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The benchmark indices are trading weak this morning in wake of the negative cues from the Asian front and the upcoming CPI and IIP numbers, scheduled to be released on Wednesday.
At 11.30 am, the Sensex has slipped below the 28,000 mark at 27,987, down 114 points or 0.4% and the Nifty had slipped 38 points to trade at 8,487.
The broader markets are also weak, with the midcap and smallcap indices losing 0.4% each 11,510 and 11,987 respectively. The market breadth is mildly negative; Out of 2,421 stocks traded on the BSE, there are 1,023 advancing stocks as against 1,317 declines.
Meanwhile, the government has listed the GST bill, that seeks to replace all indirect taxes with a uniform levy, for consideration and passing in Rajya Sabha on Tuesday.
RUPEE
The rupee fell to the lowest against the dollar in two weeks on Tuesday after China devalued the yuan by nearly 2 per cent. The rupee fell sharply by 29 paise to 64.16 against the dollar at the Interbank Foreign Exchange due to a rise in the dollar against other currencies overseas.
STOCK TRENDS
Metal stocks have lost sheen in today’s trade after China devalued the yuan. Hindalco and Tata Steel are down 2.5% each. Tata Steel is due to release its numbers today. Tata Motors has extended its losses by another 1% post its Q1 numbers announced over the weekend.
Capital goods companies, BHEL and L&T are trading lower ahead of the IIP numbers due tomorrow. FMCG majors ITC and HUL have also shed around 1% each.
Tata Steel, Sun Pharma and NMDC have declined by upto 1% each ahead of their Q1 results today.
On the other hand, technology stocks are witnessing buying interest on the back of a weakening rupee. The BSE IT index has advanced by nearly 1%, with Infosys and TCS gaining 2% and 1% respectively. In the midcap IT space, HCL Technologies and Tech Mahindra are the significant gainers.
SBI is trading higher by 1.5% ahead of its first quarter numbers for the current financial year toi be unveiled later in the day.
Syngene International has made a stellar debut on the bourses. The Biocon subsidiary has listed at Rs 295, an 18% premium against its issue price of Rs 250 per share. Post the listing, the stock hit a high of Rs 308 and is currently trading at Rs 305. In related news, the initial public offer of Power Mech Projects, a power infrastructure services company, closes this evening.
