 "Markets near day's lows, Tata Motors dn 3%")
Markets extended losses and continued to remain weak in late noon trades on Wednesday after investors turned cautious on concerns that inflation continues to remain at elevated levels. The Finance Minister P Chidambaram today said that controlling inflation is high on his priority list.
At 2:30PM, the 30-share Sensex was down 141 points at 21,113 after hitting a low of 21,088 and the 50-share Nifty was down 40 points at 6,293 after touching a intra-day low of 6,282.
Wholesale price inflation rose to 7% in October from 6.46% in the previous month, where as the rate of price rise in food articles (part of overall inflation) remained in double digits for the fifth month in a row in October. However, food inflation moderated a bit to 18.19% in October from 18.40% in September.
Besides an increased demand for the dollar from importers, a mixed trend in the American currency against other overseas currencies and weakenss in the domestic equity market also put pressure on the rupee, forex dealers said.
Asian shares remained subdued as investors booked profits amid uncertainty over US Fed's bond tapering programme. Shares in Japan were down amid a stronger yen, while profit taking in bank shares pushed Shanghai Composite and Hang Seng down over 1.5% each. The Nikkei ended down 0.6% while Straits Times was down 0.6%.
European shares were trading mixed with CAC up 0.4% while FTSE was trading flat with positive bias and DAX was trading a tad lower.
The BSE Oil and Gas, Capital Goods indices were among the top losers among the sectoral indices on the BSE down over 1.2% each. Other losers include, Bankex and Metal indices.
Tata Motors, SBI, TCS, L&T, ONGC, Bharti Airtel, HDFC Bank and Reliance Ind were among the top losers contributing the most to the Sensex losses.
FMCG major ITC was up nearly 1% at Rs 321. NTPC rebounded today and was up nearly 3% at Rs 140 after the sharp 11% drop yesterday. The Central Electricity Regulatory Commission (CERC) released draft regulations that will decide the multi-year power tariffs for 2014-2019.
Among other shares, HCL Technologies has moved higher by over 2% at Rs 1,180, also its new high on the Bombay Stock Exchange (BSE). The stock of the country's fourth-largest software services provider has outperformed the market by surging 11% in past two weeks compared to 3.3% rise in benchmark S&P BSE Sensex and 4% gain in IT sector index.
In the broader market, the BSE Mid-cap index was down 0.2% and the Small-cap index was down 0.1%.
Market breadth remained weak with 1,346 losers and 1,003 gainers on the BSE.
At 2:30PM, the 30-share Sensex was down 141 points at 21,113 after hitting a low of 21,088 and the 50-share Nifty was down 40 points at 6,293 after touching a intra-day low of 6,282.
Wholesale price inflation rose to 7% in October from 6.46% in the previous month, where as the rate of price rise in food articles (part of overall inflation) remained in double digits for the fifth month in a row in October. However, food inflation moderated a bit to 18.19% in October from 18.40% in September.
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The rupee snapped its five-day rising streak against the US dollar and fell by 29 paise at 61.33 per dollar in early trade today at the Interbank Foreign Exchange market on fresh dollar demand from importers. The rupee had closed at Rs 61.04 to the dollar on Tuesday.
Besides an increased demand for the dollar from importers, a mixed trend in the American currency against other overseas currencies and weakenss in the domestic equity market also put pressure on the rupee, forex dealers said.
Asian shares remained subdued as investors booked profits amid uncertainty over US Fed's bond tapering programme. Shares in Japan were down amid a stronger yen, while profit taking in bank shares pushed Shanghai Composite and Hang Seng down over 1.5% each. The Nikkei ended down 0.6% while Straits Times was down 0.6%.
European shares were trading mixed with CAC up 0.4% while FTSE was trading flat with positive bias and DAX was trading a tad lower.
The BSE Oil and Gas, Capital Goods indices were among the top losers among the sectoral indices on the BSE down over 1.2% each. Other losers include, Bankex and Metal indices.
Tata Motors, SBI, TCS, L&T, ONGC, Bharti Airtel, HDFC Bank and Reliance Ind were among the top losers contributing the most to the Sensex losses.
FMCG major ITC was up nearly 1% at Rs 321. NTPC rebounded today and was up nearly 3% at Rs 140 after the sharp 11% drop yesterday. The Central Electricity Regulatory Commission (CERC) released draft regulations that will decide the multi-year power tariffs for 2014-2019.
Among other shares, HCL Technologies has moved higher by over 2% at Rs 1,180, also its new high on the Bombay Stock Exchange (BSE). The stock of the country's fourth-largest software services provider has outperformed the market by surging 11% in past two weeks compared to 3.3% rise in benchmark S&P BSE Sensex and 4% gain in IT sector index.
In the broader market, the BSE Mid-cap index was down 0.2% and the Small-cap index was down 0.1%.
Market breadth remained weak with 1,346 losers and 1,003 gainers on the BSE.