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Markets continue to trade in the negative territory in the absence of any fresh domestic cues. In addition, global factors weigh heavily on sentiment right now.
At 10.27 AM, Sensex has traded over 248 points lower at 25,341 while the Nifty has shed over 76 points at 7,573.
US President Barack Obama has authorised "targeted airstrikes" against Islamic militants to protect American military personnel and airdrops of meals and water to thousands of religious minorities trapped on a mountaintop in northwest Iraq.
The market breadth in BSE is negative with 1,544 shares declining and 528 shares advancing.
Top 5 losers on the BSE are Tata Motors, BHEL, M&M, Axis Bank and ONGC, down over 2%, each
_________________________________________________________(At 10.28 AM)
Benchmark share indices opened lower on Friday tracking weakness in global markets.
At 9.18 AM, The S&P BSE Sensex lost 234 points to trade at 25,355 while the CNX Nifty shed 71 points to trade at 7,578.
Across the Globe:
Across the Globe:
Asian shares tumbled on Friday as investors sought out safe-haven assets on growing fears that conflicts in Ukraine and the Middle East could sap global growth, extending losses after U.S. President Obama said he had authorized air strikes in Iraq.
MSCI's broadest index of Asia-Pacific shares outside Japan. Japan's Nikkei was down about 2.1 percent.
Wall Street ended down on Thursday, erasing early gains marked on data showing the number of Americans filing new claims for unemployment benefits unexpectedly fell last week.
Rupee:
The rupee is trading at 61.71 owing to increased demand for dollars after data showed the US was on a recovery path. There is concern the US might resort to raising interest rates sooner than expected, due to which emerging markets such as India will see outflows.
Meanwhile, Foreign portfolio investors (FPIs) sold shares worth a net Rs 73.07 crore on Thursday, 7 August 2014, as per provisional data from the stock exchanges.
Sectors and Stocks:
On the sectoral front, all sectoral indices are trading in the negative territory with BSE realty index being the biggest loser down over 2%, followed by power, Auto, Capital Goods indices and Bankex, down between 1-2%.
Heavy selling is evident in the financial space, with ICICI Bank, Axis Bank , SBI and HDFC twins down between 1-2%. State Bank of India declined ahead of its Q1 results today, 8 August 2014.
Oil and Gas majors ONGC and RIL have lost 2% and 1%, each.
Auto shares are losing sheen in the early trades. M&M, Maruti Suzuki, Tata Motors and Hero Motocorp down between 1-2%. Hero MotoCorp dropped as the stock turned ex-dividend today, 8 August 2014, for an interim dividend of Rs 30 per share for the year ending March 2015.
Power stocks are dim. Tata Power and NTPC have shed over 1.5%, each.
BHEL and L&T have declined over 1%, each during the morning trades.
Sesa Sterlite, Hindalco, Tata Steel and Coal India have lost over 1%, each.
IT major Infosys is trading marginally in red along with Cipla and Dr Reddy’s Lab.
On the flip side, Bharti Airtel and TCS are the only two stocks trading in the positive territory.
The broader markets are trading in line with the large counterparts. BSE Midcap and Smallcap indices have slipped by 1.4%, each.
The market breadth is weak on the BSE with 1,178 shares declining and 347 shares advancing.
