 "Markets extend losses as rupee hits 20-month low")
Benchmark indices have extended losses dragged primarily by the weakness in financials and oil shares that have wiped off the gains in information technology and select auto stocks.
Meanwhile, extending its slide for the fifth straight day rupee has hit a 20-month low and is trading at 63.96 against the US Dollar.
At 12:41PM, the 30-share Sensex was down 144 points at 26,577 and the 50-share Nifty was down 52 points at 8,046.
Traders will keenly watch the proceedings of Rajya Sabha which will consider the Goods and Services Tax (GST) Bill that was passed by Lok Sabha yesterday. The bill may be referred to a select committee if the government fails to muster enough support from the parliamentarians to get the bill passed in the Upper House and in that case India will not be able to keep to its deadline of April 2016 to roll out GST.
Yesterday, the Union Cabinet eased norms for investing in real estate investment trusts (REITs), a decision that is likely to provide fresh impetus for expansion to the real estate sector.
Buzzing Stocks
Except two, all the 12 sectoral indices of BSE are trading lower. BSE Bankex and Oil & Gas indices down 1.9% each are the biggest losers followed by BSE Realty and Healthcare indices, down nearly 1.8% and 1.4% each.
IT shares are trading higher in today’s session with TCS, up 2.3% emerging as the lead gainer followed by Infosys, up 1% and Wipro, up 0.2%.
Bharti Airtel has gained nearly 2%. BSE has sought clarification from the telecom major on news reports that suggested the company is planning to raise around $2 billion to roll out 4G services.
Select auto stocks are also trading higher. Bajaj Auto has gained nearly 2% and Hero Motocorp is up 0.3% ahead of its quarterly results due later today.
Volatility in crude oil prices has weighed on oil shares. RIL and ONGC have shed 2% and 2.6% each.
Financials are too trading lower. ICICI Bank has shed nearly 3%, Axis Bank is down over 1%, HDFC Bank is down 0.5% and housing finance major HDFC is trading flat.
Meanwhile, extending its slide for the fifth straight day rupee has hit a 20-month low and is trading at 63.96 against the US Dollar.
At 12:41PM, the 30-share Sensex was down 144 points at 26,577 and the 50-share Nifty was down 52 points at 8,046.
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In the broader market, both the BSE Midcap and Smallcap indices, down 1.5% and 1.2% each have underperformed the front-liners. Market breadth in BSE is negative with 1,618 declines against 737 advances.
Traders will keenly watch the proceedings of Rajya Sabha which will consider the Goods and Services Tax (GST) Bill that was passed by Lok Sabha yesterday. The bill may be referred to a select committee if the government fails to muster enough support from the parliamentarians to get the bill passed in the Upper House and in that case India will not be able to keep to its deadline of April 2016 to roll out GST.
Yesterday, the Union Cabinet eased norms for investing in real estate investment trusts (REITs), a decision that is likely to provide fresh impetus for expansion to the real estate sector.
Buzzing Stocks
Except two, all the 12 sectoral indices of BSE are trading lower. BSE Bankex and Oil & Gas indices down 1.9% each are the biggest losers followed by BSE Realty and Healthcare indices, down nearly 1.8% and 1.4% each.
IT shares are trading higher in today’s session with TCS, up 2.3% emerging as the lead gainer followed by Infosys, up 1% and Wipro, up 0.2%.
Bharti Airtel has gained nearly 2%. BSE has sought clarification from the telecom major on news reports that suggested the company is planning to raise around $2 billion to roll out 4G services.
Select auto stocks are also trading higher. Bajaj Auto has gained nearly 2% and Hero Motocorp is up 0.3% ahead of its quarterly results due later today.
Volatility in crude oil prices has weighed on oil shares. RIL and ONGC have shed 2% and 2.6% each.
Financials are too trading lower. ICICI Bank has shed nearly 3%, Axis Bank is down over 1%, HDFC Bank is down 0.5% and housing finance major HDFC is trading flat.