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Markets continue to trade weak in the morning trades weighed down by Index heavy weights HDFC, ITC, RIL and Infosys contributing nearly 100 points to the decline on the 30-share index.
By 10.25 AM, the Sensex is lower by 203 points at 26,858 mark and the Nifty has slipped by 57 points at 8,049 mark.
Among the broader markets, BSE Mid-cap index is trading lower is down 0.3% while BSE SMallcap index is trading flat with a negative bias.
The market breadth in BSE is slightly positive with 1,199 shares declining and 1,159 shares advancing.
Rupee:
The rupee depreciated by 32 paise to 60.97 against the US dollar in early trade today at the Interbank Foreign Exchange due to increased demand for the US currency from importers amid a weak opening in the domestic equity market.
Buzzing Stocks:
Cipla has rallied 3% to Rs 631, also its record high on National Stock Exchange (NSE) in otherwise weak market aunched an anti-asthma inhaler in Germany and Sweden that is a generic version of GlaxoSmithKline Plc's Advair. Also, Surajit Pal analyst at Prabhudas Lilladher recommended a ‘buy’ rating on the stock with a target price of Rs 643.
Shares of Bajaj Electricals were up over 4% at Rs 290 after the company said it has bagged two orders worth Rs 518.46 crore.
Fortis Healthcare has surged 10% to Rs 134 after the company said decided to divest entire stake in healthcare service provider RadLink-Asia and its arm RadLink Singapore to Medi-Rad Associates for SGD 137 million (over Rs 655 crore).
Yes Bank has dipped nearly 3% at Rs 616 in early morning deals on NSE after the Reserve Bank of India (RBI) on Friday said the foreign investors will need the central bank's approval to buy additional equity in the private sector lender.
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(updated at 9.38 AM)Markets have opened lower amid weak global cues and weak industrial growth in July. Further, investors have turned cautious ahead of the Inflation data based on wholesale price index (WPI) for August which is expected to be released later during the day.
By 9.38 AM, the Sensex is lower by 232 points at 26,829 mark and the Nifty has slipped by 70 points at 8,036 mark.
Among the broader markets, BSE Mid-cap index is trading in line with the large counterparts and is down 0.5% BSE SMallcap index is trading flat with a negative bias.
The market breadth in BSE is slightly positive with 543 shares declining and 573 shares advancing.
Investors will look to Federal Open Market Committee (FOMC) meeting for fresh guidance on US interest rates. A policy meeting of the Federal Open Market Committee (FOMC) will be held on 16 and 17 September 2014.
Investors will look to Federal Open Market Committee (FOMC) meeting for fresh guidance on US interest rates. A policy meeting of the Federal Open Market Committee (FOMC) will be held on 16 and 17 September 2014.
Domestic data showing sharp drop in growth industrial production in July 2014 compared with previous month have weighed on the investor sentiment. However, inflation based on the combined consumer price indices (CPI) for urban and rural India moderated in August 2014.
The provisional data released by the stock exchanges after trading hours on Friday, 12 September 2014, showed that foreign portfolio investors (FPIs) bought shares worth a net Rs 182.80 crore on that day.
Global Market:
US markets ended lower on Friday weighed down by profit taking in shares of energy companies tracking weakness in crude oil prices. Meanwhile, the US Federal Reserve will hold its two-day policy meet starting Tuesday. Further, encouraging US retail sales and consumer sentiment data on Friday raised concerns that the Federal Bank could raise interest rates sooner than expected.
The Dow Jone ended down 61 points at 16,987.51, the S&P 500 slipped 12 points at 1,985.54 and tech-laden Nasdaq closed 24 points lower at 4,567.60.
Asian markets are trading lower because of weak data from China and tracking losses on Wall Street on Friday. China's factory output grew at the weakest pace in nearly six years. In August Industrial output rose 6.9 per cent as compared to the corresponding period last year, the lowest since 2008. Meanwhile, markets in Japan are closed on Monday on account of public holiday.
China's Shanghai Composite is down 0.3%, Singapore's Straits Times is down 0.3% and Hang Seng is sharply lower by 0.8%.
Sectors & Stocks:
On the sectoral front, barring Healthcare index, all lother indices are trading in the negative territory. BSE Metal index is the biggest loser down nearly 1% followed by IT, Auto, FMCG, Power, Realty and Oil & Gas indices down between 0.5-1%. Bankex is down 0.7%.
Metal stocks are losing sheen in the early trades on the back of weak Chinese economic data. China is the world's largest consumer of steel, copper and aluminum. Tata Steel, Hindalco, Sesa Sterlite and Coal India have lost between 0.5-2%.
Index heavyweights ITC, Infosys and RIL are contributing the most to the decline on the 30-share Index.
Engineering Conglomerate L&T and BHEL have slipped by 1% each.
In the Oil and Gas space, GAIL is down nearly 2% and is the biggest loser of this hour. ONGC has declined by 1%.
In the Auto space, M&M, Bajaj Auto, Maruti Suzuki and Tata Motors have dipped between 0.8-1.5%.
SBI, Bharti Airtel and Tata Power are some of the notable names in red among others.
On the flip side, fresh buying is evident in the healthcare space. Cipla, DR Reddy’s lab and Sun Pharma have gained between 0.5-2.5%.
