Markets: Broader markets down over 1%

Select companies tank over 10%

Markets slipped further in the morning deals as selling pressure in Infosys, L&T and Tata Motors continued. The Sensex was down 16 points at 16,830 and the Nifty slipped eight points at 5,101.

In the broader markets, the midcap and the smallcap indices slipped over 1% each underperforming the BSE benchmark index

Except FMCG all the sectoral indices have slipped into the negative. Realty, Capital Goods and Metal counters which lost 0.8-1% were leading the losses.

ITC, Dabur India and Tata Global up 0.7% each were the ones keeping the FMCG index in the green.

Meanwhile, shares of selected companies have tanked more than 10% each on back of huge volumes in morning trades on the Bombay Stock Exchange.

Glodyne Technoserve, Pipavav Defence and Offshore Engineering, Parsvnath Developers, Era Infra Engineering and Pradip Overseas were frozen at lower circuit of 20% each and there have no buyers on these counters.

Tulip Telecom tanked as much as 45% to Rs 65.65 on over six-fold jump in trading volumes. A combined 6.08 million shares representing about 14% of free-float equity of the company have changed hands on the counter so far, against an average sub one million shares that were traded daily in past two weeks on both the exchanges.
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(Updated at 9:30am)

After a flat opening, the markets slipped into the negative owing to the selling pressure in Infosys, Tata Steel and ONGC. Also, weak sentiment across the global markets weighed. At 9:30am, the Sensex was down five points at 16,842 and the Nifty declined two points at 5,107 ahead of the F&O expiry for the July series today.

In the broader markets, the smallcap index started off 0.1% higher as compared to the midcap which was slat with a negative bias.

The rupee opened higher, snapping four sessions of losses as Asian stocks rose and the euro steadied as hopes grew for more US stimulus and new European policy measures to keep the euro zone debt woes from deepening. At 9:05 am, the rupee was at 56.03/04 to the dollar versus its last close of 56.16/17.

Asian shares steadied on Thursday after bouncing from recent lows as hopes grew for more US stimulus to support growth and new European policy measures to keep the euro zone's debt crisis from deepening further. Jakarta Composite and KLSE Composite down 0.3-0.4% were the only markets in the red.

Back home, among the sectoral indices, Metal, IT, Bankex and Oil & Gas indices opened lower, down 0.1-0.3%. However, defensives like FMCG, Health Care were up 0.3-0.5% along with Consumer Durables index up 0.3%.

The top gainers among the Sensex stocks were Bajaj Auto, Sun Pharma, ITC, Maruti Suzuki, Bharti Airtel, Dr Reddys Lab and Hindalco up 0.5-1% in the opening trades.

Among the losers were Coal India, Tata Steel, Sterlite, Tata Motors, Wipro, Infosys and ONGC down 0.6-1%

The market breadth was positive. 672 stocks advanced while 533 stocks declined on the BSE.

Among other stocks, Raymond Limited  dipped 4% to Rs 336 after reporting a consolidated net loss of Rs 35 crore for the June-ended quarter against a net profit of Rs 11 crore a year ago, due to higher operational costs.

Orissa Minerals Development Company (OMDC)  soared 17% at Rs 42,500, extending its yesterday’s 20% rally after the state-owned company said that the Steel Ministry has asked the company to look into the issue of bonus shares as per legal requirements.