 "Markets come off day's low; Nifty reclaims 7,500")
Markets came off their day's low after better-than-expected third quarter earnings from Infosys helped offset some of the early losses.
At 10:50am, the S&P BSE Sensex was down 176 points at 24,678 and the Nifty50 was down 59 points at 7,503.
In the broader market, BSE Midcap and Smallcap were down 1.8% each. Market breadth continued to remain weak with 1,824 losers and 339 gainers on the BSE.
BSE Capital Goods index was the top sectoral loser down 2.6% followed by Metal, Realty and Bankex among others.
Infosys was the sole Sensex gainers up 4.3% after it announced better-than-expected earnings and also raised its revenue guidance in constant currency terms.
Reliance Industries was down 1.4% on profit taking after hitting d a 18-month high in the previous session.
Tata Motors also witnessed profit taking and was down over 4% after rising over 2.5% in the previous session.
Financial shares continued to remain weak after rising consumer price inflation in December dashed hopes of a rate cut by the central bank at its next policy meet in early February.
Capital Goods majors BHEL and L&T were down 3% each after data showed that November Industrial output fell 3.2% in November, contracting by the sharpest margin in the past four years.
Oil explorers ONGC and Cairn India were down 2.3% each amid falling crude oil prices. Brent crude was trading below $30/barrel after increase in US crude and inventories adding worries over global supply glut.
Tata Steel emerged as the top Sensex loser down 5% after the company said the rating agency Standard & Poor's downgraded the long-term corporate credit rating by a notch to 'BB-' from 'BB', citing weak financial performance and high debt leverage.
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(Updated at 9;45am)
Markets trimmed some of the early losses led by IT majors after Infosys reported better-than-expected third quarter earnings.
At 9:45am, the S&P BSE Sensex was down 224 points at 24,630 and the Nifty50 was down 76 points at 7,486.
In the broader market, the BSE Midcap and Smallcap indices were down 1.5% each. Market breadth was down with 1621 losers and 247 gainers on the BSE.
Foreign funds were net sellers in equities worth Rs 76 crore on Wednesday, as per provisional stock exchange data
GLOBAL MARKETS
Asian stocks were trading lower tracking a sell-off in US stocks after weakening crude oil prices raised global growth concerns. Stocks in Japan were the most hit with the Nikkei heading towards a 1-year low with exporters' stocks leading the decline. Chinese shares also witnessed selling pressure along with the yuan. The benchmark Nikkei was down nearly 4% while Shanghai Composite was down 1.1%. Among others, Hang Seng and Straits Times were down 1.7% each.
US stocks ended sharply lower after drop in crude oil prices raised growth worries in the global economy. The Dow Jones industrial average ended down 2.2%, the S&P 500 eased 2.5% to end below 1,900 and Nasdaq ended down 3.4%.
SECTORS & STOCKS
BSE Capital Goods and Metal indices were the top losers along with Auto and Bankex indices
At 10:50am, the S&P BSE Sensex was down 176 points at 24,678 and the Nifty50 was down 59 points at 7,503.
In the broader market, BSE Midcap and Smallcap were down 1.8% each. Market breadth continued to remain weak with 1,824 losers and 339 gainers on the BSE.
BSE Capital Goods index was the top sectoral loser down 2.6% followed by Metal, Realty and Bankex among others.
Infosys was the sole Sensex gainers up 4.3% after it announced better-than-expected earnings and also raised its revenue guidance in constant currency terms.
Reliance Industries was down 1.4% on profit taking after hitting d a 18-month high in the previous session.
Tata Motors also witnessed profit taking and was down over 4% after rising over 2.5% in the previous session.
Financial shares continued to remain weak after rising consumer price inflation in December dashed hopes of a rate cut by the central bank at its next policy meet in early February.
Capital Goods majors BHEL and L&T were down 3% each after data showed that November Industrial output fell 3.2% in November, contracting by the sharpest margin in the past four years.
Oil explorers ONGC and Cairn India were down 2.3% each amid falling crude oil prices. Brent crude was trading below $30/barrel after increase in US crude and inventories adding worries over global supply glut.
Tata Steel emerged as the top Sensex loser down 5% after the company said the rating agency Standard & Poor's downgraded the long-term corporate credit rating by a notch to 'BB-' from 'BB', citing weak financial performance and high debt leverage.
_____________________
(Updated at 9;45am)
Markets trimmed some of the early losses led by IT majors after Infosys reported better-than-expected third quarter earnings.
At 9:45am, the S&P BSE Sensex was down 224 points at 24,630 and the Nifty50 was down 76 points at 7,486.
In the broader market, the BSE Midcap and Smallcap indices were down 1.5% each. Market breadth was down with 1621 losers and 247 gainers on the BSE.
Foreign funds were net sellers in equities worth Rs 76 crore on Wednesday, as per provisional stock exchange data
GLOBAL MARKETS
Asian stocks were trading lower tracking a sell-off in US stocks after weakening crude oil prices raised global growth concerns. Stocks in Japan were the most hit with the Nikkei heading towards a 1-year low with exporters' stocks leading the decline. Chinese shares also witnessed selling pressure along with the yuan. The benchmark Nikkei was down nearly 4% while Shanghai Composite was down 1.1%. Among others, Hang Seng and Straits Times were down 1.7% each.
US stocks ended sharply lower after drop in crude oil prices raised growth worries in the global economy. The Dow Jones industrial average ended down 2.2%, the S&P 500 eased 2.5% to end below 1,900 and Nasdaq ended down 3.4%.
SECTORS & STOCKS
BSE Capital Goods and Metal indices were the top losers along with Auto and Bankex indices
Infosys was up nearly 5% after it reported a consolidated net profit of Rs 3465 cr, up 1.94% q-o-q, in the third quarter of FY16. This is much better than what the analysts were expecting in this quarter. Consolidated revenue stood at Rs 15,902 cr, up 1.7% q-o-q. Revenue guidance has been raised to 12.8-13.2% in constant currency terms.
Tata Steel was down over 4%n early morning trade after the company said the rating agency Standard & Poor's downgraded the long-term corporate credit rating by a notch to 'BB-' from 'BB', citing weak financial performance and high debt leverage.