 "Sensex falls over 800 points, Nifty breaches 7,000")
Markets continue to bleed with Nifty trading below 7,000 levels weighed down by massive sell-off in the bluechips amid weakness in the global peers. Decline in the rupee coupled with a slide in the crude oil prices have dented the sentiments.
Meanwhile, the sentiment is dented after US Federal Reserve chair Janet Yellen in a testimony to Congress stated that global economic turmoil and massive sell-off in global equity markets could spook the US economy, rekindling hopes of a delay in interest rate hike.
By 15:05 pm, the S&P BSE Sensex was lower by 821 points at 22,937 and the Nifty50 was down 245 points at 6,970. The Nifty50 has slipped below 7,000 for the first time since May 12, 2014.
The rupee touched 68.14, depreciating by 30 paise against the greenback.
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9updated at 1pm)
By 1:00 pm, the S&P BSE Sensex was lower by 280 points at 23,479 after hitting an intra-day low of 23,484 and the Nifty50 was down 84 points at 7,132 after touching a low of 7,128.
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(updated at 12:00 pm)
Markets have extended losses with the Sensex and the Nifty trading at fresh 52-week lows weighed down by banks, capital goods and metal shares.
Meanwhile, the sentiment is dented after US Federal Reserve chair Janet Yellen in a testimony to Congress stated that global economic turmoil and massive sell-off in global equity markets could spook the US economy, rekindling hopes of a delay in interest rate hike.
In the currency front, the rupee breached the 68-mark today as it fell by 18 paise against the greenback as demand for dollar from banks and importers gathered pace amid bearish local equities.
By 12:00 pm, the S&P BSE Sensex was lower by 263 points at 23,496 after hitting an intra-day low of 23,484 and the Nifty50 was down 85 points at 7,131 after touching a low of 7,128.
Sensex, Nifty and Nifty Bank are at fresh 52-week lows. Nifty50 has slipped below 7,150 for the first time since May 30, 2014.
Top losers from the Sensex pack are Cipla, BHEL, Maruti Suzuki, Tata Steel and Asian Paints.
Shares of Housing Development Finance Corporation (HDFC) was down 1.5% at Rs 1,100 on the National Stock Exchange (NSE). The stock is trading close to its 52-week low of Rs 1,093, the same level as it was in August last year.
ALSO READ: Cipla one-offs impact Q3 results
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Updated at 9:25 am
Markets have started the session on a lower note tracking weak trend across the globe. The sentiments got dampened after US Federal Reserve chair Janet Yellen in a testimony to Congress stated that global economic turmoil and massive sell-off in global equity markets could spook the US economy, rekindling hopes of a delay in interest rate raise.
By 9:25 am, the S&P BSE Sensex was lower by 75 points at 23,684 and the Nifty50 was down 26 points at 7,189. Sensex, Nifty and Nifty Bank are at fresh 52-week lows.
"If Nifty does not cross and hold above 7320 zones, weakness may continue towards next support of 7170 then 7100 zones, while on the upside if it sustains above 7320 zones then only a bounce back move may be seen towards 7380 and 7420 zones. Traders are suggested to remain cautious as FIIs are turning as net sellers, volatility started to move higher with concern on Global markets," adds Anand Rathi morning report.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 751.33 crore yesterday, as per provisional data released by the stock exchanges.
In overseas markets, Asian shares declined as investors weighed a warning from Federal Reserve chair Janet Yellen that global financial market turbulence could hurt US growth. Japanese markets were shut for a public holiday. Hang Seng has slumped by 4%.
US stocks ended lower, leaving the benchmark indexes with their longest stretch of consecutive losses in months.
Q3 RESULTS
Aditya Birla Nuvo, Amtek Auto, Ashok Leyland, Bank Of India, BHEL, Coal India, Hero MotoCorp, Hindustan Motors, Indian Bank, Indraprastha Gas, Jubilant FoodWorks, Lanco Infratech, NALCO, NCC, ONGC, Oriental Bank Of Commerce, Punjab & Sind Bank, State Bank Of India (SBI), Tata Motors, Union Bank Of India, Unitech, Voltas and Wockhardt will unveil their December quarter results today.
ALSO READ: Today's picks- 11 February 2016
KEY STOCKS
BHEL, ICICI Bank, Bharti Airtel, Lupin and Maruti Suzuki have slumped between 1%-3%.
Bharti Airtel has migrated 40,000 of its network sites across India to green technology. Share is down almost 2%.
Lupin has extended losses after the announcement of weak Q3 numbers.
Dr Reddy’s Labs has gained over 2% on buyback plan. SBI and Tata Motors are trading marginally positive ahead of Q3 numbers.
Tata Motors reported 16% increase in its global sales, including that of Jaguar Land Rover (JLR) vehicles, at 93,355 units in January.
Drug maker Cipla's net profit rose 4.6% to Rs 343 crore in Q3 FY16 over same period last year on the back of 12% revenue growth.The result was, however, below street expectations and the company missed estimate both on revenue and profit. Bloomberg had estimated Cipla's profit at Rs 402 crore and the result was 14% below estimate. Shares of Cipla are down over 2%.