 "Markets remain weak; Sesa Sterlite, Bharti Airtel top losers")
Benchmark indices are trading in a narrow range with negative bias weighed down by capital goods and metals shares.
By 10:25, the Sensex was lower by 58 points at 24,319 mark and the Nifty declined by 18 points at 7,257 levels.
Gains are capped as investors continue profit booking in cyclicals after sharp gains recently.
On the global front, Asian shares caught Wall Street's gloom on Wednesday, while the dollar was on track for a sixth losing session against the yen after the Bank of Japan upgraded its view on capital expenditures.
The BOJ held policy steady as expected at the conclusion of a two-day meeting and maintained its overall upbeat economic assessment.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1%, after US stocks fell in a broad selloff.
Back home, foreign institutional investors (FIIs) sold shares worth a net Rs 104.53 crore on Tuesday, 20 May 2014, as per provisional data from the stock exchanges.
The rupee falls to 58.79/81 versus its close of 58.63/64 on Tuesday, as importers, especially oil companies, step in to buy dollars.
On the sectoral front, BSE Metal index has plunged by over 1% followed by counters like Capital Goods, Banks and PSU, all declining between 0.3-1%. BSE Consumer Durables and Auto indices have gained by nearly 1% each.
The main losers on the Sensex at this hour include Sesa Sterlite, Bharti Airtel, Dr Reddy’s Labs, BHEL, L&T, Coal India and Tata Power.
On the gaining side, Bajaj Auto, RIL, NTPC, M&M and TCS have gained between 1-3%.
Sun Pharmaceutical Industries falls 0.5% after the U.S. FDA said on Tuesday that the drug maker' response to a U.S. import ban on one of its plants lacked "sufficient corrective actions.
Among other shares, Punj Lloyd has tanked 9% to Rs 38.85 after reporting a consolidated net loss of Rs 382 crore for the fourth quarter ended on March 31, 2014 (Q4FY14), on the back of a decline in income and deferment of claim settlement on some overseas projects.
VIP Industries soared 7% at Rs 114 on the Bombay Stock Exchange after the company's consolidated net profit rose 300% in the fourth quarter ended March 31, 2014, in results announced late Tuesday.
Mangalore Refinery and Petrochemicals (MRPL) has soared 16% to Rs 78 after reporting a net profit of Rs 1,067 crore for the fourth quarter ended March 31 2014 (Q4FY14), on account of a one-time foreign exchange gain, higher other income and better operational performance.
The broader markets continue to outperform the benchmark indices- BSE Midcap and Smallcap indices have gained by nearly 1% each.
The market breadth in BSE remains firm with 1,105 shares advancing and 282 shares declining.
By 10:25, the Sensex was lower by 58 points at 24,319 mark and the Nifty declined by 18 points at 7,257 levels.
Gains are capped as investors continue profit booking in cyclicals after sharp gains recently.
More From This Section
Adds Ravi Nathani, Technical analyst at nsetoday.com,” Nifty trend is bullish on charts whereas with a strict stoploss of close below 7200 one must hunt for opportuinites to buy Index with a target expected 7368 & 7420.00”.
On the global front, Asian shares caught Wall Street's gloom on Wednesday, while the dollar was on track for a sixth losing session against the yen after the Bank of Japan upgraded its view on capital expenditures.
The BOJ held policy steady as expected at the conclusion of a two-day meeting and maintained its overall upbeat economic assessment.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1%, after US stocks fell in a broad selloff.
Back home, foreign institutional investors (FIIs) sold shares worth a net Rs 104.53 crore on Tuesday, 20 May 2014, as per provisional data from the stock exchanges.
The rupee falls to 58.79/81 versus its close of 58.63/64 on Tuesday, as importers, especially oil companies, step in to buy dollars.
On the sectoral front, BSE Metal index has plunged by over 1% followed by counters like Capital Goods, Banks and PSU, all declining between 0.3-1%. BSE Consumer Durables and Auto indices have gained by nearly 1% each.
The main losers on the Sensex at this hour include Sesa Sterlite, Bharti Airtel, Dr Reddy’s Labs, BHEL, L&T, Coal India and Tata Power.
On the gaining side, Bajaj Auto, RIL, NTPC, M&M and TCS have gained between 1-3%.
Sun Pharmaceutical Industries falls 0.5% after the U.S. FDA said on Tuesday that the drug maker' response to a U.S. import ban on one of its plants lacked "sufficient corrective actions.
Among other shares, Punj Lloyd has tanked 9% to Rs 38.85 after reporting a consolidated net loss of Rs 382 crore for the fourth quarter ended on March 31, 2014 (Q4FY14), on the back of a decline in income and deferment of claim settlement on some overseas projects.
VIP Industries soared 7% at Rs 114 on the Bombay Stock Exchange after the company's consolidated net profit rose 300% in the fourth quarter ended March 31, 2014, in results announced late Tuesday.
Mangalore Refinery and Petrochemicals (MRPL) has soared 16% to Rs 78 after reporting a net profit of Rs 1,067 crore for the fourth quarter ended March 31 2014 (Q4FY14), on account of a one-time foreign exchange gain, higher other income and better operational performance.
The broader markets continue to outperform the benchmark indices- BSE Midcap and Smallcap indices have gained by nearly 1% each.
The market breadth in BSE remains firm with 1,105 shares advancing and 282 shares declining.