Business Standard

Markets extend losses as heavyweights drag

ICICI Bank, HDFC, TCS and RIL drop on profit taking

SI Reporter Mumbai
Markets were in red in noon trades as profit taking in outperformers like ICICI Bank, HDFC, TCS and RIL weighed on the indices. At 1410 hrs, the Sensex was down 175 points at 25,951 while the Nifty slipped 54 points at 7,736.

The broader markets too were under pressure with the mid and smallcap indices down 0.3-0.5%.

The markets will remain closed for trading on Tuesday, July 29, on account of Ramzan ID.

The Indian rupee was trading unchanged at 60.11 compared to its previous close. Meanwhile, month-end demand for dollars from crude oil importers is likely to keep the pressure on the Indian currency.
 
Sectors & Stocks

All the sectoral indices on the BSE except Consumer Durables, IT were trading in the red with BSE Realty index being the top loser down 3% followed by Metal, Oil and Gas, FMCG and Bankex among others.

Index heavyweight Reliance Industries was down 1.5% after gaining nearly 5% last week while ICICI Bank was down 1.4% contributing the most to the Sensex losses.

Mortgage lender HDFC was down 1.4% on profit taking after the stock surged 8.5% last week.

TCS which had gained 6.6% last week was trading 0.6% lower.

Tata Motors extended losses and was down 2% after its overseas arm Jaguar Land Rover agreed to lower prices of three of its car models in China by five-seven per cent after being told it was overcharging. Prices of the Range Rover V8, Range Rover Sports V8 and Jaguar F-Type will be reduced by an average of 200,000 yuan (Rs 20.4 lakh) from August 1. Every fourth car made by Jaguar Land Rover is sold in China.

Coal India was down over 3% on talk that the company has suffered a production loss of 50 million tonne (mt) of coal due to delays in environment clearance and land acquisition.

The market breadth was negative on BSE. 1,617 stocks declined while 1,079 stocks advanced on BSE.

Global Markets

Asian stocks shrugged off a drop in Wall Street and hit a three-year high on Monday, with China taking the lead after data showed a robust jump in profits earned by industrial firms in the world's second-largest economy.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2% after touching a three-year high of 510.01.

China's CSI300 jumped 2.6%, with bank shares surging after Reuters reported the country's fifth biggest bank by assets plans to seek more private investors. Hong Kong's Hang Seng index climbed 0.8%.

Tokyo's Nikkei, which hit a six-month closing high Friday, was up 0.4%.

In the European markets, CAC and FTSE were up 0.4% and 0.1% respectively while DAX was marginally in red.

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First Published: Jul 28 2014 | 2:22 PM IST

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