 "Markets extend losses; index heavyweights decline")
Markets continue their southward journey bogged down by the pressure in bluechips such as Reliance Industries, TCS, and Infosys.
By 11:15 am, the S&P BSE Sensex was trading 223 points down at 24,566 and the Nifty50 dipped 57 points up at 7,474.
However, the broader markets are outperforming their larger peers with BSE Midcap and Smallcap indices up by 0.1% each.
Oil prices held most of the previous day's strong gains on Thursday, but while a dive in US gasoline stockpiles fuelled hopes for a pick-up in demand, traders remain on edge over the long-running supply glut.
West Texas Intermediate (WTI) eased 5 cents to $38.24 and Brent crude dipped 14 cents to $40.93.
The rupee edged higher by 12 paise to 67.08 against the American dollar today at the Inter-bank Foreign Exchange market on increased selling of the US currency by exporters and banks.
Infosys has dipped nearly 3% to Rs 1,146 on the National Stock Exchange (NSE) in early morning trade after a huge block deal. At 09:15 am, around 8.2 million equity shares representing 0.36% of total equity of Infosys changed hands, the NSE data shows.
The top losers on the Sensex are ITC, TCS, Reliance Industries, BHEL, and Infosys dropped down between 1.5% and 3% each.
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(updated 10:15am)
Markets have extended losses and are trading near day’s low weighed down by IT, FMCG and financial shares.
By 10:12 am, the S&P BSE Sensex was trading 172 points down at 24,623 and the Nifty50 dipped 46 points up at 7,486. Top losers from the Sensex pack are Infosys, TCS, HUL, Sun Pharma and BHEL.
Infosys has dipped nearly 3% to Rs 1,146 on the National Stock Exchange (NSE) in early morning trade after a huge block deal. At 09:15 am, around 8.2 million equity shares representing 0.36% of total equity of Infosys changed hands, the NSE data shows.
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Updated at 9:30 am
Markets are trading weak in early trades weighed down by information technology shares.
By 9:32 am, the S&P BSE Sensex was trading 65 points down at 24729 and the Nifty50 dipped 12 points up at 7,520. The broader markets are, however, outperforming the benchmark indices- BSE Midcap and Smallcap indices are up between 0.4%-1%.
In the overseas markets, Asian stocks edged up today after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the European Central Bank later in the day as global policy makers step up efforts to support their wobbly economies.
A rebound in the price of oil, a source of recent anxiety, also calmed investor nerves. MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.1%. Japan's Nikkei climbed 1% and Australian shares added 0.2%. South Korea's KOSPI rose 0.3%.
US stocks closed modestly higher yesterday as a rally in oil prices and sharp advances in energy and tech stocks kept the main indexes buoyant.
Back home, foreign portfolio investors (FPIs) bought shares worth a net Rs 462.86 crore yesterday, as per provisional data released by the stock exchanges.
Further, the government will announce Index of Industrial Production data for January tomorrow.
In the currency front, the rupee opened marginally lower at 67.24 per dollar against previous close of 67.21.
Among stocks, shares of information technology companies are trading lower. Infosys and TCS are down between 1%-2.3%. Infosys is the top Sensex loser after 78 lakh equity shares changed hands in multiple block deals on BSE and NSE at around Rs 1,150 a piece.
Credit rating agency CRISIL on Wednesday lowered its rating of long-term bank facilities of Bharat Heavy Electricals Limited ( BHEL) citing constrained business risk profile of the capital goods player. BHEL is down 1%.
Hindustan Unilever (HUL) and the Pond’s HLL ex-Mercury Employees Welfare Association, representing workers at the multinational’s now-closed thermometer factory in Kodaikanal, Tamil Nadu, both announced the signing of a agreement to settle a long-running dispute on the union’s demand for compensation and rehabilitation. Shares of HUL are down around 1%.
To promote gender diversity across all management levels, top telecom operator Bharti Airtel has increased maternity leave for its women employees to 22 weeks from 12 weeks. Bharti Airtel has slipped almost 1%.
ICICI Bank is trading higher by 1%. Moody's on Wednesday said asset quality for ICICI Bank's corporate loans would remain under pressure even beyond March 2016 due to exposure to some big-ticket accounts with weak debt servicing ability.
