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Markets have closed lower for second consecutive trading session on account of profit taking in metal and oil shares. Meanwhile, broader markets too ended weak after paring early gains.
The 30- share Sensex provisionally ended 117 points lower at 28,047 whereas the 50-share Nifty ended down 41 points at 8,385.
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Updated at 14:30
Benchmark indices are trading lower in the late noon trades as investors booked profits at higher levels. Losses in Index heavyweights including Tata Motors, RIL, HDFC Bank and Infosys pulled the 30-share Sensex down by over 50 points.
The 30- share Sensex provisionally ended 117 points lower at 28,047 whereas the 50-share Nifty ended down 41 points at 8,385.
***************************************************************
Updated at 14:30
Benchmark indices are trading lower in the late noon trades as investors booked profits at higher levels. Losses in Index heavyweights including Tata Motors, RIL, HDFC Bank and Infosys pulled the 30-share Sensex down by over 50 points.
At 2.30 PM, the 30-share Sensex is down 161 points at 28,002 and the 50-share Nifty has shed 56 points to trade at 8,375.
In the broader market, both BSE midcap and smallcap indices are outperforming the larger counterparts gaining between 0.03-0.2%.
Market breadth on the BSE is negative with 1,783 declines against 1,183 advances.
The rupee is trading at 61.80 against US dollar versus yesterday’s close of 61.74. The rupee is seen heading to 62 a dollar due to dollar demand from oil marketing companies and importers.
Meanwhile, Moody's revised its outlook on India's corporate sector to stable from negative on expectations of economic recovery and enhanced access to global capital markets. The report also factors in successful implementation of pro-market policies that will likely lead to improved corporate cash flows.
Foreign institutional investors were net sellers in Indian equities worth Rs 100.98 crore on Tuesday, as per provisional stock exchange data
Sectors & Hot stocks:
On the sectoral front, BSE Metal, Oil & Gas and Power indices are the top losers down over 1% followed by Consumer Durables and Auto indices trading lower by 0.5%. However, BSE FMCG index is the top gainer by nearly 1%. BSE Capital Goods index is up 0.4%.
FMCG stocks are witnessing an upsurge as falling inflation raised hopes of higher spending and margins. ITC and HUL have gained between 0.5-1%.
An increase in tobacco prices to be effected in the next 10 days by ITC and other tobacco-buying companies against the background of the fall in tobacco prices.
Bharti Airtel is trading with marginal gains as the company is seen to have insulated itself from the uncertainties of spectrum bidding in the 900 Mhz band slated in February next year by purchasing extra bandwidth in 1800 Mhz space.
Hindalco, ICICI Bank, Bajaj Auto and L&T are some of the notable names in green among others and are up between 0.5-1.5%.
Pharma shares are trading mixed on the back of a probe initiated by the US legislature against Sun Pharma and Dr Reddy's over the steep increase of their drug prices in the US market is set to intensify. A panel formed by the Congress will hold its first hearing on November 20. Dr Reddy’s Lab is up 2% whereas Sun Pharma is down 1.7%. Cipla has lost 2%.
GAIL has lost around 2% shrugging off the news that it is likely to sign a gas-supply agreement with Houston-based Vega Energy Partners shortly. The deal is for supplying gas to the Cove Point LNG Terminal project located at Lusby in Maryland, US.
The technology pack is under pressure in the noon trades. Infosys, Wipro and TCS are down between 0.2-0.7%.
Global software major Infosys has appointed Anup Uppadhayay the new chief executive officer (CEO) and Deepak Bhalla the new chief financial officer (CFO) of its (business processing outsourcing (BPO) subsidiary.
The metal shares are witnessing selling pressure. Tata Steel, Sesa Sterlite and Coal India are down between 1-2%.
Tata Motors, BHEL, M&M, NTPC and Axis Bank are some of the prominent losers on the BSE among others are are down between 1-2.6%.
ONGC is down 1%. The roadshows by the government to attract investors to the planned 5% stake sale in the company got underway. Roadshows will be held in Singapore, Hong Kong, London, New York and Boston.
