The markets have slipped further in the negative territory on heavy selling by foreign institutional investors amid weak global cues.
At 2.30 PM, the 30-share Sensex is down 223 points at 25,672 and the 50-share Nifty has slipped 66 points at 7,655.
In the broader market, the BSE Mid-cap andSmall-cap indices have lost 0.3% each.
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Across the Globe
Asian shares were mostly under water on Friday after a sudden slump on Wall Street spilled over globally, though a surprisingly strong pick up in manufacturing helped Chinese markets hold at seven-month highs.
In a promising omen for world growth China's official measure of industrial activity (PMI) rose to 51.7 in July from 51.0 in June, beating forecasts of 51.4 and the highest in 27 months.
In Europe, spreadbetters expected opening falls of between 0.2 percent and 0.3 percent for the FTSE 100, DAX and CAC 40.
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Overseas investors sold shares worth Rs 1,654 crore on Thursday. It was their biggest single-day selling since July 2.
Meanwhile, the Indian rupee was trading sharply lower at Rs 60.80 compared to its its previous close of Rs 60.55 after the dollar strengthened following upbeat US GDP data. Further, weakness in domestic equities also weighed on sentiment.
Factory activity expanded at its fastest pace in 17 months in July on increased orders, showed a widely-tracked HSBC purchasing managers' index (PMI). However, this also jacked up prices, which might cause the RBI to hold the policy rate in its review next week.
Sectors & Stocks
On the sectoral front, barring BSE FMCG index, all other indices are losing sheen with BSE Capital goods, IT, Oil & Gas and Power indices being the biggest losers.
NTPC, the largest thermal power producer in the country, registered a decline of 13 per cent in profit, owing to new tariff regulation and is down 2.4%. Fowwing the tandem, Tata Power has dipped 2%.
The metal pack is witnessing heavy selling during the late noon trades. Hindalco, Sesa Sterlite and Coal India have lost between 1-2.5%. However, Tata Steel is up 0.7%.
The banking shares barring ICICI Bank are trading in the negative territory. HDFC twins and Axis Bank have lost between 0.2-2%. ICICI Bank is up 1% ICICI Bank, India’s largest private sector lender, reported a 17 per cent growth in its standalone net profit to Rs 2,655 crore in the April-June quarter, compared with Rs 2,274 crore in the year-ago quarter, on the back of both higher core and fee income.
Oil and Gas majors ONGC and RIL have dipped 1% on concerns that its margins on retail fuels would come under pressure after state-owned oil PSUs lowered petrol prices. GAIL has lost nearly 2%.
Technology shares, TCS, Wipro and Infosys are down between 0.5-1.5%.
The healthcare index has lost 0.7% with Dr Reddy’s lab, Cipla and Sun Pharma down between 1-2%.
L&T continued to witness profit taking post its first quarter earnings and was down 1.2%.
On the flip side, Bharti Airtel, Idea Cellular and Reliance Communications (RCom) have gained on reports that mobile tariffs could rise between 8–9% going ahead.
Maruti Suzuki is up 3.5% after the company, today, reported 21.7% increase in its total sales for July at 1,01,380 units as against 83,299 units in the same month last year. The company said its domestic sales rose 19.9% during the month to 90,093 units as against 75,145 units in July 2013.
HUL, SBI and BHEL are some of the prominent names in green.
Among other shares, Pantaloons Fashion & Retail is trading nearly 9% lower in morning deals at Rs 114.75 levels on the Bombay Stock Exchange (BSE), after the company reported 35% fall in its standalone net profit for the quarter ended June 2014.
Credit Analysis and Research surged 3.6% to Rs 1,242 at on the BSE after the company posted 9.4% rise in the net profit at Rs 26.60 crore for the quarter ended June 30, 2014.
Market breadth is weak with 1,610 losers and 1,129 gainers on the BSE.