167 and the 50-share Nifty was down 49 points at 4,902.
The Indian rupee fell sharply to Rs 56.40 to the dollar in early trades.
On the global front, Asian shares, the euro and oil prices fell on Thursday. Japan's Nikkei average slid 2 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan looked set to revisit its 2012 low with a decline of 0.8%.
Back home, barring FMCG, all the sectoral indices are trading in red zone. BSE Auto index has plunged by almost 2% followed by counters like Oil & Gas, Banks, Consumer Durable and Capital Goods, all slipping by nearly 1% each.
From the Auto space, Maruti Suzuki, Tata Motors, Hero Moto, M&M and Bajaj Auto have slipped between 1-3%. Tata Motors is trading lower by over 3%, extending its previous day’s 12% fall on account of lower than expected EBITDA (earnings before interest, taxes, depreciation, and amortization) margin at Jaguar Land Rover (JLR) of 14.6% against analyst estimate of around 16.5% during the quarter ended March 2012.
Among banking and financial segments, ICICI Bank, HDFC, HDFC Bank and SBI have plunged between 1-4%.
Index heavyweights like RIL and Infosys have plummeted between 1-3%.
Other notable losers include Sterlite, Tata Steel, L&T, BHEL, Wipro and CIL.
The broader indices are trading marginally weak – BSE Midcap and Smallcap indices are down 0.4% each.
Financial Technologies has logged smart gains in the morning deals after reporting a turnaround performance for FY12 on Wednesday. The stock rose 3.5% to touch a high of Rs 599 in morning trades.
Fresenius Kabi Oncology has tanked 20% to Rs 108, its maximum limit of the day, after Fresenius Kabi Oncology (Singapore), the promoter of the company planning to reduce through “offer for sale” (OFS).
The market breadth remains negative with 1,118 declining and 694 shares advancing.