 "Markets remain lower, financials & FMCG weigh")
Benchmark indices continue to trade lower amid weak Asian cues, along with financials and FMCG shares leading the fall.
Meanwhile, the rupee approached a record low on Wednesday on doubts about whether the central bank can defend the currency with its existing cash-draining measures unless policy makers take additional steps.
The rupee fell to as low as 61.12 to the dollar, not far from its record low of 61.21 hit on July 8.
The RBI likely sold dollars from 61.17 levels, they said. The rupee was last at 61.12/13, not far from the life low of 61.21 seen on July 8.
By 10:35, the Sensex was lower by 142 points at 19,206 mark and the Nifty slipped by 51 points at 5,704 levels.
Japan's Nikkei share average fell on Wednesday morning, as most investors adopted a wait-and-see stance ahead of another batch of key domestic earnings and the outcome of a Federal Reserve policy meeting for clarity on US economic stimulus.
Back home, BSE Realty, PSU, Power and Bankex indices have slumped between 3-3.5%. Apart from IT, all the major BSE sectoral indices are trading in red zone.
NTPC is the top Sensex loser, down over 5%. Power generator NTPC has posted a marginal 1.1 per cent growth in net profit for the quarter ended June.
The company recorded a net profit of Rs 2,527 crore against Rs 2,498.6 crore in the year-ago period on lower expenses at Rs 12,289 crore during the quarter. Fuel cost, which accounts for a bulk of the expenditure, came down 11 per cent to Rs 9,425 crore.
Jindal Steel is down by over 3%. The company’s consolidated net profit rose 28.27% to Rs 494.28 crore on 2.65% decline in total income to Rs 4593.55 crore in Q1 June 2013 over Q1 June 2012.
Other notable losers are ONGC, GAIL, Maruti Suzuki, ITC, Tata Steel, HDFC Bank, Sterlite and BHEL.
Shares of interest-rate sensitive sectors such as banking, automobiles and realty continue to trade lower after the Reserve Bank of India (RBI) kept the repo rate, cash-reserve ratio unchanged.
Meanwhile, Bharti Airtel has surged 3.3% at Rs 332, in otherwise weak market, after reporting a consolidated net profit at Rs 689 crore for the quarter ended June 30, 2013 (Q1), down 9.6% from year ago, roughly in line with average analyst estimates.
Among other shares, HCL Technologies is trading higher by 2% at Rs 912, bouncing back nearly 10% from intra-day low after reporting a better-than-expected 16.3% quarter-on-quarter (qoq) jump in its consolidated net profit at Rs 1,210 crore for the fourth quarter ended June 30, 2013 (Q4).
YES Bank has tanked over 14% to Rs 299, also its 52-week low on BSE, on PTI reports that the Reserve Bank of India (RBI) said that it is seized of the ongoing boardroom battle at private lender and may make necessary changes in the required norms on appointment of directors on bank boards, if needed.
The market breadth in BSE remains dismal with 1,231 shares declining and 400 shares advancing.
Meanwhile, the rupee approached a record low on Wednesday on doubts about whether the central bank can defend the currency with its existing cash-draining measures unless policy makers take additional steps.
The rupee fell to as low as 61.12 to the dollar, not far from its record low of 61.21 hit on July 8.
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The Reserve Bank of India's (RBI) likely sold dollars via state-run banks on Wednesday as the rupee headed towards a record low, three dealers told Reuters.
The RBI likely sold dollars from 61.17 levels, they said. The rupee was last at 61.12/13, not far from the life low of 61.21 seen on July 8.
By 10:35, the Sensex was lower by 142 points at 19,206 mark and the Nifty slipped by 51 points at 5,704 levels.
Japan's Nikkei share average fell on Wednesday morning, as most investors adopted a wait-and-see stance ahead of another batch of key domestic earnings and the outcome of a Federal Reserve policy meeting for clarity on US economic stimulus.
Back home, BSE Realty, PSU, Power and Bankex indices have slumped between 3-3.5%. Apart from IT, all the major BSE sectoral indices are trading in red zone.
NTPC is the top Sensex loser, down over 5%. Power generator NTPC has posted a marginal 1.1 per cent growth in net profit for the quarter ended June.
The company recorded a net profit of Rs 2,527 crore against Rs 2,498.6 crore in the year-ago period on lower expenses at Rs 12,289 crore during the quarter. Fuel cost, which accounts for a bulk of the expenditure, came down 11 per cent to Rs 9,425 crore.
Jindal Steel is down by over 3%. The company’s consolidated net profit rose 28.27% to Rs 494.28 crore on 2.65% decline in total income to Rs 4593.55 crore in Q1 June 2013 over Q1 June 2012.
Other notable losers are ONGC, GAIL, Maruti Suzuki, ITC, Tata Steel, HDFC Bank, Sterlite and BHEL.
Shares of interest-rate sensitive sectors such as banking, automobiles and realty continue to trade lower after the Reserve Bank of India (RBI) kept the repo rate, cash-reserve ratio unchanged.
Meanwhile, Bharti Airtel has surged 3.3% at Rs 332, in otherwise weak market, after reporting a consolidated net profit at Rs 689 crore for the quarter ended June 30, 2013 (Q1), down 9.6% from year ago, roughly in line with average analyst estimates.
Among other shares, HCL Technologies is trading higher by 2% at Rs 912, bouncing back nearly 10% from intra-day low after reporting a better-than-expected 16.3% quarter-on-quarter (qoq) jump in its consolidated net profit at Rs 1,210 crore for the fourth quarter ended June 30, 2013 (Q4).
YES Bank has tanked over 14% to Rs 299, also its 52-week low on BSE, on PTI reports that the Reserve Bank of India (RBI) said that it is seized of the ongoing boardroom battle at private lender and may make necessary changes in the required norms on appointment of directors on bank boards, if needed.
The market breadth in BSE remains dismal with 1,231 shares declining and 400 shares advancing.