 "Selling pressure intensifies; Sensex, Nifty crack 1%")
Markets continue to trade with weakness as markets participants cautiously await for the Industrial production (IIP) numbers for the month of October and India’s retail inflation CPI for the month of November due to be slated later during the day.
Meanwhile, China and Hong Kong stocks declined on Friday on weakening in the yuan along with the news that the billionaire founder of Fosun Group could not be contacted, potentially affecting a large number of the group's listed entities.
At 1:20 pm, the S&P BSE Sensex has lost 224 points to trade at 25,028 and the Nifty50 has shed 76 points at 7,607.
On the domestic front, the proceeding in the Rajya Sabha for the fourth day today in the wake of National Herald case.
STOCKS IN LIMELIGHT
On the gaining side, specific stock action is witnessed with HUL is trading higher by 0.7% ahead of the CPI numbers due to be announced later today.
More From This Section
Meanwhile, Tata Steel has emerged as a star performer gaining over 3% after government of India initiated safeguard on imports of hot-rolled plates and sheets on steel.
Further two prominent gainers are present in the technology pack. Infosys is trading firm and is up by 0.7% after the company announced that it has won a five-year contract to transform the application landscape of DNB Bank of Norway. TCS is up 0.2% after the company announced the inauguration of phase II of its campus at Kalinga Park in Bhubaneswar.
On the flip side, banking shares are reeling under selling pressure with Bank Nifty trading lower by nearly 2%. ICICI Bank, Axis Bank, SBI, HDFC Bank have lost between 0.5%-3%.
Capital goods majors L&T and BHEL have lost between 1.7%-2% ahead of the IIP data due later today.
Meanwhile, shares of oil exploration and production companies have declined in tandem with a slip in the global crude oil prices. Oil India, ONGC and Reliance Industries fell between 0.2%-1.5%.
Maruti Suzuki India which rose nearly 1% on reports the company plans to raise prices of its cars by up to Rs 20,000 from 1 January 2016 to offset cost increases and unfavourable foreign exchange rates has pared its gains and is trading lower by 0.2%. Among its peers, M&M, Tata Motors, Hero Motocorp and Bajaj Auto have lost between 0.2%-1%.