Sensex down over 300 points; RIL down 1.5%

Losses in ONGC, SBI, RIL and L&T alone dragged the Sensex lower by 144 points

Benchmark indices lost over a percent each in noon trades on sell-off in heavyweights across sectors. At 1320 hrs, the Sensex was down 323 points at 25,250 and the Nifty lost 100 points to trade at 7,552.

Losses in ONGC, SBI, RIL and L&T alone dragged the Sensex lower by 144 points.
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(Updated at 1320 hrs)
Markets slipped into the red zone as profit taking in heavyweights like ONGC, Axis Bank, TCS and Tata Motors weighed on the indices. At 1230 hrs, the Sensex was down 107 points at 25,469 and the Nifty dipped 43 points to trade at 7,605.

In the broader markets, the small and midcap indices were off by nearly 1% each.

Except Capital Goods index which was flat all the other sectoral indices were in negative. Metal, Oil & Gas, Power and Realty indices down 1-2% were the top index losers.
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(Updated at 1230 hrs)
Benchmark indices continue to remain flat with positive bias supported by banks, capital goods and auto shares.

Interest rate sensitive sectors have surged after macroeconomic data late on Thursday showed industrial production rose 3.4% in April 2014 and the annual inflation rate based on combined consumer price index (CPI) for urban and rural India eased to 8.28% (provisional) in May 2014.

By 10:30, the Sensex was higher by 44 points at 25,620 mark and the Nifty gained by 13 points at 7,663 levels.

ASIAN MARKETS

Asian stocks slid and crude oil scaled nine-month highs on Friday as escalating civil war in Iraq hit risk appetite.

The yen benefited from its safe-haven status and a decline in U.S. Treasury yields following soft U.S. data that dented economic optimism.

Sunni Islamist militants have extended their advance south towards Baghdad prompting President Barack Obama to warn of possible U.S. military intervention, while Iraqi Kurdish forces took control of the oil hub of Kirkuk amid the chaos.

Weaker-than-expected U.S. retail sales and jobless claims data released on Thursday further tempered economic optimism felt earlier in the week that had propelled Wall Street to record highs.

Taking its cue from an overnight slide in U.S. stocks, MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.4 percent. The index, which hit a three-year high on Monday, was still poised to scrape up 0.1 percent this week.

Tokyo's Nikkei lost 0.6 percent, on course to end the week on a 1.3 percent loss.

INDIAN MARKETS

Foreign portfolio investors (FPIs) bought shares worth a net Rs 652.35 crore on Thursday, 12 June 2014, as per provisional data from the stock exchanges.

The rupee is trading at 59.47/48, after hitting 59.4925, its lowest since May 15 and below its close of 59.25/26, tracking weak global cues following tensions in Iraq and downbeat U.S. economic data.

On the sectoral front, BSE Realty, Capital Goods, Power, Consumer Durables, Auto and Bankex have gained between 0.5-1%. However, BSE IT, FMCG, Oil & Gas and TECk indices are trading marginally lower.

IT stocks have declined on negative economic data in US. US are the biggest outsourcing market for the Indian IT firms.

Brent futures rose towards $114 a barrel on Friday and hit a nine-month high, as supply disruption fears took centre stage with the United States threatening military action in Iraq as Sunni Islamist militants push on towards Baghdad. Oil shares are under pressure.

The main gainers on the Sensex are BHEL, M&M, Coal India, HDFC Bank, L&T, Tata Power, ICICI Bank and Bajaj Auto.

On the losing side, TCS, Hindalco, Bharti Airtel, Axis Bank and ITC have declined between 1-2%.

Among other shares, Saregama India has surged nearly 10% to Rs 126, also its 52-week high on BSE, after reporting over two-fold jump in net profit at Rs 6.75 crore for the quarter ended March 31, 2014, on back of strong operational performance.

City Union Bank has rallied 9% to Rs 78.95, hitting its record high, after a huge block deal executed in the counter on the Bombay Stock Exchange (BSE).

The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained by nearly 1% each.

The market breadth in BSE remains firm with 1,428 shares advancing and 898 shares declining.