Markets turn volatile, Nifty below 8,200; Tata group shares weak

Markets have once again turned weak dragged by weakness among Tata group shares and index heavyweights like Infosys and ITC.

At 13:00 pm, the S&P BSE Sensex was down 16 points at 26,748 and the Nifty50 was down 2 points at 8,202.

Top losers from the Sensex pack are Tata Steel, Tata Motors, Asian Paints, Coal India and SBI, all slumping between 0.4%-1.3%.

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Updated at 12 pm

Benchmark indices continue to hold on to their gains despite weakness among global peers. The upmove is led by buying demand among private lenders and index heavyweights.

At 11:45 am, the S&P BSE Sensex was up 157 points at 26,921 and the Nifty50 was up 43 points at 8,247. In the broader markets, the BSE Midcap and Smallcap indices are up 0.4%-1% each.

In the overseas markets, Asian stocks edged lower as investors sought refuge in safe-haven assets amid festering concerns over the 23 June 2016 referendum that could see Britain exit the European Union. US stocks dropped yesterday after three days of gains as crude oil futures pulled back from 10-month highs.

Back home, government will have to infuse Rs 1.2 lakh crore into PSU banks by 2020 to bolster their balance sheets and make good the losses suffered by them, Moody's Investors Service said today.

BHEL, M&M, Lupin, Adani Ports, NTPC, ICICI Bank and ITC have surged between 1%-3%.

Shares of Adani Ports & Special Economic Zoneare up over 1% after rating agency India Ratings & Research assigned a stable outlook for its proposed non-convertible debentures (NCDs)

On the losing side, Tata Motors, HDFC and Infosys are down 0.1%-0.5%.

Sugar stocks are trading firm in trades today. Bajaj Hindusthan, Balrampur Chini Mills and Shree Renuka Sugars are up 1%-4%.

Food minister Ram Vilas Paswan reportedly said that India plans to impose a 25% tax on sugar exports to maintain adequate supplies of the sweetener in the local market.

Satin Creditcare Network has surged 19% to Rs 449 on the National Stock Exchange (NSE) in intra-day trade after Morgan Stanley Asia (Singapore) bought more than 2% stake in the company via open market purchases.

KCP is trading higher by 6% to Rs 92 on the BSE after the company announced plans to expand capacity of its cement unit in Andhra Pradesh.

Shares of logistics companies have extended gains for the fourth straight session in an otherwise weak market on hopes of clearance of the goods and services tax (GST) Bill in the upper house of the Parliament.

Gati, Snowman Logistics, Sical Logistics, Allcargo Logistics, Patel Integrated Logistics and VRL Logistics are up in the range of 1%-7% on the BSE.