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Markets have slumped further weighed down by heavy selling in capital goods and index heavyweight shares.
At 2:20, the Sensex is trading at 25,055 levels down by 320 points and Nifty is trading at 7,469 levels lower by 98 points
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(updated at 2.20 PM)
The markets, which opened on a firm note post the Infosys results, failed to continue the upward trend and slipped in the negative territory. Alternate bouts of selling and buying are visible today.
Heavy selling of financial and oil and gas shares is evident. On the other hand, defensives are still trading in the positive territory.
In addition, global equities turned bearish after trading in Portugal's second-largest bank, Espirito Santo, was suspended raising concerns of the country's financial health, which further dampened the sentiments of the market participants.
However, the Budget which was presented yesterday aimed at creating investor friendly policies. Also, the commitment to roll out the Goods and Services tax later during the year cheered the domestic investors.
At 2.05 PM, the Sensex is trading at 25,121 levels lower by 250 points and Nifty is trading at 7,492 levels down by 76 points.
The broader markets are trading in line with the large counterparts. BSE Midcap and Smallcap indices are lower by 25 and 2.4% each.
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( updated at 2.10)
Markets have erased some of its momentary losses while trading in a volatile range.
At 1.25, the Sensex is trading at 25,226 levels down by 147 points and Nifty is trading at 7,520 levels lower by 52 points
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(updated at 1.30 PM)
The Sensex and the Nifty extend losses in the noon session weighed down by profit taking in power and metal shares even as investors found safety in defensive shares. Further, weak global cues dampened investor sentiment..
However, FDI in insurance and defence, power-sector development, banking reforms and the road infrastructure development were cheered by most market particiants.
At 1.00 PM, the Sensex is trading at 25,140 levels lower by 232 points and Nifty is trading at 7,491 levels down by 76 points.
The broader markets are trading in line with the large counterparts. BSE Midcap and Smallcap indices are lower by 1.5% each.
Asian Markets
Most Asian share markets slipped on Friday and safe haven assets stayed in demand as investors waited to see how European stocks responded to the latest outbreak of banking jitters in the region.
Early signs were that markets might stabilize after sharp falls on Thursday triggered by concerns about the financial health of Portugal's top listed lender.
Local Currency
The rupee is trading at 60.25 against the US dollar due to appreciation of the American currency against other currencies overseas.
Industrial output is seen rising 3.8% in May 2014, higher than 3.4% growth in April, as per the median estimates of a poll of economists carried out by Capital Market. The government will unveil industrial production data for May 2014 today, 11 July 2014.
Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 161.55 crore on Thursday, 10 July 2014, as per provisional data from the stock exchanges.
Sectors & Stocks
On sectoral front, BSE Power is the top losing index followed by Metal, Realty and Capital goods indices. One the other hand, BSE Healthcare, IT and FMCG indices are trading in the positive zone.
Shares of real estate companies which surged during the morning trades after key positive announcements in the Realty sector made by the Finance Minister in Budget are currently trading in red on profit taking.
Capital goods and Metal shares are trading in red as the reforms suggested in the Budget failed to enthuse the investors. BHEL, L&T, Sesa Sterlite, Hindalco and Coal India are down between 2-6%
Oil and Gas shares are also facing the selling pressure. Reliance, ONGC and GAIL are down between 1-3%
The banking space is dwindling in the negative zone with SBI, HDFC twins, ICICI Bank and Axis bank down between 0.09-2.5%, although the Budget had suggested many reforms and Capital infusion in the financial space.
On the flip side, healthcare shares are witnessing fresh buying. Sun Pharma, Cipla and Dr Reddy’s lab are up between 0.6-2%
Caraco Pharmaceutical Laboratories, a subsidiary of Sun Pharma, has initiated recall of some lots of Venlafaxine Hydrochloride extended-release tablets from the US market.
The technology shares are trading in green after Infosys reported a better-than-expected consolidated net profit for the first quarter ended June 30, 2014 (Q1). TCS and Wipro have gained 1% each
Some of the other notable gainers include FMCG majors HUL, ITC and Hero Motocorp
The market breadth in BSE remains unhealthy with 1,878 shares declining and 739 shares advancing.
