 "Markets trading lower amid weak European cues")
Markets retreated from their record highs in late trades on Wednesday, amid weak European cues, with oil and FMCG shares dragging the benchmark indices.
At 2:25PM, the 30-share Sensex was down 148 points at 25,435 and the 50-share Nifty was down 50 points at 7,606
The Indian rupee was trading flat at 59.30 compared to its close of 59.29 on Tuesday. Weakness in the domestic stock markets also dampened sentiment.
The Nikkei gained 0.5% to end at 15,069.48. The Shanghai Composite was up 0.1% while Straits Times and Hang Seng were down 0.2% each.
European shares were trading lower in early trades as investors turned cautious after the World Bank lowered its global economic growth forecast to 2.8% this year compared to it's earlier projection of 3.2% at the start of the year.
BSE Realty was the top loser down 3.8% followed by Oil and Gas, Metal, COnsumer Durables and FMCG indices while IT index was the top gainer.
Oil shares which had surged recently on hopes of gas price hike continued to witness profit taking. Reliance Industries was down 1.5% while ONGC was down 2.4%.
FMCG shares lost ground on concerns that lower monsoon rains would hit agricultural output leading to lower rural incomes hurting volume growth. ITC slipped 1.4% and Hindustan Unilever was down 2.2%.
Other losers include, Tata Motors, L&T, NTPC, Bharti Airtel, Sesa Sterlite and Tata Power among others.
IT majors rebounded on buying at lower levels while the weakness in the rupee also aided sentiment. Infosys was up 4%, TCS gained 2% and Wipro was up nearly 1%.
Other gainers include, HDFC Bank, SBI, Dr Reddys Labs and Hero MotoCorp.
Among other shares, ITD Cementation India is locked in upper circuit up 5% at Rs 306 on BSE, extending its month long rally on expectation of the company is the frontrunner to develop the Ganga river-front project.
The Kishore Biyani-led Future Retail today said it will raise Rs 2,000 crore by issuing shares to promoters and investors. About 75% of the funds raised will be used to reduce debt, the company said.
In the broader market, the BSE Mid-cap and Small-cap indices were down 1% each.
Market breadth was negative with 1549 losers and 1496 gainers on the BSE.
At 2:25PM, the 30-share Sensex was down 148 points at 25,435 and the 50-share Nifty was down 50 points at 7,606
The Indian rupee was trading flat at 59.30 compared to its close of 59.29 on Tuesday. Weakness in the domestic stock markets also dampened sentiment.
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Asian markets were trading mixed with Japanese shares ending firm on reports that Japan remains as the only developed market in the region in MSCI stock indexes. Reports also suggest that MSCI was removing South Korea and Taiwan from its review list for reclassification to developed markets.
The Nikkei gained 0.5% to end at 15,069.48. The Shanghai Composite was up 0.1% while Straits Times and Hang Seng were down 0.2% each.
European shares were trading lower in early trades as investors turned cautious after the World Bank lowered its global economic growth forecast to 2.8% this year compared to it's earlier projection of 3.2% at the start of the year.
BSE Realty was the top loser down 3.8% followed by Oil and Gas, Metal, COnsumer Durables and FMCG indices while IT index was the top gainer.
Oil shares which had surged recently on hopes of gas price hike continued to witness profit taking. Reliance Industries was down 1.5% while ONGC was down 2.4%.
FMCG shares lost ground on concerns that lower monsoon rains would hit agricultural output leading to lower rural incomes hurting volume growth. ITC slipped 1.4% and Hindustan Unilever was down 2.2%.
Other losers include, Tata Motors, L&T, NTPC, Bharti Airtel, Sesa Sterlite and Tata Power among others.
IT majors rebounded on buying at lower levels while the weakness in the rupee also aided sentiment. Infosys was up 4%, TCS gained 2% and Wipro was up nearly 1%.
Other gainers include, HDFC Bank, SBI, Dr Reddys Labs and Hero MotoCorp.
Among other shares, ITD Cementation India is locked in upper circuit up 5% at Rs 306 on BSE, extending its month long rally on expectation of the company is the frontrunner to develop the Ganga river-front project.
The Kishore Biyani-led Future Retail today said it will raise Rs 2,000 crore by issuing shares to promoters and investors. About 75% of the funds raised will be used to reduce debt, the company said.
In the broader market, the BSE Mid-cap and Small-cap indices were down 1% each.
Market breadth was negative with 1549 losers and 1496 gainers on the BSE.