 "Markets extend losses; Nifty slips below 8,000")
Markets extended losses after the first hour of trade as investors turned cautious and trimmed position ahead of the expiry of September derivative contracts tomorrow. Further, investors are also adopting a wait-and-watch stance ahead of the Supreme Court verdict on coal block allocations later today.
At 10:30AM, the 30-share Sensex was down 91 points at 26,684 and the 50-share Nifty was down 27 points at 7,990.
TCS, L&T, HDFC and Tata Motors were down 1-2% contributing the most to the Sensex losses.
Oil shares which had firmed up in early trades were trading lower amid uncertainty over gas pricing. Reliance Industries and ONGC were down 0.5-0.7% each.
Among other shares, Manappuram Finance gained over 1.5% on the Bombay Stock Exchange to trade at Rs 29.60 after the company in a board meeting held yesterday, gave its nod to diversify into the business of micro finance and financing of commercial vehicles.
Shares of Thermax has surged more than 4% to Rs 926 on the BSE after Thermax Babcock & Wilcox Energy Solutions (TBWES), a joint venture of Pune based capital goods manufacturer Thermax and U.S.based Babcock & Wilcox Power Generation Group (B&W PGG), received an export order from B&W PGG for detailed engineering, manufacturing and supply of selective items for two pulverized coal-fired boilers for an international project.
Market breadth was negative with 1,537 losers and 681 gainers on the BSE.
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(Updated at 9:35AM)
Markets opened marginally higher led by oil and select financials but upside gains are likely to be capped ahead of the expiry of September derivative contracts tomorrow. Further, selling by foreign funds also weighed on sentiment.
At 9:35AM, the 30-share Sensex was up 40 points at 26,816 and the 50-share Nifty was up 15 points at 8,032.
Foreign portfolio investors were net sellers in equities to the tune of Rs 1,185 crore in the cash market and sold index futures worth Rs 316 crore, as per provisional stock exchange data.
Meanwhile, the Supreme Court is expected to deliver its final verdict on coal mine allocations later today.
The rupee was trading lower at Rs 60.99 compared to the previous close of Rs 60.94. On Tuesday, the rupee fell by 12 paise to end at one-week low of 60.94 against the US dollar on month-end demand from importers and sharp decline in domestic stock markets.
In Asia, stocks tracked an overnight decline on Wall Street and dipped early on Wednesday, while the dollar was kept in check after U.S. yields fell on geopolitical woes and dovish statements by a Federal Reserve official.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2%, sliding to a fresh four-month low.
Japanese markets re-opened for trading after a public holiday on Tuesday. Shares in Japan were trading with marginal losses down 0.4% while Singapore's Straits Times was down 0.1%.
However, shares in China and Hong Kong rebounded today. Both the Shanghai Composite and Hang Seng were up 0.4-0.8% each.
U.S. stocks fell overnight, weighed by downbeat European data and as the first U.S.-led air strikes in Syria against Islamic State fighters dampened investor risk appetite.
The air strikes in Syria, which opened a new front amid shifting Middle East alliances, also garnered demand for safe-haven government debt and pushed U.S. Treasury yields lower, in turn helping arrest the dollar's recent bull run.
The Dow Jones industrial average fell 0.68%, to 17,056, the S&P 500 lost 0.58%, to 1,988 and the Nasdaq Composite dropped 0.42%, to 4,509.
BSE IT, Healthcare, FMCG indices were among the top gainers along with Bankex, Oil and Gas indice.
Index heavyweights ITC, Reliance Industries and Infosys were up 0.5-0.8% each contributing the most to the Sensex gains in early trades.
Other gainers include, M&M, Sun Pharma, Wipro and HUL among others.
Market breadth was strong with 901 gainers and 625 losers on the BSE.
At 10:30AM, the 30-share Sensex was down 91 points at 26,684 and the 50-share Nifty was down 27 points at 7,990.
TCS, L&T, HDFC and Tata Motors were down 1-2% contributing the most to the Sensex losses.
Oil shares which had firmed up in early trades were trading lower amid uncertainty over gas pricing. Reliance Industries and ONGC were down 0.5-0.7% each.
Among other shares, Manappuram Finance gained over 1.5% on the Bombay Stock Exchange to trade at Rs 29.60 after the company in a board meeting held yesterday, gave its nod to diversify into the business of micro finance and financing of commercial vehicles.
Shares of Thermax has surged more than 4% to Rs 926 on the BSE after Thermax Babcock & Wilcox Energy Solutions (TBWES), a joint venture of Pune based capital goods manufacturer Thermax and U.S.based Babcock & Wilcox Power Generation Group (B&W PGG), received an export order from B&W PGG for detailed engineering, manufacturing and supply of selective items for two pulverized coal-fired boilers for an international project.
JSW Energy gained 2% to trade at Rs 75.75 in the opening hour after the company informed that one of its joint ventures, Barmer Lignite Mining Company, has received environmental clearance from Ministry of Environment, Forests & Climate Change to increase the mining capacity of its Kapurdi Lignite Mines from 3.75 MTPA to 7 MTPA for a duration of four years.
In the broader market, the BSE Mid-cap index was down 1.3% and Small-cap index was down 1.5%.Market breadth was negative with 1,537 losers and 681 gainers on the BSE.
__________________________________
(Updated at 9:35AM)
Markets opened marginally higher led by oil and select financials but upside gains are likely to be capped ahead of the expiry of September derivative contracts tomorrow. Further, selling by foreign funds also weighed on sentiment.
At 9:35AM, the 30-share Sensex was up 40 points at 26,816 and the 50-share Nifty was up 15 points at 8,032.
Foreign portfolio investors were net sellers in equities to the tune of Rs 1,185 crore in the cash market and sold index futures worth Rs 316 crore, as per provisional stock exchange data.
Meanwhile, the Supreme Court is expected to deliver its final verdict on coal mine allocations later today.
The rupee was trading lower at Rs 60.99 compared to the previous close of Rs 60.94. On Tuesday, the rupee fell by 12 paise to end at one-week low of 60.94 against the US dollar on month-end demand from importers and sharp decline in domestic stock markets.
In Asia, stocks tracked an overnight decline on Wall Street and dipped early on Wednesday, while the dollar was kept in check after U.S. yields fell on geopolitical woes and dovish statements by a Federal Reserve official.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2%, sliding to a fresh four-month low.
Japanese markets re-opened for trading after a public holiday on Tuesday. Shares in Japan were trading with marginal losses down 0.4% while Singapore's Straits Times was down 0.1%.
However, shares in China and Hong Kong rebounded today. Both the Shanghai Composite and Hang Seng were up 0.4-0.8% each.
U.S. stocks fell overnight, weighed by downbeat European data and as the first U.S.-led air strikes in Syria against Islamic State fighters dampened investor risk appetite.
The air strikes in Syria, which opened a new front amid shifting Middle East alliances, also garnered demand for safe-haven government debt and pushed U.S. Treasury yields lower, in turn helping arrest the dollar's recent bull run.
The Dow Jones industrial average fell 0.68%, to 17,056, the S&P 500 lost 0.58%, to 1,988 and the Nasdaq Composite dropped 0.42%, to 4,509.
BSE IT, Healthcare, FMCG indices were among the top gainers along with Bankex, Oil and Gas indice.
Index heavyweights ITC, Reliance Industries and Infosys were up 0.5-0.8% each contributing the most to the Sensex gains in early trades.
Other gainers include, M&M, Sun Pharma, Wipro and HUL among others.
Market breadth was strong with 901 gainers and 625 losers on the BSE.