 "Markets near day lows, pvt banks weigh")
Markets were trading near their day lows in noon trades on Tuesday, amid a weakening rupee, weighed down by selling pressure in private banking majors and index heavyweights.
At 1:10PM, the Sensex was down 248 points at 18,934 after hitting a intra-day low of 18,912 and the Nifty was down 85 points at 5,600 after touching an intra-day low of 5,592 so far.
Asian markets outside Japan slipped, after dismal first-half earnings from HSBC dragged Hong Kong's Hang Seng Index sharply lower. The Hang Seng was down 1.2% and the Straits Times eased 0.6%. Meanwhile, the Nikkei was up 1% and the Shanghai COmposite was up 0.5%. Most other indices in the region were trading lower.
The rupee weakened further against the US dollar and was down 80 paise at Rs 61.68.
The recent measures by the RBI one would think were enough to contain the falling rupee but the plunge has only gotten deeper.
Meanwhile, the finance ministry and the Reserve Bank of India (RBI) will discuss possible measures to manage the situation.
The sub-committee of Financial Stability Development Council (FSDC) will meet in Mumbai tomorrow to assess the impact of liquidity tightening steps taken by the central bank in the last few weeks. The meet will discuss further measures to arrest fall of the rupee.
The BSE Consumer Durables index was the top loser among the sector indices down 5.2% followed by Realty, Bankex, Metal, Capital Goods, Oil and Gas, Power, FMCG and Healthcare indices down 0.9-4.3% each.
Financials were impacted by the recent liquidity tightening measures by the RBI and rate hikes on the back of a weakening rupee. HDFC Bank and ICICI Bank were among the top Sensex losers down 2.6-3.8% each while HDFC was down 1.5%.
Among the index heavyweights Reliance Ind lost 1.4% and Infosys slipped 1%.
Bajaj Auto was down 3.8% amid the ongoing workers' strike at its Pune plant.
Other Sensex losers include, L&T and ONGC.
Among other shares, Crompton Greaves has moved higher by nearly 4% at Rs 85.30, bouncing back over 13% from intra-day’s low, after reporting 4% year-on-year (yoy) jump in standalone net profit at Rs 125 crore for the quarter ended June 30, 2013 (Q1 FY14), on back of higher other income. The company had profit of Rs 120 crore in year ago quarter.
Orbit Corporation’s share price dipped sharply by 9% a day after LIC Housing Finance Ltd sent a notice to Mumbai-based real estate company to recover dues.
In the broader market, the BSE Mid-cap and Small-Cap indices were down 1.6-2.3% each.
Market breadth continued to remain weak with 1,439 gainers and 510 loser on the BSE.
At 1:10PM, the Sensex was down 248 points at 18,934 after hitting a intra-day low of 18,912 and the Nifty was down 85 points at 5,600 after touching an intra-day low of 5,592 so far.
Asian markets outside Japan slipped, after dismal first-half earnings from HSBC dragged Hong Kong's Hang Seng Index sharply lower. The Hang Seng was down 1.2% and the Straits Times eased 0.6%. Meanwhile, the Nikkei was up 1% and the Shanghai COmposite was up 0.5%. Most other indices in the region were trading lower.
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European markets were trading flat in early trades on Tuesday. The CAC was trading with a positive bias while the DAX and FTSE were trading flat with a negative bias.
The rupee weakened further against the US dollar and was down 80 paise at Rs 61.68.
The recent measures by the RBI one would think were enough to contain the falling rupee but the plunge has only gotten deeper.
Meanwhile, the finance ministry and the Reserve Bank of India (RBI) will discuss possible measures to manage the situation.
The sub-committee of Financial Stability Development Council (FSDC) will meet in Mumbai tomorrow to assess the impact of liquidity tightening steps taken by the central bank in the last few weeks. The meet will discuss further measures to arrest fall of the rupee.
The BSE Consumer Durables index was the top loser among the sector indices down 5.2% followed by Realty, Bankex, Metal, Capital Goods, Oil and Gas, Power, FMCG and Healthcare indices down 0.9-4.3% each.
Financials were impacted by the recent liquidity tightening measures by the RBI and rate hikes on the back of a weakening rupee. HDFC Bank and ICICI Bank were among the top Sensex losers down 2.6-3.8% each while HDFC was down 1.5%.
Among the index heavyweights Reliance Ind lost 1.4% and Infosys slipped 1%.
Bajaj Auto was down 3.8% amid the ongoing workers' strike at its Pune plant.
Other Sensex losers include, L&T and ONGC.
Among other shares, Crompton Greaves has moved higher by nearly 4% at Rs 85.30, bouncing back over 13% from intra-day’s low, after reporting 4% year-on-year (yoy) jump in standalone net profit at Rs 125 crore for the quarter ended June 30, 2013 (Q1 FY14), on back of higher other income. The company had profit of Rs 120 crore in year ago quarter.
Orbit Corporation’s share price dipped sharply by 9% a day after LIC Housing Finance Ltd sent a notice to Mumbai-based real estate company to recover dues.
In the broader market, the BSE Mid-cap and Small-Cap indices were down 1.6-2.3% each.
Market breadth continued to remain weak with 1,439 gainers and 510 loser on the BSE.