Sensex, Nifty down nearly 1%; auto, capital goods drag

Benchmark indices remain weak losing close to 1% each weighed down primarily by the losses in financials, metals, capital goods and select auto stocks ahead of the release of key macro-economic data later today.
 
 At 1:05AM, the 30-share Sensex was down 284 points at 28,434 and the 50-share Nifty was down 81 points at 8,579.
 
In the broader market, both the BSE Midcap and Smallcap indices, down 0.7% and 0.6% each have performed marginally better than the front-liners. Market breadth in BSE is negative with 1,650 declines against 911 advances.     
 

The government will issue the gross domestic product (GDP) data for the financial year's third quarter (Q3, October-December) today.

 
Meanwhile, foreign portfolio investors continued to remain sellers in Indian equities with net sale of Rs 96.45 crore on Friday, as per provisional data.
 
Buzzing Stocks
 
All the 12 sectoral indices of BSE are in red. BSE Metal index, down 1.8%, is the top loser followed by BSE Capital Goods index, down 1.5% and BSE Auto index down 1.2%.
ONGC is one of the top gainers in today’s session after media reports suggested that the disinvestment of 5 per cent stake in ONGC is unlikely during this fiscal as the liquidity situation in the market is under stress after recent mega share sales.

 
Infosys has gained around 0.6%. Infosys Finacle has been positioned as a Leader in IDC MarketScape of Worldwide Core Banking Solution Providers.
 
Pharma stocks are trading mixed. Sun Pharma has gained over 1%, Dr Reddys Lab has gained around 0.7% while Cipla is down around 3%.
 
Metal stocks are under pressure in today’s session. Sesa Sterlite has shed close to 3% and Tata Steel has lost over 4% after the company posted a drop of 68% in its consolidated net profit at Rs 157 crore for the quarter ended December, 2014.
 
Financials are trading lower. Housing finance major, HDFC has lost around 1.5%, HDFC Bank is down 1.6%, ICICI Bank is down 1.7%, and SBI is down 1.2%.

 
Bharti Airtel down 3.5%, L&T down 2.4%, M&M down 2.3%, Hero Motocorp down 2% are among the major losers in noon trades. 
 
GAIL is trading lower 4.4% after the company posted a massive 64 % drop in its December quarter net profit as it was unable to sell imported gas contracted at higher price.
 
Among other shares, Siemens has moved higher by 2% after winning orders worth of Rs 450 crore from Diesel Locomotive Works.