 "Nifty below 8,600; Tata Steel, GAIL down 4%")
Markets continued to trade lower after most exit polls showed that Arvind Kejriwal-led Aam Aadmi Party would form the government in Delhi. Financials were the top losers along with select index heavyweights.
At 11:35AM, the 30-share Sensex was down 291 points at 28,427 and the 50-share Nifty was down 81 points at 8,580.
Meanwhile, foreign portfolio investors continued to remain sellers in Indian equities with net sale of Rs 96.45 crore on Friday, as per provisional data.
On the macro economic front, the government will issue the gross domestic product (GDP) data for the financial year's third quarter (Q3, October-December) today.
The government will release index of industrial production (IIP) data for December 2014 on Thursday. On the same day, the government will release data for the annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India in January 2015.
All sectoral indices on the BSE were trading with losses. BSE Metal index was the top loser down 1.7%, followed by Auto, Capital Goods and Bankex among others.
In the metal pack, Tata Steel has fallen nearly 4%. Tata Steel's consolidated net profit slumped 68.78% to Rs 157 crore on 8.44% decline in turnover to Rs 33633 crore in Q3 December 2014 over Q3 December 2013. Sesa Sterlite was down 2%.
GAIL has slipped 4%. GAIL (India)'s net profit fell 64.03% to Rs 604.08 crore on 6.66% decline in total income from operations (net) to Rs 14969.41 crore in Q3 December 2014 over Q3 December 2013.
In the financial segment, mortgage lender HDFc was down 2.4% while ICICI Bank, HDFC Bank and SBI were down 1-2% each.
L&T was down 2.4% ahead of its third quarter earnings later today.
Other Sensex losers include, ITC, Tata Motors, TCS and Bharti Airtel among others.
ONGC was up nearly 1%. . The disinvestment of 5% stake in state-run ONGC appears unlikely this fiscal as the liquidity situation in the market is under stress after recent mega share sales.
Among other shares, Jammu and Kashmir Bank is trading lower by 9% to Rs 123 on the BSE after it posted a 67.43 per cent decline in net profit at Rs 104.64 crore for the third quarter ended December 31, 2014-15, on account of rise in bad loans. The bank’s net profit was Rs 321.29 crore in the corresponding quarter last year.
In the broader market, the BSE Mid-cap and Small-cap indices were down 0.7% each.
Market breadth was weak with 1,528 losers and 832 gainers on the BSE.
At 11:35AM, the 30-share Sensex was down 291 points at 28,427 and the 50-share Nifty was down 81 points at 8,580.
Meanwhile, foreign portfolio investors continued to remain sellers in Indian equities with net sale of Rs 96.45 crore on Friday, as per provisional data.
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The rupee plunged below 62-level by falling 39 paise at 62.08 against the US dollar in early trade today at the Interbank Foreign Exchange due to fresh demand for the American currency from importers.
On the macro economic front, the government will issue the gross domestic product (GDP) data for the financial year's third quarter (Q3, October-December) today.
The government will release index of industrial production (IIP) data for December 2014 on Thursday. On the same day, the government will release data for the annual rate of inflation based on the combined consumer price indices (CPI) for urban and rural India in January 2015.
All sectoral indices on the BSE were trading with losses. BSE Metal index was the top loser down 1.7%, followed by Auto, Capital Goods and Bankex among others.
In the metal pack, Tata Steel has fallen nearly 4%. Tata Steel's consolidated net profit slumped 68.78% to Rs 157 crore on 8.44% decline in turnover to Rs 33633 crore in Q3 December 2014 over Q3 December 2013. Sesa Sterlite was down 2%.
GAIL has slipped 4%. GAIL (India)'s net profit fell 64.03% to Rs 604.08 crore on 6.66% decline in total income from operations (net) to Rs 14969.41 crore in Q3 December 2014 over Q3 December 2013.
In the financial segment, mortgage lender HDFc was down 2.4% while ICICI Bank, HDFC Bank and SBI were down 1-2% each.
L&T was down 2.4% ahead of its third quarter earnings later today.
Other Sensex losers include, ITC, Tata Motors, TCS and Bharti Airtel among others.
ONGC was up nearly 1%. . The disinvestment of 5% stake in state-run ONGC appears unlikely this fiscal as the liquidity situation in the market is under stress after recent mega share sales.
Among other shares, Jammu and Kashmir Bank is trading lower by 9% to Rs 123 on the BSE after it posted a 67.43 per cent decline in net profit at Rs 104.64 crore for the third quarter ended December 31, 2014-15, on account of rise in bad loans. The bank’s net profit was Rs 321.29 crore in the corresponding quarter last year.
In the broader market, the BSE Mid-cap and Small-cap indices were down 0.7% each.
Market breadth was weak with 1,528 losers and 832 gainers on the BSE.