 "Weakness persists dragged by IT, Wipro dn 5%")
Markets continue to remain weak in late morning trades weighed down by profit taking in IT majors after recent gains in the run up to the second quarter earnings. Further, the appreciating rupee against the US dollar also dampened sentiment.
At 10:45AM, the 30-share Sensex was down 120 points at 20,745 and the Nifty slipped below 6,200 and was down 37 points at 6,166.
Most Asian markets shed early gains and slipped into negative terrain except for Straits Times which was up 0.2%. Shanghai Composite was down 1.2%, Hang Seng lost 0.1%, and Nikkei was down 1.5%.
BSE IT index was the top loser among the sectoral indices on the BSE down 1.4% followed by Auto, Realty and FMCG indices.
In the Sensex pack, Infosys, Wipro and TCS were down 1-5% each contributing the most to the losses.
Other losers include, HDFC Bank, Tata Motors, HDFC and Hindustan Unilever.
Among other shares,GAIL (India) is trading higher by 3.5% to Rs 346 on NSE on reports that the government may exempt the state-owned company from sharing subsidy burden.
The oil ministry has decided to exempt Gail India from paying any compensation to state fuel retailers for selling diesel, kerosene and cooking gas below market rates because it does not make windfall profits when international crude oil and gas prices soar, the Economic Times report suggests quoting oil ministry officials.
Shares of Gitanjali Gems have rallied nearly 18% at Rs 64.75 on back of heavy volumes in otherwise weak market on the National Stock Exchange. Over 4.1 million shares were traded so far on BSE and NSE.
According to latest shareholding pattern, the promoters’ holding in the company fell to 39.28% at the end of the September quarter from 55.02% in the June quarter as lenders invoked their pledge shares.
At 10:45AM, the 30-share Sensex was down 120 points at 20,745 and the Nifty slipped below 6,200 and was down 37 points at 6,166.
Most Asian markets shed early gains and slipped into negative terrain except for Straits Times which was up 0.2%. Shanghai Composite was down 1.2%, Hang Seng lost 0.1%, and Nikkei was down 1.5%.
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The rupee is off highs on dollar bids from state-run banks for defence purchases of the government, other importers. The USD/INR pair is at 61.38, off 61.05 highs. The unit closed at 61.66 per dollar on Tuesday. Weakness in stocks is also hurting the USD/INR pair, says a dealer.
BSE IT index was the top loser among the sectoral indices on the BSE down 1.4% followed by Auto, Realty and FMCG indices.
In the Sensex pack, Infosys, Wipro and TCS were down 1-5% each contributing the most to the losses.
Other losers include, HDFC Bank, Tata Motors, HDFC and Hindustan Unilever.
Among other shares,GAIL (India) is trading higher by 3.5% to Rs 346 on NSE on reports that the government may exempt the state-owned company from sharing subsidy burden.
The oil ministry has decided to exempt Gail India from paying any compensation to state fuel retailers for selling diesel, kerosene and cooking gas below market rates because it does not make windfall profits when international crude oil and gas prices soar, the Economic Times report suggests quoting oil ministry officials.
Shares of Gitanjali Gems have rallied nearly 18% at Rs 64.75 on back of heavy volumes in otherwise weak market on the National Stock Exchange. Over 4.1 million shares were traded so far on BSE and NSE.
According to latest shareholding pattern, the promoters’ holding in the company fell to 39.28% at the end of the September quarter from 55.02% in the June quarter as lenders invoked their pledge shares.