 "Markets extend losses in noon trades, financials weigh")
Markets extended losses in noon trades on Friday weighed down by selling pressure in financials and FMCG shares.
At 12:57PM, the 30-share Sensex was down 105 points at 19,789 and the 50-share Nifty was down 29 points at 5,853.
The rupee strengthened further in afternoon trades helped by dollar flows and not much demand ahead of half-yearly closing of accounts.
Stocks in Asia edged higher on Friday after US jobless claims data sigalled an improvement in labour market. The better-than-expected jobs data raised expectations that the US Fed will start pruning its monetary stimulus measures.
In Asia, Shanghai Composite wsa up 0.1%, Hang Seng gained 0.8%, Straits Times was up 0.6% while Nikkei was marginally down on profit taking after recent gains.
Bankex was the top loser among sectoral indices on the BSE down 1.7% followed by Metal, Realty, Power and Capital Goods.
In the financials space, ICICI Bank, HDFC Bank, SBI and HDFC were down 1.5-2.7% each.
FMCG majors Hindustan Unilever was down 1.5% while ITC was down 0.2%.
Dr Reddy's Labs was down 1.5% after a United States Court of Appeals for the Federal Circuit has ruled that Dr Reddy's Laboratories Ltd would infringe on the patent of Sunovion Pharmaceuticals blockbuster drug Lunesta.
Reliance Industries was among the top Sensex gainer along with Sun Pharma and TCS.
SUn Pharma was up 1.5%. Johnson & Johnson (J&J), which supplies Doxil (a doxorubicin HCl liposome injection) to the US market, has announced that its manufacturing partner Ben Venue is facing manufacturing issues and it anticipates supply shortages to begin from mid October 2013. Though J&J is working on an alternate manufacturing site for drug supplies, but disruption of supplies is inevitable. This is beneficial for Sun Pharmaceutical Industries (Sun Pharma), which is the only competitor in the US market for this product, Sharekhan Research said in a note.
Among other shares, Wockhardt is locked in lower circuit of 5% at Rs 551 on NSE with no buyers on the counter after the US regulator said that the company’s Chikalthana Form 483 includes 16 observations.
In the broader market, the BSE Mid-cap and Small-cap indices were marginally up 0.2-0.6% each.
Market breadth was positive with 1,048 gainers and 999 losers on the BSE.
At 12:57PM, the 30-share Sensex was down 105 points at 19,789 and the 50-share Nifty was down 29 points at 5,853.
The rupee strengthened further in afternoon trades helped by dollar flows and not much demand ahead of half-yearly closing of accounts.
More From This Section
At 12:54 pm the rupee was trading at Rs 61.88 compared with previous close of Rs 62.08 per dollar.
Stocks in Asia edged higher on Friday after US jobless claims data sigalled an improvement in labour market. The better-than-expected jobs data raised expectations that the US Fed will start pruning its monetary stimulus measures.
In Asia, Shanghai Composite wsa up 0.1%, Hang Seng gained 0.8%, Straits Times was up 0.6% while Nikkei was marginally down on profit taking after recent gains.
Bankex was the top loser among sectoral indices on the BSE down 1.7% followed by Metal, Realty, Power and Capital Goods.
In the financials space, ICICI Bank, HDFC Bank, SBI and HDFC were down 1.5-2.7% each.
FMCG majors Hindustan Unilever was down 1.5% while ITC was down 0.2%.
Dr Reddy's Labs was down 1.5% after a United States Court of Appeals for the Federal Circuit has ruled that Dr Reddy's Laboratories Ltd would infringe on the patent of Sunovion Pharmaceuticals blockbuster drug Lunesta.
Reliance Industries was among the top Sensex gainer along with Sun Pharma and TCS.
SUn Pharma was up 1.5%. Johnson & Johnson (J&J), which supplies Doxil (a doxorubicin HCl liposome injection) to the US market, has announced that its manufacturing partner Ben Venue is facing manufacturing issues and it anticipates supply shortages to begin from mid October 2013. Though J&J is working on an alternate manufacturing site for drug supplies, but disruption of supplies is inevitable. This is beneficial for Sun Pharmaceutical Industries (Sun Pharma), which is the only competitor in the US market for this product, Sharekhan Research said in a note.
Among other shares, Wockhardt is locked in lower circuit of 5% at Rs 551 on NSE with no buyers on the counter after the US regulator said that the company’s Chikalthana Form 483 includes 16 observations.
In the broader market, the BSE Mid-cap and Small-cap indices were marginally up 0.2-0.6% each.
Market breadth was positive with 1,048 gainers and 999 losers on the BSE.