Markets end marginally lower

ITC, ICICI Bank, HDFC Bank and Infosys among top Sensex losers

Benchmark share indices ended lower on Thursday, tracking weakness in Europe, weighed down by selling pressure in ITC.

The 30-share Sensex provisionally ended down 78 points at  17,650 and the 50-share Nifty down 19  points at 5,362. 

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(Updated at 14:19 hrs)

Benchmark Indices continue to trade marginally negative in late noon trade tracking weakness in European shares and selling pressure in ITC. Profit booking among banking shares and IT majors has also weakened the sentiment.

At 14:20, the 30-share Sensex was down 22 points at 17,707 and the 50-share Nifty was down 5 points at 5,372.

On the global front, Asian shares were mixed on Thursday Nikkei, Strait Times, Taiwan and Kospi gained between 0.1-1.9% while Hang Seng and Shanghai are marginally down.

European stocks and the euro were lower on Thursday after global growth engine China warned its trade outlook was worsening and stronger U.S. data tempered expectations of additional stimulus from the Federal Reserve.

The FTSEurofirst 300 index of top European shares was down 1.7% with indexes in London, Frankfurt and Paris all in negative territory.

Back home, among the sectoral indices on the BSE, FMCG, Metal, Consumer Durables and IT were the top losers down 1-2% each.

ITC was among the top Sensex losers, down over 3 % on concerns about regulatory action at home after reports that Australian court has approved logo ban on tobacco packs from December 1. “Australia called on the world to match its tough new anti-tobacco marketing laws that will ban logos on cigarette packs, after its highest court on Wednesday dismissed a challenge from global manufacturers,” the Reuters report suggests. HUL was down 0.6%.

Metal shares declined tracking weakness in industrial metal prices on the London Metal Exchange. Sterlite, Hindalco, Tata Steel, JSPL and Coal India slipped between 2-3 % each.

Software exporters like Wipro, TCS and Infosys slipped nearly 1-2 % after the New York Fed’s general business conditions came in lower-than-expected.

From the banking space, HDFC Bank and ICICI Bank have declined between 0.4-1.5%.

On the gaining side, index heavyweight RIL gained 1.5 % followed by HDFC and L&T.

Reliance Industries has moved higher by around 2% at Rs 815, also its five month high on the National Stock Exchange.

Meanwhile, BSE Mid-cap index and BSE Small-cap index are marginally up between 0.3-0.4%. The market breadth in BSE remains weak with 1,358 losers and 1,267 shares declining.