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Market remains weak; Consumer durables weigh

Buying in IT stocks such as HCL, Infosys, Wipro and metal names such as Tata Steel Sesa Sterlite capped the downside after a weak start

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SI Reporter Mumbai
After a weak opening, bechmark indices capped further slide led by buying in IT and metal stocks.  

At 9:43am, the 30-share BSE Sensex is currently lower by 68 points trading at 20758 levels down 0.5%, while Nifty opened at 6167, down around 18 points down 0.5%.

Broader markets however bucked the downtrend as mid-caps and small-caps traded higher by 0.1-0.2% on the BSE.

At 9:43am, the rupee is trading at 62.64-a-dollar down 24p against its previous close.

Stocks in Asia were trading lower tracking overnight losses on Wall Street with Japan's Nikkei  down over 1% as investors remained cautious ahead of US jobs data later today. The Nikkei was down 1% while the Straits Times was down 0.5%. China's Shanghai Composite was down 0.4% while Hang Seng was down 0.5%.

US benchmark share indices ended lower on Thursday after better-than-expected economic data raised concerns that Fed might start withdrawing its bond buying programme sooner than expected. However, Twitter which listed on the NYSE was the stock in focus after it surged 73% to end at $44.90 compared with the offer price of $26.

The Dow Jones industrial average ended down 153 points, or 1%, to end at 15,593.98. The Standard & Poor's 500 Index closed 23 points lower, or 1.3% lower, at 1,747.15. The Nasdaq Composite Index ended down 75 points at 3,857.33.

Twitter IPO turned out to be thumping success as shares jumped 73% in a frenzied trading debut that drove the seven-year-old company's market value to around $25 billion and evoked the heady days of the dot-com bubble. The strong performance on Thursday is encouraging for the venture capitalists who have backed other consumer Web startups, such as Square or Pinterest, though it sounded alarm bells for some investors who cautioned that the froth was unwarranted.

The stock closed its first day of trade on the New York Stock Exchange at $44.90 a share after hitting a session-high of $50, nearly double the initial public offering price of $26 set late on Wednesday.

Key European shares ended mixed on Thursday. The CAC-40 lost 6 points to end at 4,280.99, the DAX gained 40 points to end at 9,081.03 while the FTSE-100 ended 45 points lower at 6,697.22.

On the sectoral front, IT, TECk, Metal, FMCG, Healthcare and Realty are the gainers while Consumer daurables, oil&gas, Auto, psu, capital goods and power are the laggards.

BSE consumer durables index is down 0.3%; Titan down almost 2%

Market breath remains positive as 580 stocks are currently advcancing against a delcine seen in 435 stocks on the BSE.

Tata Motors scrapped 1.4% , Maruti down 1%, GAIL is down 1.9%, Tata Motors down 1.7% and ONGC down 1.6% are among the top Sensex loser, .

Tech Mahindra extends gains to over 5.4% and is currently trading at 6-1/2-year high, after Sept quater profit beats some analysts' estimates.
 

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First Published: Nov 08 2013 | 9:49 AM IST

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