 "Sensex, Nifty fall over 1% on weak global cues; banks drag")
Markets have started the trading session on a lower note tracking weakness among Asian peers and sharp decline in US stocks on Friday.
Further, investors would keenly await data on industrial production for January and consumer price index for February scheduled to be announced on Thursday.
By 9:30, the Sensex was lower by 307 points at 29,141 and the Nifty slipped 100 points at 8,837.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 79.84 crore on Thursday, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 193.54 crore on Thursday, as per provisional data.
Besides, developments in the ongoing session of Parliament will be closely watched.
The initial Public offer (IPO) of Adlabs Entertainment will open on March 10 and close on March 12, 2015.
GLOBAL MARKETS
A robust US jobs report raised concern in markets that the Federal Reserve may raise interest rates sooner than previously thought, hammering US stock and bond prices on Friday.
News the US unemployment rate hit a 6-1/2-year low in February fed into the dollar's winning streak, propelling it to a fresh 11-1/2-year peak against a group of currencies and a similar high against the euro.
Asian stocks buckled while the dollar held firm in early Monday trade after strong U.S. jobs data fanned expectations that the US Federal Reserve may raise interest rates sooner than previously thought.
Japan's Nikkei fell 0.7% while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5%.
SECTORS & STOCKS
BSE Bankex and BSE IT index have slumped nearly 2% followed by counters like Auto, Consumer Durables, Capital Goods, Realty and Power, all declining by 1% each.
The main losers on the Sensex are TCS, Axis Bank, Sesa Sterlite, ICICI Bank, Sun Pharma and Infosys.
Banking shares are witnessing profit booking after the recent run-up in stock prices. Axis Bank, ICICI Bank, HDFC Bank and SBI have dipped between 1-2%.
Sun Pharmaceuticals has dipped over 1% after the pharma major's US-based unit is voluntarily recalling 5,322 bottles of Ketorolac Tromethamine ophthalmic solution in the US market for failing to meet specifications.
TCS on Thursday said that the revenue in Q4 March 2015 is expected to be in-line with last year trend. Retail, manufacturing and Hi-Tech segments are recovering from muted Q3 December 2014, TCS said. TCS said there will be continued weakness in Diligenta, insurance, and energy businesses. The stock was down 2.2%
Among broader markets, BSE Midcap and Smallcap indices are down nearly 1%. Market breadth is weak with 842 declines against 397 advances.
Further, investors would keenly await data on industrial production for January and consumer price index for February scheduled to be announced on Thursday.
By 9:30, the Sensex was lower by 307 points at 29,141 and the Nifty slipped 100 points at 8,837.
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Technical analysts suggest that the Nifty now needs to hold the 8,950 levels to move towards 9,020 and 9,050 levels. "On the downside, immediate support exists at 8,900 levels for the Nifty and below that momentum may fizzle out and bears may drag the index towards 8,840 then 8,800 levels," points out a morning from Anand Rathi Research.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 79.84 crore on Thursday, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 193.54 crore on Thursday, as per provisional data.
Besides, developments in the ongoing session of Parliament will be closely watched.
The initial Public offer (IPO) of Adlabs Entertainment will open on March 10 and close on March 12, 2015.
GLOBAL MARKETS
A robust US jobs report raised concern in markets that the Federal Reserve may raise interest rates sooner than previously thought, hammering US stock and bond prices on Friday.
News the US unemployment rate hit a 6-1/2-year low in February fed into the dollar's winning streak, propelling it to a fresh 11-1/2-year peak against a group of currencies and a similar high against the euro.
Asian stocks buckled while the dollar held firm in early Monday trade after strong U.S. jobs data fanned expectations that the US Federal Reserve may raise interest rates sooner than previously thought.
Japan's Nikkei fell 0.7% while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5%.
SECTORS & STOCKS
BSE Bankex and BSE IT index have slumped nearly 2% followed by counters like Auto, Consumer Durables, Capital Goods, Realty and Power, all declining by 1% each.
The main losers on the Sensex are TCS, Axis Bank, Sesa Sterlite, ICICI Bank, Sun Pharma and Infosys.
Banking shares are witnessing profit booking after the recent run-up in stock prices. Axis Bank, ICICI Bank, HDFC Bank and SBI have dipped between 1-2%.
Sun Pharmaceuticals has dipped over 1% after the pharma major's US-based unit is voluntarily recalling 5,322 bottles of Ketorolac Tromethamine ophthalmic solution in the US market for failing to meet specifications.
TCS on Thursday said that the revenue in Q4 March 2015 is expected to be in-line with last year trend. Retail, manufacturing and Hi-Tech segments are recovering from muted Q3 December 2014, TCS said. TCS said there will be continued weakness in Diligenta, insurance, and energy businesses. The stock was down 2.2%
Among broader markets, BSE Midcap and Smallcap indices are down nearly 1%. Market breadth is weak with 842 declines against 397 advances.