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Markets have slipped further during the morning trades weighed down by technology shares and index heavyweights ICICI Bank and RIL.
At 11.05 AM, Sensex traded over 106 points lower at 26,165 while the Nifty shed over 34 points at 7,797.
Sectors and Stocks
On sectoral front, BSE IT, Teck, Realty, Power, Metal and Consumer Durables indices are losing sheen and are down between 1-1.5%. However, BSE Healthcare index is up 1%
Wipro, BHEL, Tata Motors, Hindalco and Sesa Sterlite are the top 5 losers on the BSE and are down between 1.5-6%.
In contrast, Sun Pharma, HUL, HDFC, M&M and Hero Motocorp are the top 5 gainers on the BSE and are up between 1-2.5%.
BSE Midacp and Smallcap indices have lost 0.5% and 1%, respectively.
The market breadth in BSE is negative with 776 shares advancing and 1,489 shares declining.
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(updated at 11.05 AM)
After a flat opening, markets continue to trade in the negative territory as investors booked profits at high levels. Weak global and continuing unrest in the Middle East and Ukraine have further dampened the sentiments of the market participants.
By 9:45, the Sensex was lower by 29 points at 26,242 mark and the Nifty declined by 8 points at 7,822 levels.
Following the momentum, BSE Smallcap index is trading flat. However BSE Midcap index is up 0.2%
Across the Globe
An index of Asian shares pulled away from a three-year high on Friday after a mostly flat day on Wall Street, though a fresh S&P closing record and upbeat US employment data underpinned sentiment. Initial jobless claims declined 19,000 to a seasonally-adjusted 284,000 for the week ended July 19. That was the lowest since February 2006.
MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1 percent in early trade, though still on track for solid weekly gain, while Japan's Nikkei stock average added 0.4 percent.
On Wall Street overnight, the S&P 500 eked out a slight gain to its second record closing high in a row, even after earnings painted a mixed picture of the economy.
Back Home
The Union Cabinet on Thursday cleared a Bill to raise the foreign investment ceiling in private insurance companies from 26 per cent to 49 per cent, but inserted a provision that the management and control of these companies must be with Indians. This cap will be composite — both foreign direct investment (FDI) and foreign portfolio investment.
Meanwhile, Foreign investors bought Indian shares worth 2.82 billion rupees on Thursday, as per provisional data.
Sectors & Stocks
On the sectoral front, BSE Healthcare index is leading the rally up 1% followed by BSE Power, FMCG and Realty indices. However, BSE IT index is the biggest loser followed by, Teck and oil and gas indices. BSE Capital goods index is flat with a negative bias.
The technology pack is witnessing heavy selling during the early trades. Wipro is down 5% after reporting a 29.5% growth in its consolidated net profit at Rs 2,103.2 crore for April-June period, helped by large deals in the application and infrastructure space. Following the tandem Infosys and TCS have lost between 0.3-0.6%.
The metal shares which rallied yesterday on the back of encouraging Chinese PMI data are trading in red on profit taking. Hindalco, Sesa Sterlite and Coal India have lost between 0.1-1%. However, Tata Steel is up nearly 1%.
India's largest steel maker Tata Steel on Thursday raised Rs 9,000 crore ($1.5 billion) in dollar denominated bonds in the international markets. This marks the beginning of the company's efforts to refinancing over Rs 33,000-crore loan that it has to repay in the next 18 months.Tata Steel plans to follow this round of fund-raising with an additional $5.6 billion (Rs 33,600 crore) term loans in multiple currencies in the coming months.
Index heavyweights RIlL and ICICI Bank are down nearly half a percent.
On the flip side, Pharma stocks have gained during the morning hours on renewed buying. Sun Pharma, Cipla and Dr Reddy’s lab are up between 0.5-2%.
In the banking space, HDFC twins, Axis Bank and SBI are up between 0.4-1.5%.
In the auto pack, M&M has gained nearly 1.5% on the back of progressing monsoons. Tata Motors, Maruti Suzuki and Hero Motocorp are up between 0.2-0.5%.
The power space is experiencing an upsurge with NTPC and Tata Power up 0.4%.
Some notable names in green are ITC, ONGC and Bharti Airtel among others.
Among other shares, SKS Microfinance has surged 7% to Rs 295 on reporting nearly ten-fold jump in profit at Rs 49 crore for the first quarter ended June 30, 2014 (Q1). The company had profit of Rs 5 crore in the corresponding quarter of previous year.
The market breadth in BSE remains marginally positive with 842 shares advancing and 763 shares declining.
