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Markets finished the session on a dismal note as weak GDP data coupled with worries on China’s economic slowdown amid fears of an interest rate hike by the US fed triggered a fresh round of selling across the bourses.
Provisionally, the Sensex closed 243 points lower at 25,454 and the Nifty dropped 69 points lower at 7,717.
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(updated at 3:30 PM)
Markets are trading lower in the noon trades as weak GDP data coupled with worries on China’s economic slowdown amid fears of an interest rate hike by the US fed has triggered a fresh round of selling across the global markets further hurting the investor sentiments.
However, the downside is capped after government accepted recommendation of the AP Shah Panel report stating that the minimum alternate tax (MAT) should not be imposed on overseas portfolio investors retrospectively.
By 3:15 PM, the Sensex was down 240 points at 25,456 and the Nifty was down 65 points at 7,720. In the broader markets, BSE Midcap index is down 0.2% and Smallcap indices has gained almost 0.5%.
AUTO PACK
Maruti Suzuki India has slips 0.5%. However, the company’s domestic sales rose 8.6% to 106,781 units in August, the company said in a statement on Tuesday.
Mahindra & Mahindra lost 3.7% on BSE after the company said that its total tractor sales declined 22% to 11,699 units in August 2015 over August 2014.
Tata Motors is down 1.5% after the company's monthly sales numbers fell below market's expectations.
Hero MotoCorp shares fell over 1.4% after the company reported 13.97 per cent drop in its total two-wheeler sales at 4.80 lakh units in August 2015 over August 2014.
Bajaj Auto has posted 2 per cent rise in its total sales during August with the company selling 3.42 lakh units versus 3.37 lakh units in the same month of last year. The stock is up 1%.
PRIVATE OIL EXPLORATION STOCKS
Shares of private oil exploration companies have rallied on the bourses in otherwise weak market, after the Cabinet approved auction of 69 small and marginal oil fields of state-owned Oil and Natural Gas Corporation (ONGC) and Oil India to private and foreign firms.
Jindal Drilling & Industries (up 15% at Rs 139), Selan Exploration Technology (8% at Rs 235), Hindustan Oil Exploration Company (8% at Rs 35.30), Dolphin Offshore Enterprises (5.5% at Rs 105) and Aban Offshore (3.5% at Rs 252) are up 3%-15% on the Bombay Stock Exchange (BSE).
SECTORS AND BUZZING STOCKS
On the sectoral front, barring BSE IT and Metal indices, all other indices are trading lower with BSE Capital Goods, Bankex, Power indices are trading lower by 1.4%.
Banking stocks are under pressure today with the benchmark index for the sector, Bank Nifty, falling over 1 per cent. The Reserve Bank of India (RBI) issued draft guidelines on Tuesday for its proposed plan to change how banks calculate their lending rates. HDFC Bank, SBI, Axis Bank and ICICI Bank are down between 1-2.7%.
IT shares are trading firm on the back of rupee depreciation. TCS and Infosys are up 2.4% and 2% each.
Tata Consultancy Service is up 2.8%while CMC has surged 3% after TCS said in a notice to BSE that Mumbai high court has sanctioned amalgamation of CMC with itself.
FMCG major ITC which slumped in the recent past is trading higher today by 1.6% on renewed buying interest.
