Markets extended losses in noon trades as weakness in heavyweights like RIL, ITC, ONGC and L&T weighed on the indices. At 1325 hrs, the Sensex was down 121 points at 25,462 and the Nifty dropped 38 points to trade at 7,618 levels.
In the broader markets, the midcap index gave off 0.7% and the smallcap index slipped 0.4%, almost in line with the BSE benchmark index.
There was a dampner on the macro front with the data released by the Ministry of Commerce and Industry showing that India's trade deficit in May widened to $ 11.23 billion from $ 10.1 billion in April.
However, the exports rose 12.4% in May over the previous year, the sharpest rise in 6 months, helped by a weaker rupee, government data showed on Wednesday. Exports in May reached $28 billion, data released by the Ministry of Commerce and Industry showed.
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(Updated at 1330 hrs)
Markets erase its momentary gains on profit booking with HUL being the biggest loser of this hour. The 30-share Sensex was up 20 points and the 50-share Nifty was up 3 points at 25,613 and 7,662 level, respectively.
In the broader markets, the midcap index gave off 0.7% and the smallcap index slipped 0.4%, almost in line with the BSE benchmark index.
There was a dampner on the macro front with the data released by the Ministry of Commerce and Industry showing that India's trade deficit in May widened to $ 11.23 billion from $ 10.1 billion in April.
However, the exports rose 12.4% in May over the previous year, the sharpest rise in 6 months, helped by a weaker rupee, government data showed on Wednesday. Exports in May reached $28 billion, data released by the Ministry of Commerce and Industry showed.
_________________________
(Updated at 1330 hrs)
Markets erase its momentary gains on profit booking with HUL being the biggest loser of this hour. The 30-share Sensex was up 20 points and the 50-share Nifty was up 3 points at 25,613 and 7,662 level, respectively.
The broader markets have also declined in tandem with their Largecap counterparts. BSE Mid-cap and BSE Small-cap gained 0.5% and1.3%, respectively.
Asian Markets:
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Asian markets were trading mixed with momentum subdued following a lusterless session on Wall Street. Japan’s Nikkie rose 0.3%. On the other hand, Straits Times Index is down 0.2%, Hong Kong'Hang Seng Index lost 0.3% and Shanghai Composite Index dipped 0.2%
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The rupee is currently trading at 59.3 against the US dollar on the back of sustained demand for the US currency from importers.
Sectors & Stocks:
Technology Stocks continued to gain momentum as the depreciating rupee raised hopes of better operating profit margins for the IT companies. Wipro and TCS up 1.5%, each. Infosys surged 5% to Rs 3,215, its highest single day gain since July 12, 2013, on back of heavy volumes on the bourses.
Shares of Pharmaceutical companies rise for the second consecutive day with Dr Reddys Lab, Cipla and Sun Pharma up 0.8%-1.7%, each
The BSE bankex surged 1% with ICICI bank, Axis Bank and HDFC bank up 0.5%-1.5%. SBI rose 2.5% following the merger of all three listed subsidiaries of State Bank of India (SBI) - State Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM) and State Bank of Travancore (SBT).
Oil and gas shares could see some action as the National Democratic Alliance (NDA) government is looking at tweaking the formula suggested by the Rangarajan Committee to end the controversies around the impending increase in the price of natural gas, with GAIL up 2.2% and ONGC up 0.2%
Among other stocks, Bharti Airtel jumped 0.3%
A poor monsoon impacted FMCG sector with ITC down 1.2% and HUL dipped 2.2%
Metal shares which rose on the back of strong Chinese data have dipped with Hindalco, Sesa sterlite and Coal India down 0.28-1.7%, each
Capital goods socks including Larson and BHEL are down 1.3% and 3.7%, respectively
In power space, Tata power and NTPC have dipped 0.6%-1.3%, each
In Auto space, Bajaj Auto, M&M,Tata Motors and Maruti Suzuki lost 0.19%-0.8%, each
Among other shares HDFC lost 0.9%
Among Midcap and Smallcap shares, L&T Finance Holdings has dipped over 5% to Rs 77.55 in early morning deals on the National Stock Exchange (NSE), after the promoter Larsen & Toubro (L&T) share sale programme for diluting 0.95% of its stake commenced today at bourses.
The market breadth was positive on BSE. 977 stocks declined while 1786 stocks advanced.