Markets end lower dragged by index heavyweights

Markets ended lower on Wednesday on selling pressure in banks and index heavyweights Reliance Industries and Infosys.

The 30-share Sensex ended down 136 points or 0.8% at 17,122 and the 50-share Nifty ended down 48 points or 0.9% at 5,195.

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(Updated at 14:32hrs)

Markets have extended losses in the late noon deals on the back of sustained selling pressure visible in the consumer durables, realty and banking stocks. The subdued opening of the European markets have also added to the losses in the Indian markets. The Sensex is down 135 points at 17,121 and the Nifty is down 52 points at 5,192 levels.

Meanwhile. the European markets have opened on a subdued note. The CAC is down 11 points at 3,458 levels. However, FTSE and DAX are trading higher with marginal gains.
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(Updated at 12:56 PM)

Markets continue to remain lacklustre in noon trades on Wednesday. The Sensex is down 63 points at 17,194 and the S&P CNX Nifty is at 5,223 down 20 points.

According to Somil Mehta, Senior Technical Analyst (Equity) with Sharekhan, "Medium term outlook for the benchmark index remains positive but in the short term Nifty seems to be negative for a target of 5,050 levels, key resistance would be around 5,300."

The Asian markets were also trading lower. The Hang Seng slipped 210 points to 20,836, Nikkei slipped 72 points to 10,182 and the Shanghai has shed 64 points to 2,282 levels.

Back home, Sterlite Industries is the top loser among the Sensex stocks, down 2% to Rs 110. Hindalco, ICICI Bank, NTPC, Jindal Steel, State Bank of India, Bajaj Auto, ONGC, TCS and Infosys are also among the laggards.

On the other hand, Gail India, Tata Steel, Tata Power, Larse & Toubro, ITC, Maruti Suzuki and BHEL are among the notable gainers.

Consumer durables, realty and banking stocks are amongst the worst hit in trades so far. The BSE Consumer Durables index is the top sectoral loser, down 3% or 195 points to 6,315 levels. Titan Industries is the top loser from this space, down 5% to Rs 226. Gitanjali Gems, VIP Industries, Whirlpool, C Mahendra Exports, TTK Prestige and Videocon are also among the losers.

The Realty index is trading lower by over 1% or 20 points at 1,733 levels. HDIL, Unitech, Prestige Estates, DB Realty, Parsvnath Developers and Oberoi Realty are among the top losers from this space.

Banking stocks are also witnessing the selling pressure. The BSE Bankex is down 101 points at 11,576. IT, metal, PSU, auto, oil & gas and power stocks are also reeling under a mild selling pressure.

At the same time, some buying is visible in the capital goods, FMCG and healthcare pockets.

Among the individual stocks, shares of Vijay Mallya promoted UB Group companies such as United Spirits,United Breweries Limited (UBL), United Breweries (Holdings) and Kingfisher Airlines are in limelight in noon trades, trading 2-7% higher on the Bombay Stock Exchange.

According to market buzz, Vijay Mallya and Heineken are in final stages of the negotiations and due diligence for UBL stake sale.

The broader markets are also trading lower. The BSE Mid-cap index has shed 15 points to 6,229 levels and the small-cap index is down 32 points at 6,490.

The overall breadth is negative as 1,718 stocks are declining while 919 stocks are advancing.