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The markets have slipped this afternoon on the back of weakness in metal and banking stocks. The Sensex has lost around 300 points from the highs of the day and is now at 22,317, weaker by 148 points and the Nifty is at 6665, down 49 points. The broader markets are underperforming their heavyweight counterparts; the midcap index is at 7284, weaker by 122 points and the smallcap index is at 7451, down 164 points.
Earlier in the day, the markets had snapped three successive days of losses on the back of gains in heavyweights such as RIL and ITC. But the reversal was short-lived as investors seemed to have recently turned wary about the outcome of the elections result on May 16, despite the consensus favouring a Narendra Modi-led regime at the Centre.
Globally, investors are cautious ahead of the outcome of the Fed meeting as well as key US jobs data scheduled on Friday, and against a backdrop of continuing tensions in Ukraine. A two-day meeting of the Federal Open Market Committee (FOMC) on monetary policy review concludes today, 30 April 2014.
European shares have lost ground in early trade after sharp gains in the previous session as tensions in Ukraine continued to dog sentiment. Key benchmark indices in UK, France and Germany are down by 0.08% to 0.29%.
Asian shares are mixed, while the yen strengthened to session highs after the Bank of Japan's latest upbeat economic projections suggested no additional stimulus was on the near-term horizon.
And trading in US index futures indicates that the Dow could fall 19 points at opening bell on 30 April 2014.
On the political front, seven states and two union territories are going to polls in the 7th phase of the ongoing Lok Sabha elections on Wednesday.
The stock market are closed tomorrow, May 1, 2014, on account of May Day.
The metal pack is witnessing profit-booking after the gains seen on Tuesday. Sesa Sterlite has declined by 3.7% at Rs 183 to top the loser's list on the BSE. Hindalco has weakened by 3.3% at Rs 132 and Tata Steel has shed 2.7% at Rs 394. Index heavyweight RIL has surrendered intra-day gains and is now flat at Rs 939.
The stocks to buck the trend include Gail India (up 1.8% at Rs 374) and Dr Reddy's (up 0.9% at Rs 29563).
The market breadth is weak. Out of 2785 stocks traded on the BSE, there are 850 advancing stocks as against 1791 declines.
