Markets extend losses in morning deals

Negative global cues weigh

Markets have extended losses in the morning trades. The Sensex has slipped 103 points at 17,388 and the 50-share Nifty is down 24 points at 5,263.

Meanwhile, selling pressure is visible across the sectors. The Auto sector stocks are amongst the worst hit. The BSE auto index has shed 1.2% or 109 points at 9,235 levels. Capital goods, metal, oil & gas, IT, consumer durables, PSU, power and banking stocks are also index pressure. The respective indices are down 0.3-0.9% each.

From the auto pack, Hero MotoCorp, Maruti Suzuki, Exide Industries, Ashok Leyland, M&M and Bharat Forge are among the top losers.

Among the individual stocks, Tech Mahindra has dipped 5.5%  at Rs 789 on reports that its foreign promoter British Telecommunications Plc (BT) is planning to sell part of its holding in IT service provider for $100 million (approx Rs 556 crore).

Shares of Network18 Group companies TV18 Broadcast and Network18 Media and Investments are trading higher by 3% each on report that the market regulator the Securities and Exchange Board of India (Sebi) has cleared the twin rights issues of these companies.

Jaypee Infratech has dipped 5% at Rs 40 on reports that the Uttar Pradesh government scrapped 34 km-long Agra inner ring road project.
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(Updated at 9.20 AM)

Markets have opened lower in trades today ahead of the expiration of August F&O contract. The Sensex has opened lower by 60 points at 17,430 and the 50-share Nifty has shed 19 points to open at 5,268.

The global cues are also weak. Overnight, the U.S. stocks ended little changed in another day of scarce activity on Tuesday after mixed economic data gave investors little reason to shift their focus from Federal Reserve Chairman Ben Bernanke's speech on Friday.

The Dow Jones industrial average was down 22 points at 13,103, The S&P 500 Index slipped 1.14 points at 1,409 and The Nasdaq Composite edged down 4 points, or 0.13 percent, at 3,077.

Asian shares eased and major currencies stayed range-bound on Thursday as investors avoided betting on direction before a speech by U.S. Federal Reserve Chairman Ben Bernanke, with focus on whether there will be any hint about further U.S. stimulus.

Hang Seng was down 265 points at 19,524, Nikkei slipped 74 points at 8,996 and the Shanghai Composite was also down 7 points at 2,046.

Back home, Sterlite Industries is the top loser among the Sensex stocks. It has slipped 2% to open at Rs 98. Jindal Steel, Hero MotoCorp, Bharti Airtel, L&T, NTPC, Tata Steel, Maruti Suzuki, Bajaj Auto, Reliance Industries, BHEL and GAIL India have also opened lower by 0.6-1.5% each.

On the other hand, Tata Power, ONGC, Wipro, Dr Reddy's Labs, Mahindra & Mahindra and HDFC Bank are among the notable gainers.

Selling pressure is visible across the board. The metal stocks are worst hit n the opening deals. The BSE metal index is down 1% at 9,757. Capital goods, realty, auto, oil & gas, PSU, power and IT indices have also opened weaker by 0.2-0.8% each.

Among the individual stocks, Orchid Chemicals and Pharmaceuticals is trading higher by 4% at Rs 116 after the company said it has divested its Penicillin and Penem active pharma ingredient (API) business, including its plant in Aurangabad, to US-based Hospira for around $200 million (Rs 1,200 crore).

The broader markets have opened on a flat note with BSE mid-cap and small-cap indices trading on a listless note.

The overall breadth is negative as 736 stocks are declining while 522 are advancing.