 "Nifty slips below 8,500 on profit taking; metals hit")
Markets slipped further in morning trades as profit taking emerged after Nifty hit a record high in yesterday’s trade. The ones weighing on the indices were ICICI Bank, L&T, Tata Motors and Reliance Industries.
At 1030 hrs, the Sensex was down 155 points at 28,344 and the Nifty slipped 64 points to trade at 8,465.
The sell-off was sharper in the broader markets. The mid and smallcap indices lost 2% each, underperforming the BSE benchmark index which slipped 0.6%.
The rupee fell to 61.98/99 versus Monday's close of 61.93. The Indian unit may fall further on the back of dollar demand from state-run banks and custodians, say dealers.
FMCG index up 0.3% was the only sectoral index in green. Meanwhile, Realty, Power, Metal and Consumer Durables indices down 2-3% were top sectoral losers.
The gainers among Sensex-30 were BHEL, HUL, HDFC twins and Bharti Airtel up 0.1-1.3%.
IT names like Infosys and Wipro which gained 0.5% each were the only other gainers.
Metal names like Hindalco, Tata Steel, Sesa Sterlite down 2-3% were among the top losers. These scrips were among the top gainers in Monday trades.
Tata Power, L&T, Tata Motors, Coal India, Cipla, Hero MotoCorp, Axis bank and ICICI Bank down 1.3-3% were some of the major draggers.
Bucking the larger market trend, JK Tyre and Industries gained 3% to Rs 568 after the foreign institutional investors (FIIs) bought shares of the company through open market.
TV Today Network surged over 9% to Rs 218, extending its previous day’s 4% gain on BSE, after Derive Investments, an investment company run by Radhakishan Damani bought a stake in the company in a block deal on Monday.
Power Grid Corporation of India slipped 3.4% at Rs 137, extending its previous day’s 3% fall on BSE, after the Reserve Bank of India (RBI) put restrictions on further purchases of shares of the company by foreign investors.
The market breadth was very negative on BSE. 1,767 stocks declined while 568 stocks advanced.
At 1030 hrs, the Sensex was down 155 points at 28,344 and the Nifty slipped 64 points to trade at 8,465.
The sell-off was sharper in the broader markets. The mid and smallcap indices lost 2% each, underperforming the BSE benchmark index which slipped 0.6%.
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Commenting on the market trend, HBJ Captial expects a correction from current levels as technically all momentum oscillators are showing the overly bought status on the charts which is a red alert on the Indian markets. They have advised their clients to partially book profits and not sell.
The rupee fell to 61.98/99 versus Monday's close of 61.93. The Indian unit may fall further on the back of dollar demand from state-run banks and custodians, say dealers.
FMCG index up 0.3% was the only sectoral index in green. Meanwhile, Realty, Power, Metal and Consumer Durables indices down 2-3% were top sectoral losers.
The gainers among Sensex-30 were BHEL, HUL, HDFC twins and Bharti Airtel up 0.1-1.3%.
IT names like Infosys and Wipro which gained 0.5% each were the only other gainers.
Metal names like Hindalco, Tata Steel, Sesa Sterlite down 2-3% were among the top losers. These scrips were among the top gainers in Monday trades.
Tata Power, L&T, Tata Motors, Coal India, Cipla, Hero MotoCorp, Axis bank and ICICI Bank down 1.3-3% were some of the major draggers.
Bucking the larger market trend, JK Tyre and Industries gained 3% to Rs 568 after the foreign institutional investors (FIIs) bought shares of the company through open market.
TV Today Network surged over 9% to Rs 218, extending its previous day’s 4% gain on BSE, after Derive Investments, an investment company run by Radhakishan Damani bought a stake in the company in a block deal on Monday.
Power Grid Corporation of India slipped 3.4% at Rs 137, extending its previous day’s 3% fall on BSE, after the Reserve Bank of India (RBI) put restrictions on further purchases of shares of the company by foreign investors.
The market breadth was very negative on BSE. 1,767 stocks declined while 568 stocks advanced.