 "Markets recover from day's low, Nifty holds 7,450; ITC, HDFC fall")
Benchmark indices have trimmed some early losses but continue to trade in negative terrain weighed down by metal stocks and index heavyweights like HDFC and ITC.
At 12:20 pm, the S&P BSE Sensex was lower by 102 points at 24,558 and the Nifty50 dipped 24 points at 7,461.
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Shares of metal companies were trading lower in morning deals on profit booking, as global commodity prices lost sheen. Vedanta, Hindalco Industries, Jindal Steel and Power (JSPL), Steel Authority of India (SAIL), Tata Steel and Hindustan Zinc were down 2%-5% on the BSE.
Other losers are HDFC, ITC, Tata Motors, Sun Pharma and TCS. On the gaining side, Maruti Suzuki, Asian Paints, L&T, ONGC and Infosys have gained between 1%-1.5%.
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Updated at 10:15
Benchmark indices continue to trade lower on the back of weak global cues along with selling pressure among metal and bank stocks.
At 10:15 am, the S&P BSE Sensex was lower by 125 points at 24,534 and the Nifty50 dipped 33 points at 7,452.
Among energy front, oil prices fell 3% on Tuesday, ending six days of gains for benchmark Brent crude, as Goldman Sachs suggested the rally was unsustainable and industry data showed US stockpiles reached record highs again last week.
The rupee today lost another 15 paise to 67.50 against the dollar in early trade at the inter-bank foreign exchange market due to appreciation of the US currency overseas
Top losers from the Sensex pack are Tata Steel, ICICI Bank, Adani Ports, Tata Motors and SBI. On the gaining side, GAIL, Asian Paints, L&T, Maruti Suzuki and HUL have gained between 1%-2%.
Among other shares, Crompton Greaves has rallied 9% to Rs 152 on the BSE after the company announced the sale of transmission & distribution (T&D) business outside India to First Reserve International, a US Private Equity Fund, for an enterprise value of Euro 115 million.
Ashoka Buildcon has rallied 5% to Rs 194 on the BSE in otherwise weak market after the company along with Bhartia Infra Projects has received letter of acceptance (LOA) from National Highways & Infrastructure Development Corporation (NHIDCL) for road project.
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Updated at 9:30 am
Markets have started the session on a lower note tracking weak global cues. Metal shares have lost sheen due to fall in global commodity prices.
At 9:30 am, the S&P BSE Sensex was lower by 182 points at 24478 and the Nifty50 dipped 52 points at 7,433. Broader markets are also trading weak in line with the benchmark indices.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 775.07 crore yesterday, as per provisional data released by the stock exchanges.
On Tuesday, markets ended flat after profit booking emerged at higher levels tracking weakness in global stocks even as commodity stocks rallied after sharp surge in global prices
Among overseas markets, sharp losses in Chinese stocks pulled Asian equities further away from two-month highs on Wednesday, as weak trade figures from the world's second-biggest economy and a retreat in oil prices revived concerns about global growth.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.6 percent, down 1.7% from its two-month high hit on Monday. Japan's Nikkei tumbled 1% to a one-week low in morning trade.
Chinese shares also lost ground, with the Shanghai Composite index and the CSI 300 both losing about 2%.
In the commodity space, metals dropped on Tuesday with Iron-ore futures on the Singapore Exchange fell 5.2%, after a record 19% jump on Monday while copper fell 0.8% in London, trimming this month's advance to 5.7%.
Back home, ICICI Bank, Tata Steel, SBI, Adani Ports, Tata Motors and BHEL are down between 2%-3%.
BSE Metal index has slumped over 2%. JSPL, Vedanta, Hindalco, SAIL, NMDC and Tata Steel have melted between 3%-6% on sharp fall in global commodity prices.
Tata Motors on Tuesday said the company has yet again reached out to the striking workers and advised them to resume duty on or before March 11, failing which, the company would take appropriate legal actions. The workers, however, said there was no plan to join back as of now. Shares of Tata Motors are down 3%.
The Central Bureau of Investigations (CBI) on Tuesday carried out searches at 10 locations spread across three cities after registering a case of alleged loan fraud estimated to be around Rs 1,000 crore in the Syndicate Bank case. The share is down over 4%.
With Reuters input