 "Markets remain weak, Metal & PSU shares weigh")
Key share indices continue to witness lower activity amid weak Asian and European cues, with rate sensitive shares leading the decline as investors turned cautious ahead of the RBI policy to be announced tomorrow.
At 14:30 PM, the 30-share Sensex was down 121 points or 0.62% at 19,304 and the 50-share Nifty was down 35 points or 0.6% at 5,837. The Sensex and the Nifty reached an intra-day low of 19, levels and 5,814 mark, respectively.
On the global front, Asian markets witnessed a sell-off after the Cyprus annouced that it would impose a one-time 10% tax on private bank deposits in exchange for equity shares in the bank, to avail credit of 10 billion euros from global lenders for shoring up the nation's financial position.
Back home, the rupee is trading at 54.28/29 versus its previous close of 54.02/03, tracking losses in the domestic equity market and a broad risk-off globally.
Moody's expressing deep concern over the country's high food inflation said that it would act as a negative for the country's sovereign ratings as it filters through the broader economy, with adverse consequences for growth and the large fiscal and current account deficits, on Monday.
On the sectoral front, BSE Metal index is down over 2% followed by counters like PSU, Auto, Realty, Oil & Gas, Power and Banks, all slipping between 1-2%.
Metal shares are trading lower amid weak metal futures on the London Metal Exchange, weighed down by selling pressure in Coal India.
Coal India witnessed selling pressure on Monday and was down over 5% on reports that the government is planning to sell up to 10% of its holding in the world’s largest coal producer through the offer-for-sale (OFS) route.
Steel shares are also among the top losers in the index with Jindal Steel, Tata Steel and JSW Steel down 1-1.5% each.
Rate sensitive shares are down after hopes of a rate cut faded with better-than-expected industrial growth in January even as retail inflation continues to remain in double digits for the third straight month.
Among the rate sensitive shares, financials are among the top losers. ICICI Bank, HDFC and SBI are down between 1-2%.
In the auto segment, Tata Motors, Mahindra and Mahindra and Maruti Suzuki are down 1-2% each.
Shares of software exporters continue to remain weak with Wipro, TCS and Infosys down 0.5-1% each.
Bharti Airtel is down nearly 3% ahead of the Delhi High Court (HC) decision on notice issued by the Department of Telecommunications (DoT) to the company to stop 3G services in seven circles. The DoT on Friday asked the telecom operator Bharti Airtel to stop 3G services within three days in the seven circles in which the company does not have the required license.
On the gaining side, HDFC Bank, Cipla, HUL and Hero Moto have gained between 0.4-1%.
Among other shares, Jet Airways (India) has tanked almost 13% to Rs 504 on NSE in noon deals on reports that the company’s deal with the Abu Dhabi-based carrier Etihad Airways may be called off.
The market breadth in BSE remains weak with 1,728 shares declining and 947 shares advancing.
At 14:30 PM, the 30-share Sensex was down 121 points or 0.62% at 19,304 and the 50-share Nifty was down 35 points or 0.6% at 5,837. The Sensex and the Nifty reached an intra-day low of 19, levels and 5,814 mark, respectively.
On the global front, Asian markets witnessed a sell-off after the Cyprus annouced that it would impose a one-time 10% tax on private bank deposits in exchange for equity shares in the bank, to avail credit of 10 billion euros from global lenders for shoring up the nation's financial position.
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European markets have opened lower with CAC, DAX and FTSE declining over 1% each.
Back home, the rupee is trading at 54.28/29 versus its previous close of 54.02/03, tracking losses in the domestic equity market and a broad risk-off globally.
Moody's expressing deep concern over the country's high food inflation said that it would act as a negative for the country's sovereign ratings as it filters through the broader economy, with adverse consequences for growth and the large fiscal and current account deficits, on Monday.
On the sectoral front, BSE Metal index is down over 2% followed by counters like PSU, Auto, Realty, Oil & Gas, Power and Banks, all slipping between 1-2%.
Metal shares are trading lower amid weak metal futures on the London Metal Exchange, weighed down by selling pressure in Coal India.
Coal India witnessed selling pressure on Monday and was down over 5% on reports that the government is planning to sell up to 10% of its holding in the world’s largest coal producer through the offer-for-sale (OFS) route.
Steel shares are also among the top losers in the index with Jindal Steel, Tata Steel and JSW Steel down 1-1.5% each.
Rate sensitive shares are down after hopes of a rate cut faded with better-than-expected industrial growth in January even as retail inflation continues to remain in double digits for the third straight month.
Among the rate sensitive shares, financials are among the top losers. ICICI Bank, HDFC and SBI are down between 1-2%.
In the auto segment, Tata Motors, Mahindra and Mahindra and Maruti Suzuki are down 1-2% each.
Shares of software exporters continue to remain weak with Wipro, TCS and Infosys down 0.5-1% each.
Bharti Airtel is down nearly 3% ahead of the Delhi High Court (HC) decision on notice issued by the Department of Telecommunications (DoT) to the company to stop 3G services in seven circles. The DoT on Friday asked the telecom operator Bharti Airtel to stop 3G services within three days in the seven circles in which the company does not have the required license.
On the gaining side, HDFC Bank, Cipla, HUL and Hero Moto have gained between 0.4-1%.
Among other shares, Jet Airways (India) has tanked almost 13% to Rs 504 on NSE in noon deals on reports that the company’s deal with the Abu Dhabi-based carrier Etihad Airways may be called off.
The market breadth in BSE remains weak with 1,728 shares declining and 947 shares advancing.