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The Sensex and Nifty continue the downward trend in the afternoon session owing to heavy selling in metal, capital goods and power shares despite positive global cues.
At 1.30 PM, the 30-share Sensex is down 76 points and the 50-share Nifty dipped 26 points and are quoting at 25,747 and 7,688 levels, respectively.
Sectors & Losers on the BSE
Among BSE sectoral indices, Metal index is the highest losing index down 1.1%, followed by Capital goods, Power, Auto indices and Bankex, down between 0.3-1%.
Sesa Sterlite, M&M, Wipro, Tata Power and L&T are the top 5 losers on the BSE.
Sectors & Losers on the NSE
Among NSE sectoral indices, CNX PSU Banks index is the highest losing index down 1.1%, followed by Bank Nifty, CNX infra, Finance, Auto and Metal indices down between 0.3-8%.
ACC, United Spirits, Indusland Bank, PNB and Jindal Steel are the top 5 losers on the NSE
The market breadth remains marginally weak on the BSE with 1,516 declines and 1,342 advances
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(updated at 1.30 PM)
Markets have extended losses with the Nifty index slipping below 7,700 mark weighed down by capital goods, metal and financial shares.
By 12:20 PM, the Sensex was lower by 100 points at 25,724 mark and the Nifty slipped by 32 points at 7,683 levels.
The main losers on the Sensex are Coal India, Wipro, M&M, Sesa Sterlite, Tata Power, L&T and ONGC.
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Updated at 11:35
Benchmark indices are trading in a tight range with negative bias weighed down by capital goods and metal shares.
By 11:35 AM, the Sensex was lower by 22 points at 25,801 mark and the Nifty slipped by 11 points at 7,704 levels.
Adds Mudit Goyal, technical analyst, SMC Global, “Nifty was consolidating in the range of 7500-7700 for two weeks and gave the breakout of same during this week. Currently, it is trading higher with huge amount of buying interest. From current level, Nifty term resistance is seen around 7800-7850 levels and key support is around 7620-7600.”
ASIAN MARKETS
Asian shares rose to a three-year peak on Friday and the dollar held near its overnight highs after U.S. jobs data which showed the lowest unemployment rate in six years and underscored the strength of the economic recovery.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2%, touching its highest levels since May 2011 and on track for a weekly gain of 1.7%.
Japan's Nikkei stock average rose 0.6%, hitting a 5-1/2-month high and poised to gain 2.3 percent for the week.
BACK HOME
Foreign portfolio investors (FPIs) bought shares worth a net Rs 950.82 crore on Thursday, 3 July 2014, as per provisional data from the stock exchanges.
The rupee is trading at 59.67/68 versus its close of 59.73/74 as gains in the domestic sharemarket raise hopes for continuation of foreign fund inflows.
Meanwhile, the Reserve Bank of India (RBI) will issue the guidelines that will be used to grant on-tap and differentiated banking licenses later this year, deputy governor R Gandhi told reporters on the sidelines of an event on Friday.
On the sectoral front, BSE Healthcare, Consumer Durables, Oil & Gas and Realty indices have gained by nearly 1% each. However, BSE Capital Goods and Metal indices have declined by nearly 1% each.
Pharma stocks have gained with Cipla, Sun Pharmaceutical Industries and Lupin hitting record high.
The main gainers on the Sensex are Dr Reddy’s Labs, Bharti Airtel, Tata Power, HDFC Bank, Axis Bank, RIL and Maruti Suzuki.
On the losing side, L&T, Coal India, M&M, Sesa Sterlite and Wipro have declined between by 1% each.
Sesa Sterlite has declined as the stock turned ex-dividend today for final dividend of Rs 1.75 per share.
Among other shares, United Bank of India has soared 19% to Rs 61.75, extending its past two day’s rally on back of heavy volumes.
Stocks linked to the railways are in focus and trading higher by up to 6% ahead of the Railway Budget on Tuesday July 8 on expectation of reforms announcements in the budget.
Texmaco Rail & Engineering, Titagarh Wagons, Kalindee Rail Nirman (Engineers), Kernex Microsystems (India) and Stone India are up between 5-6% on the Bombay Stock Exchange (BSE). In comparison, the benchmark Sensex was up 0.20% at 25,875.
The broader markets continue their outperformace- BSE Midcap and Smallcap indices have surged by nearly 1%.
The market breadth in BSE remains firm with 1,438 shares advancing and 1,157 shares declining.
