 "Sensex down over 150 points; RIL, ONGC drag")
Key stock indices remained perched at lower levels after extending losses into near-afternoon trades. Weakness in the Oil & gas majors Reliance Industries (RIL), ONGC pulled the benchmark Sensex lower.
Other than metals and banks, auto shares are top losers today as market consolidates after recent rallies which saw both Sensex and Nifty making breach previous highs and make fresh all-time highs.
The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month May 2014 series to June 2014 series. The near month May 2014 derivatives contract expire on Thursday, 29 May 201
U.S. and UK markets were closed for holidays on Monday. Foreign institutional investors (FIIs) sold shares worth a net Rs 84.13 crore on Monday, as per provisional exchange data.
Asian stocks erased early modest gains on Tuesday, while the euro steadied but remained vulnerable after overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped about 0.1 percent, after opening higher, as investors locked in profits following its rise to a one-year high on Monday.
Japan's Nikkei stock average was a regional standout, adding about 0.9 percent after marking its highest intraday level since early April.
Back home, top heavyweight losers at this include: Reliance Industries (down 1.5%), ONGC (2.6%), Mahindra & Mahindra (down 3%), ICICI Bank (1%), Tata Motors (down 1.4%).
(Updated at 11:40am)
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Benchmark indices have extended the losses and are trading lower weighed down by index heavyweight RIL and financial shares.
At 10:35AM, the 30-share Sensex was down 219 points 24,497 and the 50-share Nifty was down 62 points 7,297.
Adds Ravi Nathani, technical analyst, nsetoday.com," Traders & Investors shall hunt for opportunities to buy the index heavy weights on dips whereas one could also buy Nifty BEES for long term as trend is up on charts. Near term Nifty has strong support around 7200 which would also be treated as a strict stoploss for all long positions."
The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month May 2014 series to June 2014 series. The near month May 2014 derivatives contract expire on Thursday.
On the political front, among the key Cabinet Ministers, Arun Jaitley has been allotted Finance, Defence and Corporate Affairs, Rajnath Singh, Home Affairs, Ananth Kumar, Chemicals & Fertilisers, Sushma Swaraj, External Affairs, Nitin Gadkari, Surface Transport & Shipping, Sadananda Gowda, Railway Minister.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 84.13 crore on Monday, 26 May 2014, as per provisional data from the stock exchanges.
Asian stocks erased early modest gains on Tuesday, while the euro steadied but remained vulnerable after overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped about 0.1%, after opening higher, as investors locked in profits following its rise to a one-year high on Monday.
Japan's Nikkei stock average was a regional standout, adding about 0.9% after marking its highest intraday level since early April.
Back home, the Indian rupee was trading lower against the US dollar at Rs 58.96 tracking weakness in equities. On Monday weakened 19 paise, logging its sharpest drop in about a month, to close at 58.72 against the dollar, amid demand for US dollars from oil importers and profit taking in equities.
On the sectoral front, BSE Realty index has slumped by nearly 3% followed by counters like Oil & Gas, Power, Metal, Capital Goods, Banks, Consumer Durables and Auto, all falling down between 1-2%. However, BSE IT, TECk and Healthcare indices have gained between 1-2%.
The main losers on the Sensex at this hour include GAIL, BHEL, Sesa Sterlite, ONGC, M&M, NTPC, RIL, SBI and Axis Bank.
Gail India is trading lower by 4% to Rs 394 after reporting a lower than expected net profit at Rs 972 crore for the fourth quarter ended March 31, 2014 (Q4), due to lower volumes. The state gas utility had profit of Rs 618 crore in the same quarter last fiscal.
On the gaining side, Wipro, Infosys, TCS, Dr Reddy’s Labs and Cipla have gained between 1-2%.
Among other shares, Wockhardt has tanked 7% to Rs 653 after reporting a sharp 78% year on year decline in consolidated net profit at Rs 74.45 crore for the quarter ended March 2014 (Q4FY14) mainly due to regulatory issues with US and UK health regulators.
Jaypee Infratech has slipped 8.80% to Rs 33.70 after net profit slumped 91.12% to Rs 13.19 crore on 20.16% decline in net sales to Rs 765.06 crore in Q4 March 2014 over Q4 March 2014.
Sonata Software has rallied 14% to Rs 50.65, in otherwise weak market, after reporting over three-fold jump in consolidated net profit at Rs 23.57 crore for the fourth quarter ended March 31, 2014 (Q4FY14).
The broader markets are under performing the benchmark indices- BSE Midcap and Smallcap indices are down over 1% each.
The market breadth in BSE remains unhealthy 1,347 shares declining and 798 shares advancing.
