 "Markets extend losses, IT & financial shares weigh")
Benchmark indices have extended the losses tracking weak European cues along with Banks, IT, FMCG and Oil & Gas shares leading the fall.
By 1300, Sensex plunged by 100 points at 19,306, and the Nifty down 39 points or 0.65% at 5,877 levels.
On the global front, Japan's Nikkei share average retreated from a near five-year high, ahead of the outcome of the Bank of Japan meeting, hurt by disappointing earnings from companies like Advantest Corp and M3 Inc.
According to Kunal Bothra, technical analyst, LKP Securities, “Markets would go under consolidation, maybe a correction. But the last couple of weeks of sharp rise suggest that the medium term trend has turned up. The correction could probably last till 5780-5800 levels.”
On the political front, Uproar over various issues, including BJP demand for resignation of the Prime Minister over the coal scam and the chit fund scandal in West Bengal, disrupted proceedings in Parliament, forcing Lok Sabha to adjourn for the day.
In the earnings calendar, Hero MotoCorp, ICICI Bank, LIC Housing Finance, Maruti Suzuki India and Siemens will report their fourth-quarter results later today.
Ahead of the annual monetary policy review of the RBI, Chief Economic Advisor Raghuram Rajan today said there is a scope for interest rate cut as the core inflation has come down and there is a need to push growth.
The RBI is slated to announce monetary policy for 2013-14 on May 3.
On the sectoral front, Banks, IT, Oil & Gas, Realty, FMCG, Power, Metal, Healthcare and PSU sectors have declined between 0.5-1.4%. Infact, all the major BSE sectoral indices are trading in red zone.
The main losers on the Sensex at this hour include JSPL, HUL, M&M, SBI, RIL, TCS, BHEL, Hero Moto, ICICI Bank and Tata Steel, all declining between 1-3%.
Jindal Steel and Power (JSPL) is trading lower by 3% at Rs 319 after reporting 35% year-on-year (yoy) fall in its consolidated net profit at Rs 753 crore for the quarter ended March 2013 (Q4) due to higher interest burden and lower sales realizations. Analysts on average had expected the company to report a net profit of Rs 950 crore.
Bharti Airtel is the top Sensex gainer, up nearly 5% after its closest rival, Idea Cellular has reported a better-than-expected 30% year-on-year jump in consolidated net profit for the quarter ended March 2013 (Q4) on back of growth in voice minutes and high data usage.
Biocon has dipped 4% to Rs 278 after reporting 21% year-on-year (yoy) drop in its consolidated operating profit at Rs 124 crore for the quarter ended March 2013 (Q4) due to higher material, power and staff cost.
The market breadth in BSE remains weak with 1,271 shares declining and 815 shares advancing.
By 1300, Sensex plunged by 100 points at 19,306, and the Nifty down 39 points or 0.65% at 5,877 levels.
On the global front, Japan's Nikkei share average retreated from a near five-year high, ahead of the outcome of the Bank of Japan meeting, hurt by disappointing earnings from companies like Advantest Corp and M3 Inc.
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Back home, the Indian rupee firmed up further by three paise to 54.19 against the American currency in the late morning trade on persistent selling of dollars by banks and exporters in view of weakness of dollar overseas.
According to Kunal Bothra, technical analyst, LKP Securities, “Markets would go under consolidation, maybe a correction. But the last couple of weeks of sharp rise suggest that the medium term trend has turned up. The correction could probably last till 5780-5800 levels.”
On the political front, Uproar over various issues, including BJP demand for resignation of the Prime Minister over the coal scam and the chit fund scandal in West Bengal, disrupted proceedings in Parliament, forcing Lok Sabha to adjourn for the day.
In the earnings calendar, Hero MotoCorp, ICICI Bank, LIC Housing Finance, Maruti Suzuki India and Siemens will report their fourth-quarter results later today.
Ahead of the annual monetary policy review of the RBI, Chief Economic Advisor Raghuram Rajan today said there is a scope for interest rate cut as the core inflation has come down and there is a need to push growth.
The RBI is slated to announce monetary policy for 2013-14 on May 3.
On the sectoral front, Banks, IT, Oil & Gas, Realty, FMCG, Power, Metal, Healthcare and PSU sectors have declined between 0.5-1.4%. Infact, all the major BSE sectoral indices are trading in red zone.
The main losers on the Sensex at this hour include JSPL, HUL, M&M, SBI, RIL, TCS, BHEL, Hero Moto, ICICI Bank and Tata Steel, all declining between 1-3%.
Jindal Steel and Power (JSPL) is trading lower by 3% at Rs 319 after reporting 35% year-on-year (yoy) fall in its consolidated net profit at Rs 753 crore for the quarter ended March 2013 (Q4) due to higher interest burden and lower sales realizations. Analysts on average had expected the company to report a net profit of Rs 950 crore.
Bharti Airtel is the top Sensex gainer, up nearly 5% after its closest rival, Idea Cellular has reported a better-than-expected 30% year-on-year jump in consolidated net profit for the quarter ended March 2013 (Q4) on back of growth in voice minutes and high data usage.
Biocon has dipped 4% to Rs 278 after reporting 21% year-on-year (yoy) drop in its consolidated operating profit at Rs 124 crore for the quarter ended March 2013 (Q4) due to higher material, power and staff cost.
The market breadth in BSE remains weak with 1,271 shares declining and 815 shares advancing.