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Benchmark indices have extended losses and are trading near day’s low weighed down by rate-sensitive sectors like financials, auto and real estate.
At 10:20 AM, the 30-share Sensex is down 447 points at 27,060 levels and the 50-share Nifty has lost 148 points to quote at 8,177.
The top losers on the Sensex are Vedanta, Tata Steel, Tata Motors, Hindalco and ICICI Bank, all plunging between 3-4%.
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Updated at 10AM
The markets continue to remain weak with rate sensitive stocks leading the decline as macro economic data which is due to be released today is expected to be mixed, which may push the Reserve Bank (RBI) to pause rate cuts.
Meanwhile, investors remain cautious ahead of the macro data which will be unveiled later in the day. The government will unveil data on inflation based on the consumer price index (CPI) for April and industrial production (IIP) data for March later in the day.
At 10:20 AM, the 30-share Sensex is down 447 points at 27,060 levels and the 50-share Nifty has lost 148 points to quote at 8,177.
The top losers on the Sensex are Vedanta, Tata Steel, Tata Motors, Hindalco and ICICI Bank, all plunging between 3-4%.
*******************************
Updated at 10AM
The markets continue to remain weak with rate sensitive stocks leading the decline as macro economic data which is due to be released today is expected to be mixed, which may push the Reserve Bank (RBI) to pause rate cuts.
Meanwhile, investors remain cautious ahead of the macro data which will be unveiled later in the day. The government will unveil data on inflation based on the consumer price index (CPI) for April and industrial production (IIP) data for March later in the day.
At 10 AM, the 30-share Sensex is down 317 points at 27,190 levels and the 50-share Nifty has lost 106 points to quote at 8,219.
The benchmark indices had ended yesterday session on a strong note, touching one-week highs, led by strong buying in metal, auto and banking shares.
Among key corporate earnings, Dr Reddy's Laboratories, Ashok Leyland, Central Bank of India, Motherson Sumi Systems, Union Bank of India, Pantaloons Fashion and Vijaya Bank among others will announce their quarter ended 31 March 2015 earnings today.
GLOBAL MARKET
Asian stocks edged lower and the euro sagged on Tuesday as insufficient progress on talks between debt-strapped Greece and its creditors kept investors on edge.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%. Japan's Nikkei lost 0.3% and South Korea's Kospi dipped 0.1%.
In a closely-watched Eurogroup meeting on Monday, euro zone finance ministers welcomed progress in negotiations between Greece and its creditors but said more work is needed for a cash-for-reform deal.
The US markets ended lower led by Greece’s financial woes, slowing growth in China as well as gains in bond yields.
The Indian rupee on Tuesday weakened past the 64 mark against the dollar ahead of the Consumer Price Index (CPI)-based inflation and Index of Industrial Production (IIP) data due later during the day.
SECTORS & STOCKS
On the sectoral front, all sectoral indices are trading in red with BSE Consumer Durables, Capital Goods, Realty, Bankex leading the decline and are down between 1-2%.
The metal stocks are trading weak on account of profit booking after displaying a strong rally yesterday after China announced a cut in interest rates for the third time in six months on Sunday to stimulate growth. China is the world's largest consumer of steel, copper and aluminum.
Vedanta, Hindalco and Tata Steel are down up to 2%.
The rate sensitive stocks are trading lower as macro economic data is expected to be mixed, according to Reuetrs poll which may push the Reserve Bank (RBI) to pause rate cuts. Tata Motors, ICICI Bank, Axis Bank, HDFC twins, Maruti Suzuki, Bajaj Auto, SBI down between 0.5-2%.
The bank Nifty is quoting at 17,842 levels down 2%.
Capital Goods majors L&T, BHEL have dropped 1% ahead of the IIP numbers due later during the day.
Oil and Gas exploration companies such as RIL and ONGC are trading up to 1% lower on the back of decline in the crude oil prices.
On the other hand, Dr Reddy’s Lab is the top gainer and is nearly 1% higher ahead of the quarterly results due later during the day.
Other gainers include Coal India, HUL and Wipro.
