 "Sensex down over 100 pts; metal & auto shares drag")
Benchmark indices are down by nearly 1% weighed down by metal, auto and financials shares.
At 1420 hrs, the Sensex was down 126 points at 22,503 and the Nifty dipped 39 points to trade at 6,736.
Adds Chetan Jain, Anand Rathi Financial Services, Deputy Manager (Derivatives Desk) - Equity Research, Anand Rathi Financial Services,” Nifty future is facing immediate hurdle around 6850-6900 where maximum call is getting concentrated. However looking at the OI in previous week no major addition was seen along with marginal price rise suggesting no fresh long built up seen suggesting consolidation phase is likely to continue between 6650-6850 levels in the current week.”
On the global front, Japanese stocks rebounded from six-month lows on Tuesday after strong US retail sales data helped calm nerves amid the backdrop of an escalating crisis in Ukraine, pulling the yen down and supporting exporters.
The Nikkei share average ended 0.6% higher to 13,996.81, crawling back from previous day lows last visited in early October.
The broader Topix rose 0.3% to 1,136.09, and the new JPX-Nikkei Index 400 advanced 0.3% to 10,342.16.
Risk appetite faded on financial markets on Tuesday, with shares weaker and bonds firmer as investors weighed up tensions between Russia and Ukraine, downbeat sales reports and signs of slowing growth in China.
But an upbeat performance on Wall Street the previous day kept losses in check, as did expectations that US and British inflation figures later on Tuesday will be soft enough to keep interest rates at record lows for some time.
Back home, the wholesale price index-based inflation rose to a three-month high of 5.70% in March from a nine-month low of 4.68% in February.
The rupee is trading at 60.32 per dollar vs Friday's close of 60.1750/1850.
Foreign Institutional Investors (FIIs) sold shares worth a net Rs 362.29 crore on Friday, 11 April 2014, as per provisional data from the stock exchanges.
On the sectoral front, BSE Bankex, Realty, Metal and Auto indices have plunged by 2% each followed by counters like Power, Oil & Gas and Consumer, all falling down by 1% each. However, BSE IT and TECk indices have gained by almost 2%.
Index heavyweight and cigarette major ITC has edged lower. India's largest FMCG firm by sales Hindustan Unilever (HUL) also dropped. United Spirits jumped after Diageo Plc, the world's largest distiller, announced a voluntary open offer to raise its stake in the company.
Metal and mining stocks have edged lower as China's broadest measure of new credit fell 19% in March from a year earlier and money supply grew at the slowest pace since 2001.
The main losers on the Sensex are HDFC, Hindalco, Axis Bank, Tata Motors, M&M, Sesa Sterlite, HDFc Bank and HUL.
Shares of Tata Motors were down nearly 3% after its global wholesales in March 2014 declined nearly 18% to 95,668 units compared with 116,521 units in March 2013.
Among other shares, Clariant Chemicals (India) has soared 10% to Rs 727 after the company said it has sold about 87 acres land located in Thane, near Mumbai to Lodha Developers for a total consideration of Rs 1,154 crore.
The broader markets are trading marginally weak- BSE Midcap and Smallcap indices have gained by 0.2% each.
The market breadth in BSE remains negative with 1,416 shares declining and 1,214 shares advancing.
At 1420 hrs, the Sensex was down 126 points at 22,503 and the Nifty dipped 39 points to trade at 6,736.
Adds Chetan Jain, Anand Rathi Financial Services, Deputy Manager (Derivatives Desk) - Equity Research, Anand Rathi Financial Services,” Nifty future is facing immediate hurdle around 6850-6900 where maximum call is getting concentrated. However looking at the OI in previous week no major addition was seen along with marginal price rise suggesting no fresh long built up seen suggesting consolidation phase is likely to continue between 6650-6850 levels in the current week.”
On the global front, Japanese stocks rebounded from six-month lows on Tuesday after strong US retail sales data helped calm nerves amid the backdrop of an escalating crisis in Ukraine, pulling the yen down and supporting exporters.
The Nikkei share average ended 0.6% higher to 13,996.81, crawling back from previous day lows last visited in early October.
The broader Topix rose 0.3% to 1,136.09, and the new JPX-Nikkei Index 400 advanced 0.3% to 10,342.16.
Risk appetite faded on financial markets on Tuesday, with shares weaker and bonds firmer as investors weighed up tensions between Russia and Ukraine, downbeat sales reports and signs of slowing growth in China.
But an upbeat performance on Wall Street the previous day kept losses in check, as did expectations that US and British inflation figures later on Tuesday will be soft enough to keep interest rates at record lows for some time.
Back home, the wholesale price index-based inflation rose to a three-month high of 5.70% in March from a nine-month low of 4.68% in February.
The rupee is trading at 60.32 per dollar vs Friday's close of 60.1750/1850.
Foreign Institutional Investors (FIIs) sold shares worth a net Rs 362.29 crore on Friday, 11 April 2014, as per provisional data from the stock exchanges.
On the sectoral front, BSE Bankex, Realty, Metal and Auto indices have plunged by 2% each followed by counters like Power, Oil & Gas and Consumer, all falling down by 1% each. However, BSE IT and TECk indices have gained by almost 2%.
Index heavyweight and cigarette major ITC has edged lower. India's largest FMCG firm by sales Hindustan Unilever (HUL) also dropped. United Spirits jumped after Diageo Plc, the world's largest distiller, announced a voluntary open offer to raise its stake in the company.
Metal and mining stocks have edged lower as China's broadest measure of new credit fell 19% in March from a year earlier and money supply grew at the slowest pace since 2001.
The main losers on the Sensex are HDFC, Hindalco, Axis Bank, Tata Motors, M&M, Sesa Sterlite, HDFc Bank and HUL.
Shares of Tata Motors were down nearly 3% after its global wholesales in March 2014 declined nearly 18% to 95,668 units compared with 116,521 units in March 2013.
Shares of information technology (IT) companies are trading firm in otherwise weak market after Infosys surprised the Street with a 4.1% q-o-q rise in its net profit for the fourth quarter ended March 2014 (Q4) at Rs 2,992 crore.
Infosys, Wipro, Tata Consultancy Services (TCS), HCL Technologies, MindTree and Tech Mahindra are up 1-4% on the Bombay Stock Exchange (BSE).
On the gaining side, Wipro, TCS, Infosys, Bharti Aurtel and Dr Reddy’s Labs have gained between 1-2%.Among other shares, Clariant Chemicals (India) has soared 10% to Rs 727 after the company said it has sold about 87 acres land located in Thane, near Mumbai to Lodha Developers for a total consideration of Rs 1,154 crore.
The broader markets are trading marginally weak- BSE Midcap and Smallcap indices have gained by 0.2% each.
The market breadth in BSE remains negative with 1,416 shares declining and 1,214 shares advancing.