Markets remain weak amid volatility, Titan drops 12%

Benchmark indices continue to remains negative amid volatility weighed down by Consumer Durable major Titan Inds and auto shares.

By 1030, Sensex plunged by 57 points at 19,086, and the Nifty down 17 points at 5,772 levels.

On the global front, Japanese stocks slumped further on Wednesday, joining a global selloff in equities and commodities as investors were rattled by the absence of fresh steps from the Bank of Japan to calm turbulence in the domestic bond market.  

US stocks slipped in a volatile session while European shares fell to six-week lows on Tuesday on concern that central bank support for markets was turning more cautious, as the BOJ's move came amid persistent speculation about the US Federal Reserve toning down its strong stimulus later in the year.   

Back home, the rupee recovered by 19 paise to 58.20 against the dollar in early trade today at the Interbank Foreign Exchange market after RBI announced steps to check free-fall in rupee, raising the limit for online repatriation of export proceeds by over three-fold to USD 10,000.  

The Indian central bank intervened in the foreign exchange markets on Tuesday to halt the rupee's slide, the deputy chairman of the country's Planning Commission Montek Singh Ahluwalia told TV channel CNBC-TV18 on Wednesday.
 
On the sectoral front, BSE Consumer Durable index has declined by almost 5% followed by counters like Metal, FMCG and Auto, all declining by 1% each. However, BSE Realty and Oil & Gas indices have gained by nearly 1% each.

From the Consumer Durable front, Titan Industries has tanked over 12% to Rs 207, its lowest level since February 2012, in early morning trades on the Bombay Stock Exchange (BSE).

The stock of jewellery retailers has plunged 22% in past two trading sessions after the company said in that the Reserve Bank of India (RBI) has clarified that all imports of gold for domestic consumption can be made only with 100% cash margin.

Among Sensex pack, Jindal Steel, Hero Moto, Bajaj Auto, Coal India, TCS, Maruti Suzuki, ITC and Tata Steel have declined between 1-3%.

Passenger car sales in India during May declined for the seventh straight month with sluggish economic growth, high inflation levels and financing costs affecting consumer demand.

The market breadth in BSE remains marginally positive with 904 shares advancing and 805 shares declining.