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The Sensex and Nifty are trading down by one percent in the afternoon session post the Railway budget as investors turn cautious and book profits.
At 2.25 PM, The Sensex is trading at 25,815 levels lower by 284 points and the Nifty is quoting at 7,690 mark declined by 97 points.
BHEL, NTPC, Sesa sterlite, ONGC and RIL are some of the distinguished losers on the BSE, down between 2-6%
On the other hand, Hindalco, Sun pharma and Cipla are some of the notable gainers on the BSE up between 0.5-1.6%
The broder markets are outperforming the large counterparts. BSE Midcap and Smallcap have declined by 2% and 2.7% each
The market breadth is weak on the BSE with 2,056 shares declining and 839 shares advancing.
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( updated at 2.30 PM)
Markets recovered from their lows and the Sensex reclaimed 26,000 as gains in HDFC, ITC and Pharma shares helped offset some of the losses.
At 1:20PM, the 30-share Sensex was down 98 points at 26,002 and the 50-share Niftry was down 38 points at 7,749.
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(Updated at 1:05PM)
Markets extended losses and the Sensex has slipped below 26,000 level with index heayweight Reliance Industries leading the losses.
At 1:05PM, the 30-share Sensex was down 149 points at 25,951 and the 50-share Nifty was down 55 points at 7,332.
Other Sensex losers include, L&T, TCS, ICICI Bank, ONGC and SBI among others.
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(Update at 12:45PM)
Markets continued to trade weak in noon trades with select index heavyweights leading the losses while railway-related shares continue to trade mixed following the annoucements in the Rail Budget 2014.
At 12:45PM, the 30-share Sensex was down 73 points at 26,027 and the 50-share Nifty was down 31 points at 7,757.
Railway Minister Sadananda Gowda while presenting the Rail Budget has focussed on bullet trains, safety of passengers, cleanliness, FDI, Public Private Partnerships, increase in freight traffic growth and widen the scope for on-line booking.
The Railway Ministry plans to provide ready made pre-cooked ready-to-eat meals of reputed brands in a phased manner and also provied RO drinking water at select stations on pilot basis. The Railway Ministry also plans to increase the wagon-leasing market and also encourage corporate to adopt stations.
Most Rail-related stocks which rallied ahead of the Rail Budget are witnessing profit taking at higher levels.
Among the rail-related stocks only two viz, Transformers & Rectifiers and Hind Rectifiers were trading 1.3-2.8% higher.
Other rail-related shares are trading lower with Texmaco Rail down 8%, Titagarh Wagons, Stone India and Kernex Micro down 5% each, ARSS Infra was down 4% and Kalindee Rail was down 3.1%.
Market breadth was weak with 1,759 losers and 1,014 gainers on the BSE.
