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Benchmark share indices were trading sharply lower in late morning trades, tracking a sell-off in global stocks, as investors booked profits after recent gains and lack of fresh triggers.
By 12.15 PM, the Sensex is lower by 381 points at 29,068 and the Nifty has slipped 121 points at 8,817. Among broader markets, BSE Midcap and Smallcap indices are down between 0.3-0.4%. Market breadth is weak with 1,433 declines against 937 advances.
"Most of the triggers such as rate cut, Budget proposals have been factored in. Investors are booking profits as valuations seems to be stretched at current levels. Further, weak global cues is also weighing on market sentiment," said Prakash Diwan, Director, Altamount Capital Management.
On the domestic front, investors would keenly await data on industrial production for January and consumer price index for February scheduled to be announced on Thursday. Besides, developments in the ongoing session of Parliament will be closely watched.
RUPEE
On the currency front, the rupee plummeted by 50 paise to 62.66 against the US dollar in early trade today as the American currency strengthened overseas.
GLOBAL MARKETS
Asian stocks buckled while the dollar held firm on Monday after strong US jobs data fanned expectations that the US Federal Reserve may raise interest rates sooner than previously thought.
Stock markets across Asia, including Japan's Nikkei, Australia, Malaysia and Indonesia fell broadly, with MSCI's broadest index of Asia-Pacific shares outside Japan dropping 1.2%.
US non-farm payrolls (NFP) data on Friday showed the unemployment rate hit a 6-1/2-year low of 5.5% in February.
KEY STOCKS
On the sectoral front, all 12 sectoral indices are trading with losses. BSE Bankex is the top index loser down 2% followed by Capital Goods, IT and metal indices trading lower up to 1.5%.
Banking shares are witnessing profit booking after the recent run-up in stock prices. Axis Bank, ICICI Bank, HDFC Bank and SBI have dipped between 1-3%. Bank Nifty has slumped over 2% at 19,334 down 414 points.
Axis Bank declined around 3%. Axis Bank after market hours on Thursday, 5 March 2015, said that the bank has raised $250 million under the Euro 3 billion Medium Term Note Programme through its DIFC branch. The pricing finalization took place on 4 March 2015 and the settlement is scheduled on 11 March 2015. The notes will be consolidated to form a single series with the $500 million, 3.25% Notes due in 21 May 2020 issued on 21 November 2014. The issuance will take the outstanding issue size to a total of $750 million, Axis Bank said.
TCS on Thursday said that the revenue in Q4 March 2015 is expected to be in-line with last year trend. Retail, manufacturing and Hi-Tech segments are recovering from muted Q3 December 2014, TCS said. TCS said there will be continued weakness in Diligenta, insurance, and energy businesses. Further, Religare has downgraded the stock to "hold" from "buy". TCS is down over 1%. Among other peers, Infosys and Wipro have lost between 1-2%.
Sesa Sterlite slipped over 3.5% tracking weak global iron ore prices. Among other peers, Hindalco, Tata Steel are down between 0.7-2.6%. Other notable losers are GAIL, NDTV, BHEL, HDFC twins and Tata Power.
Among the gainers, Dr Reddy’s Laboratories has gained 1%, Coal India has advanced 1%, Bajaj Auto is up nearly 1% and Hindustan Unilever Ltd (HUL) has climbed 2%.
Shares of Pipavav Defence and Offshore Engineering Company are down 8% to Rs 63.25, extending its Thursday’s 10% fall on BSE, after Reliance Infrastructure said that it will buy 18% stake in the company for aggregate amount of Rs 819 crore.
Shares of 8K Miles Software are up over 2% at Rs 735, in an otherwise weak market, after the company announced that its US subsidiary has acquired a clinical research software startup in Canada.
Jindal Steel and Power has soared 6% after its power generation unit Jindal Power won the Tara coal block in Chhattisgarh for a closing bid of Rs.126 per tonne on the third day of coal auctions for schedule III category mines held on Saturday.
Sun Pharma Advanced Research company is up 16% after the company received approval from US Food and Drug Administration (USFDA) for antiepileptic drug.
Top gainers in the Midcap space include PMC fincorp ( up 8.5%), Eros International Media (up 8%), Dhanuka Agritech ( up 6%), BF Utilities ( up 6%).
