The markets have been trading in the red this afternoon due to the persistent weakness on heavyweight counters such as Reliance Industries and ICICI Bank. The Sensex is quoting at 19494, lower by 50 points and the Nifty is at 5845, down 23 points. There is relative outperformance on the broader market front though; the midcap index is placed at 7243, higher by four points and the smallcap index is at 8911, up 15 points.
Reliance Industries has slipped by 1.8% at Rs 982 and ICICI Bank has lost nearly one percent at Rs 1111.
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(Updated at 1333pm)
Markets extended losses in afternoon trades, a day before the derivatives expiry. Heavyweights led the loser's list in the Sensex. The BSE benchmark was down 103 points at 19,443. The Nifty was down 45 points at 5,824.
Most of the sectoral indices wree in the negative zone, led by realty, bankex and metal indices. BSE realty index was down 1% at 2,319. Bankex and metal inndex slipped 0.7% each in trades.
Banking stocks fell after the RBI imposed penalties on 19 banks for not complying with its instructions on derivatives.
ICICI Bank shed 1.2% to Rs 1,107. SBI was down 0.7% whle HDFC Bank slipped 0.6% in trades.
Crude oil prices continued to worry markets. High oil prices have raised concerns about higher oil subsidy bill for the government and its negative impact on the government's fiscal position. RBI may hike key rates in its monetary policy review in May.
Market heavyweight, Reliance declined 1.3% to Rs 988 - continuing its recent losses.
Wipro tumbled 3% to Rs 449 after coming out with its quarterly numbers. The company expects operating margins to be hit by the proposed wage hike.
Jaiprakash Associates and BHEL dropped 2% each to Rs 98 and Rs 2,031, respectively.
Reliance Infra and DLF, among infra stocks, slipped 1.3% each. Tata Power, Reliance Communications, Larsen & Toubro and Jindal Steel were down aound 1% each.
Meanwhile, ONGC gained 2% at Rs 309. Select auto stocks were up. Maruti Suzuki and Mahindra & Mahindra added 1.5% each to Rs 1,322 and Rs 767, respectively.
PSU OMCs gained for the second day. HPCL added 1.2% to Rs 376. IOC advanced 1.5% to Rs 337. BPCL was marginally up at Rs 628.
BSE market breadth was marginally negative. Out of 2,822 stocks traded, 1,424 declined while 1,281 advanced.
