Markets extend losses, Metals weigh

Benchmark indices have extended the losses led by weakness among Metal, Auto, FMCG and banking shares.

By 1300, Sensex plunged by 56 points at 19,709, and the Nifty down 21 points at 5,989 levels.

On the global front, Hang Seng, Kospi and Taiwan Weighted were down over 0.6% each while Straits Times was trading flat with negative bias.  However, the Shanghai Composite was marginally up after recent losses while Japan's Nikkei was up nearly 3% after markets opened for trading after the Christmas holidays.

Back home, India's services sector expanded further in December - registering the fastest pace of growth in three months - driven by a sharp rise in new business orders, an HSBC survey said.

The HSBC's Services Purchasing Managers Index (PMI) for December stood at 55.6, up from 52.1 in the previous month, signaling a sharp expansion in activity.

On the sectoral front, BSE Metal index has plunged by almost 2% followed by counters like Realty, FMCG, Auto and Banks, all declining by nearly 1% each. However, BSE Oil & Gas and PSU indices have surged by nearly 1% each.

The main losers on the Sensex at this hour include Sterlite, JSPL, Hindalco, Tata Steel, HDFC, Tata Motors, HDFC Bank, Tata Power and ITC, all falling down between 1-3%.

On the winning side, ONGC, Wipro, TCS, BHEL, GAIL and Maruti Suzuki have gained between 0.5-3%.

Among other shares, Tecpro Systems has moved higher by 3% to Rs 153 after the company said it has received an order worth of Rs 147 crore from Damodar Valley Corporation for supply and related services for coal handling plant package for Bokaro Thermal Power Station.

Shares of DLF were down over 2% after the Competition Commission of India (CCI) has modified the buyer-builder agreement in the case of ‘abuse of dominance’ by the country’s largest realty player DLF.

Shares of Hindustan Dorr-Oliver were up 5.5% at Rs 28 after the company late Thursday said it has received two prestigious orders from Gujarat State Fertilisers and Chemicals Ltd worth Rs 277 crore.

Meanwhile, BSE Midcap index has slipped by 0.05% whereas BSE Smallcap index is marginally up.