Broader markets down over 1%; Nifty struggles at 7,600

HDFC, ONGC, Axis Bank and L&T among the top losers

Markets have marginally come off morning lows with the Sensex down 158 points at 25,421 and the Nifty gave off 55 points to trade at 7,599.

Sell-off was visible in the broader markets as well with both the mid and small cap indices down over 1% each, taking a breather after several weeks of outperformance.
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(Updated at 1045 hrs)
After a brief opening tick in the green, benchmark indices slipped into the negative territory. Weakness in heavyweights like HDFC, ONGC, Axis Bank and L&T weighed on the indices in opening deals.

At 0950 hrs, the Sensex was down 180 points at 25,399 and the Nifty dipped 60 points at 7,593.

In the broader markets, the smallcap index was up 0.3% and the midcap index was marginally in red in opening deals.

Consumer Durables, IT, Teck and Health Care were the only indices in green, up 0.3-1.4%.

Meanwhile, Realty, Capital Goods, Power, Oil & Gas and Metal indices dipped 1-3%.

Sun Pharma and Bharti Airtel up 2% each were the leading gainers among Sensex-30.

Wipro, Maruti Suzuki, Infosys, Cipla, TCS and Dr Reddys Lab up 0.5-1.7% were the only other names in the gainers list.

Some of the notable losers in opening deals were Tata power, BHEL, ONGC, Hindalco, RIL, L&T and Hero MotoCorp down 1.5-3%.

In other stocks, Suzlon Energy was locked in upper circuit for fifth straight trading sessions, up 5% at Rs 34.35.

The market breadth was negative on BSE. 1,019 stocks declined while 870 stocks advanced.

Global Markets

Asia stocks nudged three-year highs on Tuesday on rising optimism over global growth prospects and a record-run on Wall Street, helping lift Treasury yields and the dollar.

Monetary easing by the European Central Bank last week has brightened the mood for risky assets globally, with an upbeat U.S. nonfarm payrolls report released Friday giving further impetus.

On Wall Street overnight the S&P 500 ended at a fourth straight record closing high and the Dow at its third.

There was muted market reaction to Chinese inflation data released earlier in the day, as it remained well within the governments' comfort zone.

China's consumer prices rose 2.5% in May from a year earlier while producer prices fell 1.4%.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2% after touching 493.19, its highest since July 2011. Australian shares rose 0.4%.

Tokyo's Nikkei bucked the trend and lost 0.4% as profit taking kicked in after it advanced to a three-month high on Monday.