Markets continued to trade on a weak note. The Sensex was at 17,617, lower by 252 points and the Nifty continued to trade below the 5300 levels, at 5288, down 77 points.
Most of the sugar stocks are trading on a weak note after the Competition Commission of India (CCI) issued notices to around 50 sugar companies on the issue of forming a price cartel. Thiru Arooran Sugars is the top loser, down 8.16% at Rs 90. It was followed by Upper Ganges Sugar & Industries, Bajaj Hindusthan, Piccadily Sugar and Jeypore Sugars, down 5-6.5% each.
Meanwhile, the European markets have also opened in the red. FTSE is down 37 points at 5678 and the DAX has opened lower by 78 points at 7086. However the CAC has opened higher by 31 points at 3824.
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(Updated at 12.40 PM)
Markets continued to witness the heavy selling pressure in the noon deals. At 12.40 PM the Sensex was at 17,578, lower by 292 points and the S&P CNX Nifty was at 5278, down 88 points. Earlier in the day the Sensex tested the February low levels of 17,295.
Reliance Communication and Reliance Infrastructure part of the ADAG group were the top losers on the Sensex (down 6% and 5.5% respectively). The stocks reacted sharply to the reports on exclusion from the Sensex with effect from August 8. Cipla, J P Associates, TCS, Mahindra & Mahindra, Tata Motors, NTPC and Bajaj Auto were also trading lower by 2-3% each. Meanwhile the index heavyweight Reliance Industries registered a fresh 52 week low of Rs 829 in the trades today. Infosys was also among the few stocks which registered a new 52 week low. On the other hand Bharti Airtel, Hero Honda and ICICI Bank were among the notable gainers.
The broader markets are trading on an extremely weak note and have underperformed the benchmark indices. The BSE mid-cap index was at 6662, lower by 2.23% or 152 points and the small-cap index shed 192 points or 2.35% to 7983. The BSE 500 market breadth is also extremely negative as 455 stocks are declining while 43 stocks are advancing.
GTL group stocks were the top losers among the mid-cap stocks. GTL plunged 56% to Rs 150 and the GTL Infra slipped 33% to Rs 20, in the trades. KS Oils, S Kumar's Nationwide, Ruchi Soya, United Breweries and Alok Industries were also trading lower by 6-17% each. On the small-cap charts Sujana Toweres was the top loser down 15% to Rs 28. It was followed by Shriram EPC, HFCL, Subex, Advanta India, Ruchi Infra and Aegis Logistics.
On the sectoral front all the sectoral indices were trading lower barring consumer durable index were trading lower. BSE IT index had hit its lowest in nine months in the trades today all the frontline IT stocks were trading in the red. Meanwhile the BSE Realty index was the top loser down 2.4% to 2053, it was followed by Power, Auto, Teck, Metal and Oil & Gas indices down 1.6-2% each.
The overall breadth was extremely negative as 2105 stocks advanced while 510 stocks declined.
