The markets ended today's volatile session on a weak note. The Sensex slipped 77 ppoints to provisionally close at 17,353 points and the Nifty ended weaker by 13 points at 5,245 levels
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(Updated at 1437 hours)
The markets are trading on a lacklustre note in the late noon deals on the back of selling pressure visible in most of the sectors after Morgan Stanley today lowered India's growth forecast to 5.1% for the current fiscal, from its earlier estimate of 5.8%. The Sensex is down 54 points at 17,375 and the Nifty has slipped 8 points at 5,250 levels.
Meanwhile, the Asian markets ended higher after US Federal Reserve Chairman Ben Bernanke kept the door open for further stimulus if needed, but gains were capped by weak economic indicators across the region and caution over US data due later this week. The Hang Seng advanced 77 points or 0.4% to close at 19,559, Shanghai Composite closed higher by 12 points at 2,059 and the Taiwan Weighted ended up 0.7% or 53 points at 7,450. While the Nikkei closed weaker by 0.6% at 8,784 levels.
The European markets were trading on a flat note. The CAC 40, DAX and FTSE were up 0.2-0.4% each after weak data from China highlighted the poor health of the world economy, keeping alive talk of action from the world's major central banks.
Back home, Citing high fiscal deficit and renewed weakness in external demand, Morgan Stanley today lowered India's growth forecast to 5.1% for the current fiscal, from its earlier estimate of 5.8%.
Calling for immediate policy action by the government, it warned that in the absence of such a step the GDP growth could slide even deeper to 4.3% in 2012-13.
Jindal Steel is the top loser among the Sensex stocks, down 1.5% at Rs 347. Tata Power, Dr Reddy's Labs, Tata Steel, Tata Motors, Reliance Industries, GAIL India, TCS, ICICI Bank, Mahindra & Mahindra, ONGC and Wipro are also among the laggards from the heavyweight space.
On the other hand, Bajaj Auto is the top Sensex gainer, up 2% at Rs 1,649. Cipla, Maruti Suzuki, NTPC, BHEL, Coal India, Bharti Airtel and SBI are also among the notable gainers.
On the sectoral front, realty, oil & gas, metal, healthcare and bankex indices are down 0.8-0.7% each. At the same time, consumer durables, power, capital goods, auto, IT, PSU and FMCG indices are trading flat with a positive bias.
Shares of India's No. 3 steelmaker JSW Steel Ltd fell 0.4 percent on worries over earnings and value dilution as a result of the merger with JSW Ispat Steel Ltd.
Aurobindo Pharma has rallied 7% to Rs 118 on reports that the US drug regulator is expected to inspect company’s two manufacturing facilities in Andhra Pradesh during September-December.
The broader markets are trading flat with BSE mid-cap and small-cap indices up 0.2 and 0.1% each respectively.
The overall breadth is neutral as 1,369 stocks are advancing while 1,317 are declining.
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