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Sensex slips below 24,300; metal & capital goods shares drag

The main losers on the Sensex are Sesa Sterlite, Coal India, BHEL, Hindalco, L&T and Tata Power

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Markets have erased early gains and have slumped further weighed down by and capital goods shares.

By 9:50, the was lower by 78 points at 24,299 mark and the declined by 24 points at 7,253 levels.

The main losers on the Sensex are Sesa Sterlite, Coal India, BHEL, Hindalco, L&T and Tata Power.


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Updated at 9:30

Markets have started the trading session on a flat note with Sensex and Nifty swinging between negative and positive zone.

Gains are capped as investors are likely to continue profit booking in cyclicals after sharp gains recently.

By 9:30, the Sensex was higher by 12 points at 24,387 mark and the Nifty gained by 2 points at 7,278 levels.

Foreign institutional investors (FIIs) sold shares worth a net Rs 104.53 crore on Tuesday, 20 May 2014, as per provisional data from the stock exchanges.

The rupee is trading at 58.84 per dollar versus its previous close of 58.63/64.

Asian shares were trading mixed tracking overnight losses on Wall Street. Meanwhile, the Bank of Japan has kept its key policy rates unchanged. The Shanghai Composite and Hang Seng were trading with marginal gains while the Nikkei and Straits Times were down 0.3% each.

stocks ended lower on Tuesday on talks that the Federal Reserve would hike policy rates sooner-than-expected and weak earnings from retailers. The Dow Jones ended down 0.8% at 16,374, S&P 500 lost 0.7% at 1,873 and the tech-laden Nasdaq ended down 0.7% at 4,097.

Back home, BSE Consumer Durables index has surged over 1%. Meanwhile, BSE Metal index has declined nearly 1%.

The main gainers on the Sensex at this hour include TCS, NTPC, M&M, Bajaj Auto, RIL, Sesa Sterlite and Cipla.

On the losing side, Sun Pharma, Coal India, BHEL, L&T and Hindalco have declined between 1-2%.

Among other shares, Oil has rallied 14% to Rs 91.20 after reporting a five-fold jump in net profit at Rs 1,008 crore for the fourth quarter ended March 31 2014 (Q4) due to a one-time foreign exchange gain of Rs 314 crore and healthy refining margins. The company had profit of Rs 200 crore in the same quarter last year.

The broader markets continue to outperform the benchmark indices- BSE Midcap and Smallcap indices have gained by nearly 1% each.

The market breadth in BSE remains firm with 1,105 shares advancing and 282 shares declining.

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