The markets have cracked sharply in the last few minutes of trades, amid news flow that India, Maruitius are likely to resume talks on tax treaty. It may be noted, that a lot of FDI is directed from Maruitius.
The Sensex has taken a sharp dip, and is now down 252 points at 17,168. The NSE Nifty has dropped 73 points at 5,293.
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(Updated at 0930 hrs)
The markets have started the week on a quiet note with the Sensex up 21 points at 17,891 and the Nifty was up five points at 5,371. However, the upside was limited and the benchmark indices was dragged lower by the IT and Power index.Currently the Nifty is down 17 points at 5,348 and the Sensex lost 55 points at 17,814.
In the broader markets, the midcap index is down 0.5% while smallcap index remains virtually unchanged around 8,170 outperforming the BSE benchmark index, down 0.3%.
Among the sectoral indices, the Consumer Durables index up nearly 0.6% is leading the morning gains followed by PSU, Health Care and Realty indices adding in the range of 0.2-0.4%. Rate sensitive Bankex and Auto indices has started flat with a negative bias. The draggers IT and Power indices is down 0.8% and 0.4% respectively.
The top gainers among the Sensex stocks are Hero Honda up 0.6% followed by NTPC, Sterlite Industries and Bharti Airtel gaining 0.3% each.
Among the losers are soon to be excluded ADAG Sensex stocks Reliance Infrastructure and Reliance Communication down 4-5% followed by TCS, Cipla, Mahindra & Mahindra and Tata Motors losing 1-2%.
On the other hand, Sun Pharmaceutical is up over 1% and Coal India moved up over 2% which will be in the Sensex-30 from August 8.
The market breadth is very negative. Of the total 1700 stocks trdaed on the BSE, 1042 stocks have declined while 598 advanced.
