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Markets are witnessing a sharp decline in the event of a major sell-off in Chinese equity markets in addition to the uncertainty in Greece. Meanwhile, investors are keenly awaiting the minutes of the US Fed meet to be released later today.
At 12.30 PM, the Sensex was at 27,668 levels, down by 503 points while Nifty was at 8,350, down by 161 points. The broader market is trading in tandem with the larger peers. BSE Midcap and Smallcap indices are down 1.6% each.
Chinese markets continue to drop with Shanghai Composite index falling 6% and Hang Seng slipping over 6% having a deeper impact on the commodity market. Meanwhile, about 45% of listed mainland stocks were suspended, prompting investors to exit at will.
RUPEE
The Indian rupee has weakened by 16 paise at 63.62 per dollar against previous close of 63.46 due to the dollar’s gain against other currencies overseas. Losses in the Indian equities and ongoing Greek crises affected the sentiments.
COMMODITY CORNER
Gold prices slipped below Rs 26,000 mark by falling Rs 51 in futures trade today after the precious metal plunged to over three-month lows in global market.
Copper prices fell close to 5% to $5,339 per tone and are now trading at its lowest since 2009.
Prices of zinc and tin fell 3-4%, while aluminium prices fell closer to 2%.
Silver prices dived Rs 282 to Rs 34,381 per kg in futures trade today as speculators indulged in offloading positions, taking weak cues from global market.
Oil futures fell again on Wednesday as worries over the Greek debt crisis and China's stock market turmoil outweighed an expected U.S. inventory drop, with traders anticipating further drops.
STOCK TRENDS
On the sectoral front, all sectoral indices are trading in red with BSE Metal index leading the decline down nearly 4%.
The metal pack has taken a hit in today’s session as Chinese economic slowdown has dampened the buying apetite. Vedanta, Hindalco, Tata Steel and Coal India are trading lower between 2-6%.
Shares of Tata Motors have dipped 6.5% on concerns about a slowdown in China.China is the biggest market of Tata Motors' Jaguar Land Rover (JLR).
Financials are reeling under pressure in today’s trade. HDFC, ICICI Bank, HDFC Bank, Axis Bank are trading lower up to 2%.
The capital Goods stocks are taking a beating ahead of the IIP numbers due to be released on Friday. BHEL and L& T are trading lower by 3% and 1.6% each.
TCS is trading 1% lower ahead of the quarterly results due to be released tomorrow. Following the tandem, Infosys is trading lower by 2%.
HUL and Wipro are outperforming the 30-share pack, Sensex and are trading with marginal gains.
The market breadth is weak on the BSE with 633 shares advancing versus 1,817 shares declining.
