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Markets have slipped in the negative territory in the late noon trades on selling by fund and retail investors in metal and oil shares amid weak global cues.
At 13:40 PM, Sensex is down 120 points at 26,229 while Nifty has shed 43 points to trade at 7,821.
Broader markets are underperforming the benchmark indices and are trading lower by 1% each.
Top losers on the 30-share Sensex are Sesa Sterlite, Hindalco, M&M, RIL and Tata Steel down between 1.5-4%.
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(updated at 1PM)
(updated at 1PM)
At 1 PM, Sensex is down 5 points at 26,345 while Nifty has shed 10 points to trade at 7,854.
In the broader market, both BSE Mid Cap and Small Cap indices have lost between 0.2-0.3%.
Market breadth is weak on the BSE with 1,491 shares declining and declines 1,113 shares advancing.
Rupee:
The rupee is trading at 61.61 against the US dollar lower compared to previous close of 61.41. The decline is primarily due to concerns about rise in trade deficit.
Global Markets:
Japanese stocks fell on weak global cues particularly the massive overnight sell-off at the Wall Street. However, depreciation of Yen allowed the benchmark Nikkei to post some recovery.
The Chinese market remained an exception to the general trend supported by the rise in credit delivery reflected in the lending data provided by the Chinese bank signalling a revival in credit demand. Though, a drop in China's foreign exchange reserves in the third quarter has kept speculations rife.
The Nikkei was down nearly 2% while Hang Seng and Straits Times were down 0.5-1% while Shanghai Composite recouped early losses and was up 0.6%.
Sectors & Stocks:
On the sectoral front, BSE Consumer durables is the top losing index down over 1% followed by metal, oil and gas and capital goods indices down between 0.4-1%. However, BSE Realty index is the top gainer up over 1% followed by FMCG index and Bankex up between 0.5-1%.
DLF is trading 7% higher at Rs 112, bouncing back 12% from its record low of Rs 100 touched during intra-day deal on BSE in early morning deals, on back of heavy volumes.
TCS shares are up nearly 1% ahead of its second quarter earnings due later today while other IT majors Wipro is trading with marginal gains.
Tata Motors has gained around 1.3%.after the automaker received an order to supply 928 Tata Marcopolo built buses to the State Transport Authorities in South India.
Hero MotoCorp witnessed buying ahead of July-September earnings later today and the stock is up 0.5%.
The financial space is trading higher in the noon trades. Axis Bank and ICICI Bank are trading up between 0.5-1.5%. Also, HDFC twins are trading with marginal gains.
SBI is up around 0.5%. Analysts expect the nation's largest bank to report higher earnings in the Q2 as the new management of the bank is focussed on improving fee income which may expand Q2 income.
Fresh buying in the FMCG space. HUL is up neraly 2%. ITC has gained 1% in the noon trades shrugging off the recommendations by an expert committee to increase the space to be dedicated to statutory warnings on cigarette packs and impose ban on sale of loose cigarette sticks..
GAIL, Coal India and Cipla are some of the notable names in green among others up between 0.5-2%.
On the flip side, Baja Auto is down around 1.6% on the back of mixed second quarter performance. Among other auto stocks, M&M has declined nearly 2%.
Reliance is down 1.5% despite impressive Q2 results. Analysts have raised concerns about company diversification from core businesses of refining and petro to retail and telecom.
Metal stocks continue to languish given contraction in global demand. Sesa Sterlite and Hindalco have lost around 3% each.
Tata Steel had earlier gained after it signed a memorandum of understanding with the Geneva-based Klesch group for the potential sale of its long products business in Europe and associated distribution activities. Analysts said the division accounted for 25 per cent of Tata Steel’s European operations. However, the stock has pared its early gains and is now trading nearly 1% lower.
Heavy selling is evident in the power stocks. Tata Power and NTPC have lost between 1-1.5%.
Bharti Airtel, BHEL and ONGC are some of the prominent names in red among others.
