 "Markets extend losses, capital goods & financials weigh")
Benchmark indices have extended the losses tracking weak Asian cues along with capital goods and banking shares leading the downfall.
By 1130, Sensex plunged by 79 points at 20,081, and the Nifty down 28 points at 6,083 levels.
On the global front, Asian shares and the Australian dollar eased on Wednesday as strong economic data rallied US stocks to record highs, throwing market focus back on to the possibility of reduced Federal Reserve monetary stimulus in the future.
But losses were limited, with sentiment underpinned by the rise in the Dow Jones industrial average to another record high on Tuesday after data showed US home prices accelerated by the most in nearly seven years in March while consumer confidence picked up in May to its highest in more than five years.
Back home, the rupee today fell by 22 paise to trade at fresh nine-month low of 56.18 against the US dollar in early trade on the Interbank Foreign Exchange due to month-end demand for the US currency from importers and banks.
According to Shshank Mehta, derivatives strategist, Shah Investor's Home, “We are observing buying pressure on every dip and note that long rolls in stocks that relatively less rate sensitive is taking Nifty higher. We believe that the F&O expiry will be in the band of 6175-6200 and advise traders with a bearish view holding any short postions to observe 6125 as strict stop loss level.”
On the sectoral front, BSE Realty, Capital Goods, Bankex, Power and Metal indices have plunged by 1% each. However, BSE Healthcare index has surged by nearly 2%.
The main losers on the Sensex at this hour include BHEL, HDFC, M&M, Jindal Steel, ICICI Bank, L&T and Hindalco, all falling down between 1-2%.
On the gaining side, Sun Pharmaceutical Industries has rallied 4.5% to Rs 1,040, also its record high on BSE, after reporting a better-than-expected 23% year-on-year (yoy) growth in its consolidated net profit at Rs 1,012 crore for the quarter ended March 31, 2013 (Q4) on back of higher operational income.
Among other shares, Novartis India has rallied 12% to Rs 573 extending its previous day gain ahead of the promoter stake sale plan through offer-for-sale (OFS) to meet the Sebi minimum public shareholding norms.
Adani Power is trading lower by 3.3% at Rs 55.35 after the company said that its board has allotted 479 million shares to two promoter group entities at a price of Rs 53.11 per share.
The market breadth in BSE remains marginally negative with 1,036 shares declining and 907 shares advancing.
By 1130, Sensex plunged by 79 points at 20,081, and the Nifty down 28 points at 6,083 levels.
On the global front, Asian shares and the Australian dollar eased on Wednesday as strong economic data rallied US stocks to record highs, throwing market focus back on to the possibility of reduced Federal Reserve monetary stimulus in the future.
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MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3% at 467.33, moving towards Friday's five-week low of 464.99.
But losses were limited, with sentiment underpinned by the rise in the Dow Jones industrial average to another record high on Tuesday after data showed US home prices accelerated by the most in nearly seven years in March while consumer confidence picked up in May to its highest in more than five years.
Back home, the rupee today fell by 22 paise to trade at fresh nine-month low of 56.18 against the US dollar in early trade on the Interbank Foreign Exchange due to month-end demand for the US currency from importers and banks.
According to Shshank Mehta, derivatives strategist, Shah Investor's Home, “We are observing buying pressure on every dip and note that long rolls in stocks that relatively less rate sensitive is taking Nifty higher. We believe that the F&O expiry will be in the band of 6175-6200 and advise traders with a bearish view holding any short postions to observe 6125 as strict stop loss level.”
On the sectoral front, BSE Realty, Capital Goods, Bankex, Power and Metal indices have plunged by 1% each. However, BSE Healthcare index has surged by nearly 2%.
The main losers on the Sensex at this hour include BHEL, HDFC, M&M, Jindal Steel, ICICI Bank, L&T and Hindalco, all falling down between 1-2%.
On the gaining side, Sun Pharmaceutical Industries has rallied 4.5% to Rs 1,040, also its record high on BSE, after reporting a better-than-expected 23% year-on-year (yoy) growth in its consolidated net profit at Rs 1,012 crore for the quarter ended March 31, 2013 (Q4) on back of higher operational income.
Among other shares, Novartis India has rallied 12% to Rs 573 extending its previous day gain ahead of the promoter stake sale plan through offer-for-sale (OFS) to meet the Sebi minimum public shareholding norms.
Adani Power is trading lower by 3.3% at Rs 55.35 after the company said that its board has allotted 479 million shares to two promoter group entities at a price of Rs 53.11 per share.
The market breadth in BSE remains marginally negative with 1,036 shares declining and 907 shares advancing.