 "Sensex drops over 100 pts; financials weigh")
Benchmark indices are trading lower weighed down by financials, FMCG and oil shares. Investors booked profits at higher levels after sharp gains yesterday following the Iran deal.
Market will remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month November to December and July-September GDP data on Friday.
At 14:10 PM, the 30-share Sensex was down 116 points at 20,488 and the 50-share Nifty was down 38 points at 6,078.
On the global front, Asian shares rose for the third straight day on Tuesday, while oil prices regained some semblance of stability after the previous session's slide as traders questioned how quickly the Iranian nuclear accord could turn into higher supplies.
The yen came off a 4-year trough against the euro, and inched up against the dollar as traders repositioned after several days of sharp moves.
Back home, the rupee was trading marginally strong due to dollar sale by banks. At 13:50 PM, the rupee was trading at Rs 62.36 compared with previous close of Rs 62.50 per dollar.
On the sectoral front, Banks, PSU, Realty, FMCG and Oil & Gas counters have declined by nearly 1% each. However, BSE Power and Capital Goods indices have gained by nearly 1% each.
The main losers on the Sensex at this hour include Coal India, HDFC, Dr Reddy’s Labs, Tata Steel, ITC, HDFC Bank, ICICI Bank and ONGC.
IT stocks have fallen on weak economic data in US and on a firm rupee. TCS, Wipro and Infosys have slipped between 0.2-1%.
On the gaining side, BHEL, HUL, Sesa Sterlite, Hindalco and Hero Moto have gained between 1-5%.
BHEL has reacted from a strong support zone of near 130 and managed to break above its 50 day EMA post a long overhaul. Currently trading near intermediate tops of 152 a close above the same would pave way for a new upmove. Existing position holders book part profits if 152 not crossed over next few sessions. Above 152 next trading target 162, says Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services.
Among others shares, Sun Pharma Advanced Research Company (SPARC) has surged nearly 12% at Rs 162, in otherwise subdued market, on back of heavy volumes on the bourses.
After having hit the upper circuit of 20% on Monday, the stock price of Aban Offshore was up another 6% in trade today.
The market breadth in BSE remains weak with 1,282 shares declining and 995 shares advancing.
Market will remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month November to December and July-September GDP data on Friday.
At 14:10 PM, the 30-share Sensex was down 116 points at 20,488 and the 50-share Nifty was down 38 points at 6,078.
Also Read
Adds Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services, “Nifty witnessed a rally in yesterday's trade from a weekly double bottom near 5980-5975 levels which also marked a Fibonacci retracement support of the recent down-move. Iran deal news aided the rally. The upmove was capped near 6115 levels again a Fibonacci retracement resistance from where a correction can be seen in today's trade.”
On the global front, Asian shares rose for the third straight day on Tuesday, while oil prices regained some semblance of stability after the previous session's slide as traders questioned how quickly the Iranian nuclear accord could turn into higher supplies.
The yen came off a 4-year trough against the euro, and inched up against the dollar as traders repositioned after several days of sharp moves.
Back home, the rupee was trading marginally strong due to dollar sale by banks. At 13:50 PM, the rupee was trading at Rs 62.36 compared with previous close of Rs 62.50 per dollar.
On the sectoral front, Banks, PSU, Realty, FMCG and Oil & Gas counters have declined by nearly 1% each. However, BSE Power and Capital Goods indices have gained by nearly 1% each.
The main losers on the Sensex at this hour include Coal India, HDFC, Dr Reddy’s Labs, Tata Steel, ITC, HDFC Bank, ICICI Bank and ONGC.
IT stocks have fallen on weak economic data in US and on a firm rupee. TCS, Wipro and Infosys have slipped between 0.2-1%.
On the gaining side, BHEL, HUL, Sesa Sterlite, Hindalco and Hero Moto have gained between 1-5%.
BHEL has reacted from a strong support zone of near 130 and managed to break above its 50 day EMA post a long overhaul. Currently trading near intermediate tops of 152 a close above the same would pave way for a new upmove. Existing position holders book part profits if 152 not crossed over next few sessions. Above 152 next trading target 162, says Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services.
Among others shares, Sun Pharma Advanced Research Company (SPARC) has surged nearly 12% at Rs 162, in otherwise subdued market, on back of heavy volumes on the bourses.
After having hit the upper circuit of 20% on Monday, the stock price of Aban Offshore was up another 6% in trade today.
The market breadth in BSE remains weak with 1,282 shares declining and 995 shares advancing.