Other than metals and banks, auto shares are top losers today as market consolidates after recent rallies which saw both Sensex and Nifty making breach previous highs and make fresh all-time highs.
The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month May 2014 series to June 2014 series. The near month May 2014 derivatives contract expire on Thursday, 29 May 201
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At 10:35AM, the 30-share Sensex was down 167 points 24,550 and the 50-share Nifty was down 48 points 7,314.
U.S. and UK markets were closed for holidays on Monday. Foreign institutional investors (FIIs) sold shares worth a net Rs 84.13 crore on Monday, as per provisional exchange data.
Asian stocks erased early modest gains on Tuesday, while the euro steadied but remained vulnerable after overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone.
MSCI's broadest index of Asia-Pacific shares outside Japan dipped about 0.1 percent, after opening higher, as investors locked in profits following its rise to a one-year high on Monday.
Japan's Nikkei stock average was a regional standout, adding about 0.9 percent after marking its highest intraday level since early April.
Back home, top heavyweight losers at this include: Reliance Industries (down 1.5%), ONGC (2.6%), Mahindra & Mahindra (down 3%), ICICI Bank (1%), Tata Motors (down 1.4%).
(Updated at 11:40am)
=================================================================================================
Benchmark indices have extended the losses and are trading lower weighed down by index heavyweight RIL and financial shares.
At 10:35AM, the 30-share Sensex was down 219 points 24,497 and the 50-share Nifty was down 62 points 7,297.
Adds Ravi Nathani, technical analyst, nsetoday.com," Traders & Investors shall hunt for opportunities to buy the index heavy weights on dips whereas one could also buy Nifty BEES for long term as trend is up on charts. Near term Nifty has strong support around 7200 which would also be treated as a strict stoploss for all long positions."
The market may remain volatile in the near future as traders roll over positions in the futures & options (F&O) segment from the near month May 2014 series to June 2014 series. The near month May 2014 derivatives contract expire on Thursday.
On the political front, among the key Cabinet Ministers, Arun Jaitley has been allotted Finance, Defence and Corporate Affairs, Rajnath Singh, Home Affairs, Ananth Kumar, Chemicals & Fertilisers, Sushma Swaraj, External Affairs, Nitin Gadkari, Surface Transport & Shipping, Sadananda Gowda, Railway Minister.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 84.13 crore on Monday, 26 May 2014, as per provisional data from the stock exchanges.
Asian stocks erased early modest gains on Tuesday, while the euro steadied but remained vulnerable after overnight comments from the European Central Bank chief heightened expectations of easing steps in the euro zone.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dipped about 0.1%, after opening higher, as investors locked in profits following its rise to a one-year high on Monday.
Japan's Nikkei stock average was a regional standout, adding about 0.9% after marking its highest intraday level since early April.
Back home, the Indian rupee was trading lower against the US dollar at Rs 58.96 tracking weakness in equities. On Monday weakened 19 paise, logging its sharpest drop in about a month, to close at 58.72 against the dollar, amid demand for US dollars from oil importers and profit taking in equities.
On the sectoral front, BSE Realty index has slumped by nearly 3% followed by counters like Oil & Gas, Power, Metal, Capital Goods, Banks, Consumer Durables and Auto, all falling down between 1-2%. However, BSE IT, TECk and Healthcare indices have gained between 1-2%.
The main losers on the Sensex at this hour include GAIL, BHEL, Sesa Sterlite, ONGC, M&M, NTPC, RIL, SBI and Axis Bank.
Gail India is trading lower by 4% to Rs 394 after reporting a lower than expected net profit at Rs 972 crore for the fourth quarter ended March 31, 2014 (Q4), due to lower volumes. The state gas utility had profit of Rs 618 crore in the same quarter last fiscal.
On the gaining side, Wipro, Infosys, TCS, Dr Reddy’s Labs and Cipla have gained between 1-2%.
Among other shares, Wockhardt has tanked 7% to Rs 653 after reporting a sharp 78% year on year decline in consolidated net profit at Rs 74.45 crore for the quarter ended March 2014 (Q4FY14) mainly due to regulatory issues with US and UK health regulators.
Jaypee Infratech has slipped 8.80% to Rs 33.70 after net profit slumped 91.12% to Rs 13.19 crore on 20.16% decline in net sales to Rs 765.06 crore in Q4 March 2014 over Q4 March 2014.
Sonata Software has rallied 14% to Rs 50.65, in otherwise weak market, after reporting over three-fold jump in consolidated net profit at Rs 23.57 crore for the fourth quarter ended March 31, 2014 (Q4FY14).
The broader markets are under performing the benchmark indices- BSE Midcap and Smallcap indices are down over 1% each.
The market breadth in BSE remains unhealthy 1,347 shares declining and 798 shares advancing.