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Markets under pressure; Nifty hovers around 7,850

Weakness in HDFC twins, ITC and TCS keep gains under check

SI Reporter Mumbai
Markets have edged lower in early morning trades as weakness in heavyweights like HDFC twins, ITC and TCS weighed on the indices. At 1130 hrs, the Sensex was down 90 points at 26,294 and the Nifty dropped 35 points to trade at 7,848.

However, there was some buying in the broader markets as both the mid and smallcap indices gained 0.1% each.

Barring Capital Goods and Power indices up 0.1% each, all the other sectoral indices were in red.

Realty index down 8% was the top sectoral loser as realty heavyweight, DLF tanked 25%.

Metal index down over a percent was another notable index loser. Sesa Sterlite, Tata Steel, Jindal Steel and Hindalco down 0.5-3.3% were the major losers.
 
Banks were largely in green after the consumer price index sharply eased in the month of September. Axis Bank, Bank of India and SBI were up 1% each.

The top gainers among the sensex-30 scrips were BHEL, Bajaj Auto and Bharti Airtel up 1.5-3%.

Cipla, RIL and Sun Pharma up 1% each were the other notable gainers.

Among the ones in red were HDFC, ITC, Tata Motors, ONGC and HDFC Bank down 1-2%.

IT front liners were in red as profit taking emerged post upbeat earnings from Infosys.  TCS, Infosys and Wipro were down 0.1-1.2%.

The market breadth was negative on BSE. 1,223 stocks declined while 1,144 stocks advanced.

Global Markets

Japanese stocks skidded to two-month lows on Tuesday as heightened concerns about the health of the world economy unnerved investors, triggering a shift in funds to safe-havens such as U.S. bonds.

Japan's Nikkei share average fell 1.5%, hitting levels last seen in mid-August, while the 10-year U.S. debt yield hit a 16-month low of 2.238% following a market holiday on Monday.

MSCI's broadest index of Asia-Pacific shares outside Japan, which had fallen more than 10% since early September, managed to nudge up 1.0% thanks to bargain-hunting but was still within sight of its 6 1/2-month low hit on Monday.

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First Published: Oct 14 2014 | 11:49 AM IST

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