 "Markets extend losses weighed down by index heavyweights")
Markets continues to exhibit a weak trend and extended losses in noon trades on Wednesday weighed down by profit taking in index heavyweights, Reliance Industries, ITC and private banks.
By 1:05PM, the Sensex slipped by 236 points at 19,684 mark and the Nifty was down at 5,816 down 76 points.
Asian stocks extended losses on Wednesday as investors adopted a wait-and-watch stance amid the uncertainty over the Federal Reserve's policy. The Nikkei, Shanghai Composite and Straits Times were down 0.1-0.8% each while Hang Seng was trading flat.
At 1:05PM, the rupee was trading at 62.65 compared with previous close of Rs 62.77 per dollar.
Bankex was the top sectoral loser on the BSE down over 2% followed by Oil & Gas and FMCG indices. Gainers include, Capital Goods and Healthcare.
Bank shares continue to remain under selling pressure on rising worries that the probability of cutting key policy rates by the central bank is very low given the inflation continues to remain at elevated levels. ICICI Bank and HDFC Bank were down 2-3% while HDFC was down 1.5%.
FMCG majors ITC and Hindustan Unilever were down 2% each on concerns that volume growth could be impacted as high inflation would hurt consumer spends.
Reliance Industries was down 3% on liquidation of long positions ahead of F&O expiry tomorrow, traders said.
Sensex gainers include, Tata Motors, BHEL, and ONGC, Bharti Airtel and SBI were marginally up on short covering at lower levels after recent losses.
Shares of state-owned oil marketing companies – BPCL, HPCL and Indian Oil are trading lower by up to 4% on BSE after petroleum minister Veerappa Moily ruled out an increase in diesel and LPG prices for now.
In the broader market, BSE Mid-cap and Small-cap indices were down 0.3-0.6% each.
Market breadth was weak with 1,204 losers and 763 gainers on the BSE.
By 1:05PM, the Sensex slipped by 236 points at 19,684 mark and the Nifty was down at 5,816 down 76 points.
Asian stocks extended losses on Wednesday as investors adopted a wait-and-watch stance amid the uncertainty over the Federal Reserve's policy. The Nikkei, Shanghai Composite and Straits Times were down 0.1-0.8% each while Hang Seng was trading flat.
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Bach home, the weakness in rupee continued for the fourth straight day due to month-end dollar demand by importers.
At 1:05PM, the rupee was trading at 62.65 compared with previous close of Rs 62.77 per dollar.
Bankex was the top sectoral loser on the BSE down over 2% followed by Oil & Gas and FMCG indices. Gainers include, Capital Goods and Healthcare.
Bank shares continue to remain under selling pressure on rising worries that the probability of cutting key policy rates by the central bank is very low given the inflation continues to remain at elevated levels. ICICI Bank and HDFC Bank were down 2-3% while HDFC was down 1.5%.
FMCG majors ITC and Hindustan Unilever were down 2% each on concerns that volume growth could be impacted as high inflation would hurt consumer spends.
Reliance Industries was down 3% on liquidation of long positions ahead of F&O expiry tomorrow, traders said.
Sensex gainers include, Tata Motors, BHEL, and ONGC, Bharti Airtel and SBI were marginally up on short covering at lower levels after recent losses.
Shares of state-owned oil marketing companies – BPCL, HPCL and Indian Oil are trading lower by up to 4% on BSE after petroleum minister Veerappa Moily ruled out an increase in diesel and LPG prices for now.
In the broader market, BSE Mid-cap and Small-cap indices were down 0.3-0.6% each.
Market breadth was weak with 1,204 losers and 763 gainers on the BSE.