 "Index heavyweights drag markets; Infosys, RIL, ITC top losers")
Markets continued to trade weak after the first hour of trade weighed down by profit taking in index heavyweights.
At 10:40AM, the 30-share Sensex was down 112 points at 27,154 and the 50-share Nifty was down 31 points at 8,122.
The Indian rupee was trading lower at Rs 60.78 against the US dollar compared ot the previous close of Rs 60.60 tracking weakness in the domestic stock markets.
BSE FMCG Index was the top loser among the sectoral indices followed by Oil and Gas, Capital Goods, Bankex and Auto among others.
Index heavyweights Infosys, ITC, Reliance Industries and L&T were among the top losers contributing the most to the Sensex decline.
In the financials pack, HDFC, HDFC Bank, SBI and Axis Bank were down 0.7-1.1% each.
However, ICICI Bank was up 1.1% after the board announced stock split of equity share of face value Rs 10 each into five equity shares of face value Rs 2 each.
After an initial weakness metal and power shares have rebounded and are trading with gains. Hindalco, Tata Steel, Tata Power are up 0.4-2.6% each.
Share prices of four out of five new entrants to the future and options (F&O) segment are trading higher by up to 4% in otherwise weak market. Addition to the F&O segment increases trader interest and boost liquidity in a stock. Motherson Sumi Systems, Eicher Motors, TVS Motor Company and MindTree are up 1-4% on the National Stock Exchange (NSE)
Shares of companies engaged in shipbuilding business have rallied by up to 13% on reports that the government is said to be looking at several options which could boost building of ships in the country.ABG Shipyard has rallied 13% to Rs 257 on back of heavy volumes.
In the broader markets, the BSE Mid-cap index was up 0.4% and Small-cap index was up 0.7%.
Market breadth was strong with 1,532 advances and 867 declines on the BSE.
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(Updated at 9:17AM)
Markets opened lower,amid weak global cues, with metal stocks among the top losers after the Supreme Court late Tuesday reserved its order on coal block allocations.
At 9:17AM, the 30-share Sensex was down 108 points at 27,157 and the 50-share Nifty was down 30 points at 8,123.
SBI, Hindalco, BHEL, Tata Steel, Infosys, HDFC Bank were among the top Sensex losers.
Asian markets were trading lower tracking overnight losses on Wall Street. The benchmark Nikkei was down 0.4%. Shanghai Composite and Hang seng were trading 0.5-1.8% lower. Straits Times was trading 0.3% down.
US markets ended lower on Tuesday on concerns that the US Fed may raise interest rates sooner than expected while losses in Apple shares also weighed on market sentiment.
The Dow Jones Industrial Average ended down 0.6% at 17,014 and the S&P 500 ended down 0.7% at 1,988 and the Nasdaq ended down 0.9% at 4,552.
Except for Healthcare Index all other sectoral indices were in the red on the BSE.
Metal stocks are down after the Supreme Court on Tuesday reserved its order on coal block allocations. While the government didn’t press the court to favour a few blocks, industry representatives pleaded for a committee to select and exempt the blocks, allocations of which didn’t involve any criminality.
Lanco Infratech was up 7% on plans to sell 3,000 Mw of capacity to raise Rs 5,000 crore. The funds raised will be used to reduce the company’s debt, currently about Rs 35,000 crore.
BL Kashyap was locked in 20% upper circuit after HDFC Mutual Fund has bought 14.2 lakh shares of real-estate company on Tuesday.
Biocon was up 1.1%. India's largest publicly held biotechnology company, has said that it is buying back the 7.69% stake held by GE Capital in Biocon's research arm Syngene for Rs 215.38 crore, valuing the research arm at around Rs 2,800 crore.
The broader market was trading with marginal losses.
Market breadth was strong with 746 gainers and 620 losers on the BSE.
At 10:40AM, the 30-share Sensex was down 112 points at 27,154 and the 50-share Nifty was down 31 points at 8,122.
The Indian rupee was trading lower at Rs 60.78 against the US dollar compared ot the previous close of Rs 60.60 tracking weakness in the domestic stock markets.
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Asian markets continued to trade weak with the Nikkei was up 0.2% and Hang Seng lost 1.8%. Shanghai Composite was down 0.7% and Straits Times was trading with marginal losses.
BSE FMCG Index was the top loser among the sectoral indices followed by Oil and Gas, Capital Goods, Bankex and Auto among others.
Index heavyweights Infosys, ITC, Reliance Industries and L&T were among the top losers contributing the most to the Sensex decline.
In the financials pack, HDFC, HDFC Bank, SBI and Axis Bank were down 0.7-1.1% each.
However, ICICI Bank was up 1.1% after the board announced stock split of equity share of face value Rs 10 each into five equity shares of face value Rs 2 each.
After an initial weakness metal and power shares have rebounded and are trading with gains. Hindalco, Tata Steel, Tata Power are up 0.4-2.6% each.
Share prices of four out of five new entrants to the future and options (F&O) segment are trading higher by up to 4% in otherwise weak market. Addition to the F&O segment increases trader interest and boost liquidity in a stock. Motherson Sumi Systems, Eicher Motors, TVS Motor Company and MindTree are up 1-4% on the National Stock Exchange (NSE)
Shares of companies engaged in shipbuilding business have rallied by up to 13% on reports that the government is said to be looking at several options which could boost building of ships in the country.ABG Shipyard has rallied 13% to Rs 257 on back of heavy volumes.
In the broader markets, the BSE Mid-cap index was up 0.4% and Small-cap index was up 0.7%.
Market breadth was strong with 1,532 advances and 867 declines on the BSE.
______________________________
(Updated at 9:17AM)
Markets opened lower,amid weak global cues, with metal stocks among the top losers after the Supreme Court late Tuesday reserved its order on coal block allocations.
At 9:17AM, the 30-share Sensex was down 108 points at 27,157 and the 50-share Nifty was down 30 points at 8,123.
SBI, Hindalco, BHEL, Tata Steel, Infosys, HDFC Bank were among the top Sensex losers.
Asian markets were trading lower tracking overnight losses on Wall Street. The benchmark Nikkei was down 0.4%. Shanghai Composite and Hang seng were trading 0.5-1.8% lower. Straits Times was trading 0.3% down.
US markets ended lower on Tuesday on concerns that the US Fed may raise interest rates sooner than expected while losses in Apple shares also weighed on market sentiment.
The Dow Jones Industrial Average ended down 0.6% at 17,014 and the S&P 500 ended down 0.7% at 1,988 and the Nasdaq ended down 0.9% at 4,552.
Except for Healthcare Index all other sectoral indices were in the red on the BSE.
Metal stocks are down after the Supreme Court on Tuesday reserved its order on coal block allocations. While the government didn’t press the court to favour a few blocks, industry representatives pleaded for a committee to select and exempt the blocks, allocations of which didn’t involve any criminality.
Lanco Infratech was up 7% on plans to sell 3,000 Mw of capacity to raise Rs 5,000 crore. The funds raised will be used to reduce the company’s debt, currently about Rs 35,000 crore.
BL Kashyap was locked in 20% upper circuit after HDFC Mutual Fund has bought 14.2 lakh shares of real-estate company on Tuesday.
Biocon was up 1.1%. India's largest publicly held biotechnology company, has said that it is buying back the 7.69% stake held by GE Capital in Biocon's research arm Syngene for Rs 215.38 crore, valuing the research arm at around Rs 2,800 crore.
The broader market was trading with marginal losses.
Market breadth was strong with 746 gainers and 620 losers on the BSE.