Indices slip on profit booking; Sesa Sterlite & BHEL down 3%

The markets remain weak weighted down by Metal stocks and Financials. The 30-share Sensex was down 111 points and  the 50-share Nifty was down 38  points  at 25,474 and 7,615  level, respectively.

The broader markets have also declined in tandem with their Largecap counterparts. BSE Mid-cap and BSE Small-cap dropped 1.2% each.

Asian Markets:

Asian shares turned mixed following Chinese inflation figures and another record-breaking close on Wall Street. The Dow and S&P 500 closed at record highs overnight as increased deal activity from Merck & Co. and Tyson Foods boosted risk appetite. Japan’s Nikkie plunged 0.6% , Straits Times Index is down 0.3%, whereas Hong Kong'Hang Seng Index jumped 0.7% and Shanghai Composite Index surged  0.8%

The rupee is currently trading at 59.29 against the US dollar tracking weakness in the domestic share market.

Sectors & Stocks:

Rupee depreciation against the Dollar resulted in cash inflows for pharmaceutical companies that derive a significant part of their revenues from the US with Cipla, Sun Pharma and Dr Reddys lab up 1.5%-1.8%, each

Information Technology Pack also benefitted from a higher dollar value as bulk of their revenues come from overseas markets. Wipro surged 2.6%, Infosys, which was down 0.5%  following concerns over the several top-level exits in the last one year, has gained 1.5% and TCS rose 0.8%  

Among other stocks, Bharti Airtel jumped 2.3%

Metal shares which rose  on the back of strong Chinese data yesterday have dipped with tata steel, Hindalco and Sea sterlite down 3.2%-4.5%, each. In addition Coal India dropped marginally by 0.08%

The BSE bankex which jumped 5.34 % yesterday, plunged 1.3% today during the morning trades with SBI, HDFC bank,  ICICI bank and Axis bank  down 0.4%-1.4%, each.

Among other financial stocks, HDFC dipped 0.05%

In Auto space, Hero Motocorp, M&M and Tata Motors dipped 0.5%-1.5%, each. On the other hand, its peers Bajaj Auto and Maruti Suzuki surged 0.9% and 0.3%, respectively

Capital goods socks including Larson and BHEL are down 1.3% and 3.7%, respectively

Shares of Oil and Gas including Reliance, ONGC and GAIL dropped 1.5%-2.2%, each.

In power space, Tata power and NTPC have dipped 1.8%-2.9%, each

A poor monsoon impacted FMCG sector with ITC down 1% and HUL dipped 0.03%

Among other stocks, BEML is trading higher by 4% to Rs 810, extending its 17% rally in past three trading sessions, on hopes of the government will introduce new policies and liberalised foreign direct investment (FDI) in the defence sector.

Torrent Power shares gained 41% in the last one month. The company, which was under severe pressure because of the non availability of gas for its power plants and huge under recoveries, has seen things changing for better, especially at a time when the market has written of some of the power and distribution assets completely because of the uncertainty.