 "Sensex, Nifty hit fresh 52-week lows; bank shares drag")
Markets extended losses to hit fresh 52-week lows amid weak cues from Japan and volatility in overnight trades on Wall Street with bank shares leading the decline.
At 9:50am, the S&P BSE Sensex was down 226 points at 23,795 and the Nifty50 was down 72 points at 7,227.
Foreign institutional investors remained sellers in equities worth Rs 681 crore on Tuesday, as per provisional stock exchange data.
"For the Nifty resistance is seen at 7316 above 7356 and 7365 while support is seen at 7276 below 7250," Geojit BNP Paribas Financial Services said in a note.
GLOBAL MARKETS
Asian markets were trading sharply lower on Wednesday on concerns over health of the banking sector in the euro zone. Some of the markets like Singapore and Indonesia have re-opened after the Lunar Year holidays. Japanese shares lost further ground with the Nikkei down 2.5% while Singapore's Straits Times was down 1.9%.
Stocks on Wall Street ended flat amid a volatile trading session mirroring the movement in crude oil prices. Shares in healthcare and materials space helped in containing further downside. Meanwhile, investors would look forward to comments from Federal Reserve Chair Janet Yellen in her address to the US Congress later today. The Dow Jones industrial average ended down 0.1% at 16,014, the broader S&P 500 slipped 0.1% at 1,852 and the tech-laden closed 0.4% lower at 4,269.
SECTORS & STOCKS
All sectoral indices were trading in the red with BSE Bankex emerging as the top loser. Other losers include, Oil & Gas, Metal, Healthcare and Realty indices.
Punjab National Bank extended losses and was down nearly 4% after posted a sharp 93% decline in net profit in the third quarter of the fiscal on account of fresh slippages arising from the steel sector besides higher provisioning requirement as part of RBI norms.
Central Bank of India was down nearly 10% after net loss widened to Rs 837 crore on the back of higher provisions amounting to Rs 1,499 crore. Gross NPAs were up at 8.95% compared with 6.86% quarter-on-quarter. Net NPA were higher at 5.3% versus 3.8% quarter-on-quarter.
Other losers include, ICICI Bank, Bank of Baroda, Yes Bank, SBI, Axis Bank and IndusInd Bank down 1%-2.7% each.
Pharma shares also lost ground with Dr Reddy's Labs down 2.2% after it reported a marginal 1% increase in consolidated net profit at Rs 579.2 crore for the quarter ended December, 2014 on the back of lower growth in revenues.
Other losers in the sector include, Lupin and Sun Pharma among others.
Other Sensex losers include, Reliance Industries, ITC and Tata Motors among others.
At 9:50am, the S&P BSE Sensex was down 226 points at 23,795 and the Nifty50 was down 72 points at 7,227.
Foreign institutional investors remained sellers in equities worth Rs 681 crore on Tuesday, as per provisional stock exchange data.
More From This Section
The Indian rupee was trading marginally lower at 67.94 to the US dollar compared to its previous close of 67.90.
"For the Nifty resistance is seen at 7316 above 7356 and 7365 while support is seen at 7276 below 7250," Geojit BNP Paribas Financial Services said in a note.
GLOBAL MARKETS
Asian markets were trading sharply lower on Wednesday on concerns over health of the banking sector in the euro zone. Some of the markets like Singapore and Indonesia have re-opened after the Lunar Year holidays. Japanese shares lost further ground with the Nikkei down 2.5% while Singapore's Straits Times was down 1.9%.
Stocks on Wall Street ended flat amid a volatile trading session mirroring the movement in crude oil prices. Shares in healthcare and materials space helped in containing further downside. Meanwhile, investors would look forward to comments from Federal Reserve Chair Janet Yellen in her address to the US Congress later today. The Dow Jones industrial average ended down 0.1% at 16,014, the broader S&P 500 slipped 0.1% at 1,852 and the tech-laden closed 0.4% lower at 4,269.
SECTORS & STOCKS
All sectoral indices were trading in the red with BSE Bankex emerging as the top loser. Other losers include, Oil & Gas, Metal, Healthcare and Realty indices.
Punjab National Bank extended losses and was down nearly 4% after posted a sharp 93% decline in net profit in the third quarter of the fiscal on account of fresh slippages arising from the steel sector besides higher provisioning requirement as part of RBI norms.
Central Bank of India was down nearly 10% after net loss widened to Rs 837 crore on the back of higher provisions amounting to Rs 1,499 crore. Gross NPAs were up at 8.95% compared with 6.86% quarter-on-quarter. Net NPA were higher at 5.3% versus 3.8% quarter-on-quarter.
Other losers include, ICICI Bank, Bank of Baroda, Yes Bank, SBI, Axis Bank and IndusInd Bank down 1%-2.7% each.
Pharma shares also lost ground with Dr Reddy's Labs down 2.2% after it reported a marginal 1% increase in consolidated net profit at Rs 579.2 crore for the quarter ended December, 2014 on the back of lower growth in revenues.
Other losers in the sector include, Lupin and Sun Pharma among others.
Other Sensex losers include, Reliance Industries, ITC and Tata Motors among others.