With Reuters input
By 11:15 am, the S&P BSE Sensex was trading 223 points down at 24,566 and the Nifty50 dipped 57 points up at 7,474.
Read more from our special coverage on "MARKETS"
However, the broader markets are outperforming their larger peers with BSE Midcap and Smallcap indices up by 0.1% each.
Oil prices held most of the previous day's strong gains on Thursday, but while a dive in US gasoline stockpiles fuelled hopes for a pick-up in demand, traders remain on edge over the long-running supply glut.
West Texas Intermediate (WTI) eased 5 cents to $38.24 and Brent crude dipped 14 cents to $40.93.
The rupee edged higher by 12 paise to 67.08 against the American dollar today at the Inter-bank Foreign Exchange market on increased selling of the US currency by exporters and banks.
Infosys has dipped nearly 3% to Rs 1,146 on the National Stock Exchange (NSE) in early morning trade after a huge block deal. At 09:15 am, around 8.2 million equity shares representing 0.36% of total equity of Infosys changed hands, the NSE data shows.
The top losers on the Sensex are ITC, TCS, Reliance Industries, BHEL, and Infosys dropped down between 1.5% and 3% each.
--------------------------------------
(updated 10:15am)
Markets have extended losses and are trading near day’s low weighed down by IT, FMCG and financial shares.
By 10:12 am, the S&P BSE Sensex was trading 172 points down at 24,623 and the Nifty50 dipped 46 points up at 7,486. Top losers from the Sensex pack are Infosys, TCS, HUL, Sun Pharma and BHEL.
Infosys has dipped nearly 3% to Rs 1,146 on the National Stock Exchange (NSE) in early morning trade after a huge block deal. At 09:15 am, around 8.2 million equity shares representing 0.36% of total equity of Infosys changed hands, the NSE data shows.
ALSO READ: Infosys dips after block deals
***************************************
Updated at 9:30 am
Markets are trading weak in early trades weighed down by information technology shares.
By 9:32 am, the S&P BSE Sensex was trading 65 points down at 24729 and the Nifty50 dipped 12 points up at 7,520. The broader markets are, however, outperforming the benchmark indices- BSE Midcap and Smallcap indices are up between 0.4%-1%.
ALSO READ: Today's picks- 10 March 2016
In the overseas markets, Asian stocks edged up today after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the European Central Bank later in the day as global policy makers step up efforts to support their wobbly economies.
A rebound in the price of oil, a source of recent anxiety, also calmed investor nerves. MSCI's broadest index of Asia-Pacific shares outside Japan nudged up 0.1%. Japan's Nikkei climbed 1% and Australian shares added 0.2%. South Korea's KOSPI rose 0.3%.
US stocks closed modestly higher yesterday as a rally in oil prices and sharp advances in energy and tech stocks kept the main indexes buoyant.
Back home, foreign portfolio investors (FPIs) bought shares worth a net Rs 462.86 crore yesterday, as per provisional data released by the stock exchanges.
Further, the government will announce Index of Industrial Production data for January tomorrow.
In the currency front, the rupee opened marginally lower at 67.24 per dollar against previous close of 67.21.
Among stocks, shares of information technology companies are trading lower. Infosys and TCS are down between 1%-2.3%. Infosys is the top Sensex loser after 78 lakh equity shares changed hands in multiple block deals on BSE and NSE at around Rs 1,150 a piece.
Credit rating agency CRISIL on Wednesday lowered its rating of long-term bank facilities of Bharat Heavy Electricals Limited ( BHEL) citing constrained business risk profile of the capital goods player. BHEL is down 1%.
Hindustan Unilever (HUL) and the Pond’s HLL ex-Mercury Employees Welfare Association, representing workers at the multinational’s now-closed thermometer factory in Kodaikanal, Tamil Nadu, both announced the signing of a agreement to settle a long-running dispute on the union’s demand for compensation and rehabilitation. Shares of HUL are down around 1%.
To promote gender diversity across all management levels, top telecom operator Bharti Airtel has increased maternity leave for its women employees to 22 weeks from 12 weeks. Bharti Airtel has slipped almost 1%.
ICICI Bank is trading higher by 1%. Moody's on Wednesday said asset quality for ICICI Bank's corporate loans would remain under pressure even beyond March 2016 due to exposure to some big-ticket accounts with weak debt servicing ability.
With Reuters input