)
Markets edged lower in the late-morning session this Monday on back of selling pressure witnessed in automobile and power companies.
Investors sold riskier assets amid concerns over slowing growth after country’s factory output shrank for the first time in over four years.
The overall HSBC manufacturing purchasing managers’ index (PMI), which gauges business activity in Indian factories but not its utilities, sank to 50.1 in May from 51 in April, and was the third straight monthly fall.
At 11:20AM, the Bombay Stock Exchange's 30-share index Sensex declined 65 points at 19,694 while the National Stock Exchange's 50-share was down 27 points at 5,958.
Meanwhile, global risk appetite was also frail amid looming fear over a pull-back of stimulus by the US Federal Reserve earlier than expected.
Asian shares traded lower with Hong Kong’s Hang Seng gaining 0.2% to 22,447, China’s Shanghai Composite rose 0.2% to 2,305, Singapore’s Straits Times fell 0.5% to 3,294 while Japan’s Nikkei slumped 3.7% to 13,283 today.
Back home, barring IT and healthcare index, rest all declined with auto, power, oil & gas, realty, bankex, capital goods, metal sectors leading the declines on the BSE.
The gainers on the Sensex included Infosys rising 4%, Bharti Airtel gaining 1.6%, Dr Reddy’s added 1.2%, Cipla rose 1% on the BSE.
The laggards were Bajaj Auto and Maruti Suzuki falling 4% and 2.4% respectively, Hero MotoCorp shed 2%, Reliance Industries declined 1.5% on the BSE.
The key notable movers were, Torrent Pharma which extended gains on Monday and were up 7% at Rs 845 after the company last week said that its board has proposed a bonus issue.
Shares of Maruti Suzuki were down 3% in early trades after the company on Saturday announced that total sales in May 2013 were down 14% compared to the same month last year.
The broader markets were mixed with mid-caps gaining 0.1% while small-caps dropping nearly 0.03% on the BSE.
The market breadth was negative. Out of 1,889 stocks traded, 1,023 stocks declined compared to 767 advances on the BSE.
