 "Markets end over 1% lower dragged by banks")
Markets ended over 1% lower on Friday with banks leading the decline amid rising bond yields while weak economic data also weighed on investor sentiment.
The 30-share Sensex provisionally ended down 427 points at 28,503 and the 50-share Nifty closed 114 points lower at 8,662.
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(Updated at 2:30PM)
At 2:30PM, the 30-share Sensex was down 393 points at 28,538 and the 50-share Nifty was down 123 points at 8,653.
Meanwhile, foreign institutional investors were net buyers in equities to the tune of Rs 733 crore on Thursday as per provisional stock exchange data.
On the macro-economic front, industrial growth slowed to 2.6% in January, against 3.2% in December 2014. The combined consumer price index (CPI) data for rural & urban for February increased to 5.4% in February from revised 5.2% in January. Food items were major contributors to the CPI inflation increase in February 2015.
The Indian rupee was trading lower at 62.78 to the US dollar compared to the previous close of 62.50 on the back of fresh dollar purchases by banks and importers while weakness in equities also weighed on sentiment.
Except for Realty index all the sectoral indices were in the red with Capital Goods down 2% followed by Bankex and Auto indices among others.
DLF surged nearly 8% to Rs 161, bouncing back 12% from intra-day low on the National Stock Exchange (NSE), amid reports that the Securities Appellate Tribunal (SAT) quashed the order passed by market regulator Securities and Exchange Board of India (Sebi) against the company for alleged non-disclosure of information during its initial public offering.
Financials having insurance subsidiaries which had surged ahead of the passage of the insurance bill witnessed profit taking. SBI and ICICI Bank were down 2% each. HDFC Bank and Axis Bank were down 1-3% each.
FMCG majors ITC and Hindustan Unilever were down 1.7-2.3% on concerns that higher retail inflation would lead to lower consumer spends and hurt volume growth.
Pharma stocks too are under pressure. Cipla, Dr Reddys Lab and Sun Pharma have declined 1.8%-2.5% each.
State-owned thermal power generator NTPC received regulatory approval to issue Rs 10,307 crore worth of bonus debentures, the largest ever by an Indian company. The stock is down 0.3%.
Capital Goods stocks were down amid subdued industrial growth in January. L&T and BHEL were down 2.6-3.4% each.
Metal shares are trading lower. Hindalco, Sesa Sterlite and Tata Steel have lost between 1% and 2% each.
In the broader market, the BSE Mid-cap and Small-cap indices were down over 1.2% each.
Market breadth was weak with 1,947 losers and 787 gainers on the BSE.
The 30-share Sensex provisionally ended down 427 points at 28,503 and the 50-share Nifty closed 114 points lower at 8,662.
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(Updated at 2:30PM)
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Markets continued to trade sharply lower led by profit taking in financials with insurance subsidiaries which had surged ahead of the passage the insurance bill while weak economic data also weighed on investor sentiment.
At 2:30PM, the 30-share Sensex was down 393 points at 28,538 and the 50-share Nifty was down 123 points at 8,653.
Meanwhile, foreign institutional investors were net buyers in equities to the tune of Rs 733 crore on Thursday as per provisional stock exchange data.
On the macro-economic front, industrial growth slowed to 2.6% in January, against 3.2% in December 2014. The combined consumer price index (CPI) data for rural & urban for February increased to 5.4% in February from revised 5.2% in January. Food items were major contributors to the CPI inflation increase in February 2015.
The Indian rupee was trading lower at 62.78 to the US dollar compared to the previous close of 62.50 on the back of fresh dollar purchases by banks and importers while weakness in equities also weighed on sentiment.
Except for Realty index all the sectoral indices were in the red with Capital Goods down 2% followed by Bankex and Auto indices among others.
DLF surged nearly 8% to Rs 161, bouncing back 12% from intra-day low on the National Stock Exchange (NSE), amid reports that the Securities Appellate Tribunal (SAT) quashed the order passed by market regulator Securities and Exchange Board of India (Sebi) against the company for alleged non-disclosure of information during its initial public offering.
Financials having insurance subsidiaries which had surged ahead of the passage of the insurance bill witnessed profit taking. SBI and ICICI Bank were down 2% each. HDFC Bank and Axis Bank were down 1-3% each.
FMCG majors ITC and Hindustan Unilever were down 1.7-2.3% on concerns that higher retail inflation would lead to lower consumer spends and hurt volume growth.
Pharma stocks too are under pressure. Cipla, Dr Reddys Lab and Sun Pharma have declined 1.8%-2.5% each.
State-owned thermal power generator NTPC received regulatory approval to issue Rs 10,307 crore worth of bonus debentures, the largest ever by an Indian company. The stock is down 0.3%.
Capital Goods stocks were down amid subdued industrial growth in January. L&T and BHEL were down 2.6-3.4% each.
Metal shares are trading lower. Hindalco, Sesa Sterlite and Tata Steel have lost between 1% and 2% each.
In the broader market, the BSE Mid-cap and Small-cap indices were down over 1.2% each.
Market breadth was weak with 1,947 losers and 787 gainers on the BSE.