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Markets ended lower for second consecutive session weighed down by financials and oil shares while buying among telecom and auto shares outperformed the benchmark indices.
The 30-share Sensex provisionally ended down 135 points at 28,710 and the 50-share Nifty closed 45 points lower at 8,712.
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(updated at 3.30 PM)
Benchmark indices have trimmed losses in the last one hour of trading led by telecom major Bharti Airtel after the company decided to double its 4G network by next fiscal as it gears up to take on competition. Also, a smart rally in select auto stocks including M&M, Bajaj Auto and Hero Motocorp is evident.
At 3.20 PM, the 30-share Sensex is down 145 points at 28,699 and the 50-share Nifty has lost 47 points at 8,710.
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(updated at 3.20 PM)
Benchmark indices are trading lower amid choppy trades weighed down by selling pressure seen in financials, capital goods and oil shares.
At 14:35PM, the 30-share Sensex was down 231 points at 27,616 and the 50-share Nifty was down 74 points at 8,683.
Among broader markets, BSE Midcap and Smallcap indices have slipped between 0.3-0.4%.
Market breadth on the BSE has turned negative with 1,489 declined against 1,188 advances.
On the currency front, the rupee weakened further by 25 paise to trade at a fresh two-month low of Rs 62.80 against the US dollar on Tuesday at the Interbank Foreign Exchange due to rise in the greenback's value against other currencies overseas.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 838.30 crore yesterday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 35.31 crore yesterday, as per provisional data.
GLOBAL MARKETS
Japan's Nikkei fell to a near two-week low in volatile trade on Tuesday, erasing earlier gains as banks were hit hard by a report saying the Basel Committee may ask banks to boost capital as a sufficient cushion in case of spikes in interest rates.
The Nikkei ended 0.7% lower at 18,665.11, the lowest closing level since February 25. In the morning session, the Nikkei rose to as high as 18,924.38. The broader Topix fell 0.5% to 1,524.75 and the JPX-Nikkei Index 400 also shed 0.5% to 13,856.27.
LEADERS & LAGGARDS
BSE Realty index has slumped over 2% followed by counters like Banks, Capital Goods, Oil & Gas and Power, all declining by 1% each. However, TECk, Consumer Durables and Auto sectors have gained between 0.4-1%.
The main losers on the Sensex are HDFC, Hindalco, HUL, ONGC, Wipro, L&T and Sesa Sterlite.
HDFC and HUL are trading lower on account of profit taking after recent run-up in the share prices.
GAIL has extended yesterday’s losses, down 1%. Oil shares were also trading lower with Reliance Industries and ONGC down between 0.7-1.4% as global crude inventories begin to increase.
On the gaining side, Bharti Airtel has surged almost 7% on back of heavy volumes.
According to PTI reports, telecom major Bharti Airtel plans to double its 4G network by next fiscal as it gears up to take on competition, including the much-awaited foray of Mukesh Ambani-led Reliance Industries group.
Meanwhile, according to reports, the government is set to surpass its revenue estimates from the spectrum auction, as the assured revenue from the spectrum sale on Monday reached Rs 94,000 crore.
Idea Cellular, Reliance Communications and Tata Teleservices (Maharashtr) are the other telecom stocks that have rallied by up to 10%.
Other notable gainers are Coal India, Bajaj Auto, Hero, M&M and TCS.
Tata Consultancy Services has been named as the top employer in Europe for the third consecutive year by a top employers certification agency, citing the Indian IT major as an "exceptional performer" in nine core human resources areas.
Auto stocks gained after a senior official of the Society of Indian Automobile Manufacturers said that demand revival is expected for the auto industry while heavy commercial vehicles have shown good improvement.
Theme park operator Adlabs Entertainment, which today hit the market with an IPO to raise Rs 400 crore, has allotted shares worth Rs 60 crore to anchor investors including funds operated by Daiwa, HDFC MF, Axis MF, IL&FS and L&T Mutual Fund.
