 "Sensex slips below 25,000; ITC down 5%")
Markets have extended losses and are trading near day’s low weighed down by index heavyweight shares and global markets.
At 1225 hrs, the Sensex was down 124 points at 24,981 and the Nifty gave off 43 points to trade at 7,469.
The main losers on the Sensex are ITC, Infosys, HUL, Cipla and Wipro, all dropping between 1-5%.
Updated at 11:30
Benchmark indices have extended the losses and are trading lower by over 0.3% weighed down by index heavyweight ITC, financials and software shares.
Markets have also hit fresh intraday low as firm global crude oil prices and hike in railway freight rates stoked inflation worries
At 1130 hrs, the Sensex was down 75 points at 25,032 and the Nifty gave off 25 points to trade at 7,486. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit 2-1/2-week low.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained by 0.4%.
The market breadth in BSE remains positive with 1,229 shares advancing and 1,182 shares declining.
Adds Mohit Gaba, independent technical analyst & trader, “There is a good chance the Nifty slips lower during the session towards 7400, maybe even 7350 in the days to come”.
GLOBAL MARKETS
Asian stocks and the Australian dollar rose on Monday as upbeat news from China's factory sector and fresh highs on Wall Street fueled appetite for riskier assets, while crude oil held near nine-month highs as fighting in Iraq intensified.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.7% by mid-morning. Tokyo's Nikkei rose 0.4%, shaking off early weakness.
The MSCI index hit intraday highs after the June HSBC/Markit Flash China PMI showed China's factory sector activity expanded for the first time in six months, offering new signs the economy is stabilising thanks to Beijing's measures to shore up growth.
CRUDE
Ooil prices edged higher in Asia today on continued violence in Iraq, but gains were capped as the risk premium associated with the crisis in the key crude producer is already factored in, analysts said.
INDIAN MARKET
The rupee trimmed its early gains and was quoted at 60.19 per dollar in morning trade due to uneven demand and supply of the US currency from banks.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 220.65 crore on Friday, 20 June 2014, as per provisional data from the stock exchanges.
SECTORS & BUZZING STOCKS
BSE FMCG index has slumped by over 2% followed by counters like IT, TECk, Power and Banks, all declining between 0.2-1%. However, BSE Metal and Auto indices have gained by 1% each.
Shares in ITC are under pressure, down 3% to Rs 326 on NSE, on concerns that the government may increase tax on cigarettes. HUL is down by over 1%.
From the IT space, Infosys, TCS and Wipro have slipped between 1-2%.
Other notable losers are Cipla, HDFC Bank, HDFC, Maruti Suzuki and RIL, all declining between 1-2%.
Meanwhile, metal shares have gained on hopes of better demand after a preliminary HSBC survey showed activity in China's factory sector expanded in June for the first time in six months as new orders surged. Tata Steel and Hindalco have gained between 1-2%. Sesa Sterlite, M&M, ONGC and Bajaj Auto have gained between 1-2%.
Hero Moto is the top Sensex gainer, up by nearly 3%.
Essar Oil is locked in upper circuit, up 5% at Rs 114 on BSE, after the company said its board has approved the promoter’s proposal to delist company’s shares from the stock exchanges.
Cement manufacturers' shares fall after the government on Friday pushed through a steep 6.5% hike in rail freight effective June 25.
ACC falls 0.2%, UltraTech Cement falls0.4% while Ambuja Cements falls 0.6%.
Ceat has surged 6% to Rs 618, extending its Friday’s 10% rally, after the overseas investor has bought equity shares worth of Rs 13 crore of the company though open market.
At 1225 hrs, the Sensex was down 124 points at 24,981 and the Nifty gave off 43 points to trade at 7,469.
The main losers on the Sensex are ITC, Infosys, HUL, Cipla and Wipro, all dropping between 1-5%.
Also Read
************************************************
Updated at 11:30
Benchmark indices have extended the losses and are trading lower by over 0.3% weighed down by index heavyweight ITC, financials and software shares.
Markets have also hit fresh intraday low as firm global crude oil prices and hike in railway freight rates stoked inflation worries
At 1130 hrs, the Sensex was down 75 points at 25,032 and the Nifty gave off 25 points to trade at 7,486. The barometer index, the S&P BSE Sensex and the 50-unit CNX Nifty, both, hit 2-1/2-week low.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained by 0.4%.
The market breadth in BSE remains positive with 1,229 shares advancing and 1,182 shares declining.
Adds Mohit Gaba, independent technical analyst & trader, “There is a good chance the Nifty slips lower during the session towards 7400, maybe even 7350 in the days to come”.
GLOBAL MARKETS
Asian stocks and the Australian dollar rose on Monday as upbeat news from China's factory sector and fresh highs on Wall Street fueled appetite for riskier assets, while crude oil held near nine-month highs as fighting in Iraq intensified.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.7% by mid-morning. Tokyo's Nikkei rose 0.4%, shaking off early weakness.
The MSCI index hit intraday highs after the June HSBC/Markit Flash China PMI showed China's factory sector activity expanded for the first time in six months, offering new signs the economy is stabilising thanks to Beijing's measures to shore up growth.
CRUDE
Ooil prices edged higher in Asia today on continued violence in Iraq, but gains were capped as the risk premium associated with the crisis in the key crude producer is already factored in, analysts said.
INDIAN MARKET
The rupee trimmed its early gains and was quoted at 60.19 per dollar in morning trade due to uneven demand and supply of the US currency from banks.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 220.65 crore on Friday, 20 June 2014, as per provisional data from the stock exchanges.
SECTORS & BUZZING STOCKS
BSE FMCG index has slumped by over 2% followed by counters like IT, TECk, Power and Banks, all declining between 0.2-1%. However, BSE Metal and Auto indices have gained by 1% each.
Shares in ITC are under pressure, down 3% to Rs 326 on NSE, on concerns that the government may increase tax on cigarettes. HUL is down by over 1%.
From the IT space, Infosys, TCS and Wipro have slipped between 1-2%.
Other notable losers are Cipla, HDFC Bank, HDFC, Maruti Suzuki and RIL, all declining between 1-2%.
Meanwhile, metal shares have gained on hopes of better demand after a preliminary HSBC survey showed activity in China's factory sector expanded in June for the first time in six months as new orders surged. Tata Steel and Hindalco have gained between 1-2%. Sesa Sterlite, M&M, ONGC and Bajaj Auto have gained between 1-2%.
Hero Moto is the top Sensex gainer, up by nearly 3%.
Essar Oil is locked in upper circuit, up 5% at Rs 114 on BSE, after the company said its board has approved the promoter’s proposal to delist company’s shares from the stock exchanges.
Cement manufacturers' shares fall after the government on Friday pushed through a steep 6.5% hike in rail freight effective June 25.
ACC falls 0.2%, UltraTech Cement falls0.4% while Ambuja Cements falls 0.6%.
Ceat has surged 6% to Rs 618, extending its Friday’s 10% rally, after the overseas investor has bought equity shares worth of Rs 13 crore of the company though open market.