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Benchmark indices are trading lower, amid weak global cues, along with index heavyweight shares leading the fall. Meanwhile, Finance Minister said that the government is doing everything it can to revive investment sentiment.
At 14:30PM, the 30-share Sensex was down 196 points at 18,845 and the 50-share Nifty was down 42 points at 5,718.
As capital inflows made the rupee depreciate against the dollar in recent days, Finance Minister P Chidambaram today said the government will take a call on further reforms in foreign direct investment (FDI) soon, while market watchdog Sebi will decide on easing procedures for foreign institutional investments.
On the global front, the Nikkei average tumbled 6.4% on Thursday, hitting its lowest close since April 3 - the day before the Bank of Japan unveiled sweeping stimulus to revive the economy - as investors further cut their long Japanese equities and short yen positions.
European shares sold off again on Thursday with banks and commodity stocks, sectors most exposed to the broader economic fortunes, the top fallers on concerns about stimulus unwinding and Greek political turbulence.
Back home, Government today revised the industrial output growth rate to 2.2% in April from 2% released yesterday after a correction in recording of production data for electricity.
On the sectoral front, BSE Auto, Power, Realty, Healthcare and PSU indices have plunged by almost 2% followed by counters like FMCG, IT, Banks, Oil & Gas, Capital Goods and Metal, all falling by 1% each. However, BSE Consumer Durable index has gained by nearly 2%.
The main losers on the Sensex at this hour include Tata Motors, Sun Pharma, Tata Power, BHEL, Bajaj Auto, Cipla and ITC, all dipping between 2-3%.
Sun Pharmaceutical Industries has declined by 3% after the company said it will pay a lump-sum of around Rs 3,100 crore ($550 million) to settle litigation over sale of the generic pantoprazole drug in the US.
Auto shares like Tata Motors, Bajaj Auto, M&M and Maruti Suzuki have declined between 2-3%.
Natural rubber consumption dropped 1.5% in the April-May period, compared with the corresponding months last year. However, production recorded a rise of 1.2 per cent, according to the latest provisional data of the Rubber Board.
Cumulative consumption during April-May dropped to 165,000 tonnes against 167,440 tonnes in the year-ago period, while output rose to 112,000 tonnes from 110,700 tonnes, the data showed.
On the gaining side, Hindalco, Bharti Airtel, JSPL, Hero Moto and SBI have gained between 1-4.5%.
Among other shares, Jubilant FoodWorks is trading lower by 5% to Rs 990, extending 3.4% fall in past two trading sessions, after one of the promoter sold part of its stake through open market transaction.
The market breadth in BSE remains weak with 1,479 shares declining and 692 shares advancing.
