Sensex down 200 points on reports of tensions in Iraq

Index heavyweight Reliance Industries is down over 1% while bank and auto shares are also trading weak

Markets have slipped to the day's lows with the Sensex down nearly 200 points on media reports that militants have attacked Iraq's main oil refinery.

At 12:30PM, the Sensex was down 200 points at 25,316 and the Nifty was down 55 points at 7,577.

The top losers on the Sensex at this hour include TCS, Hero Motocorp, Wipro, HDFC Bank and Sun Pharma.


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(Updated at 11:52AM)
Indian markets were trading marginally in the green on selective buying despite mixed Asian cues, amid deepening crisis in Iraq. The 30-share Sensex is up 16 points and  the 50-share Nifty is up 9  points at 25,537 and 7,640 levels, respectively.

 

 

The broader markets, BSE Midcap and Small cap, continue to outperform benchmarks with the BSE Midcap and Smallcap indices rising 0.8% and 0.9%, each. 

 

Asian Markets:

 

Asian stock markets are trading mixed as investors are cautious ahead of the Federal Reserve's policy decision. Japan’s Nikkie gained1% and Straits Times Index rose 0.12% and Hong Kong'Hang Seng Index surged 0.06%. On the other hand, Shanghai Composite Index dipped 0.5%. In contrast, Wall Street rose for a third session as higher inflation data helped offset concerns over Iraq.

 

Rupee:
 

The rupee is trading lower at 60 as against the US dollar. The dollar strengthens against most Asian currencies, but further falls in the Indian unit seen unlikely as traders expect dollar sales from exporters during the session. Caution also prevails ahead of the outcome of the U.S. Federal Reserve's two-day meet that ends later in the day.

 

Sectors & Stocks:

 

Oil & Gas stocks surged as unrest in Iraq continues with GAIL and ONGC up 1.2-1.5%, each

 

Oil & Gas major Reliance Industries is up 0.2% on the BSE as it is hosting its 40th Annual General Meeting today. This AGM meet is eyed as pro-business Modi-government is at the Centre. Investors await Mukesh Ambani's speech to know how the largest private refiner in India would like to participate in this economic rebound. 

 

The new government's promise to pursue economic reforms has acted as a catalyst for the power sector in India with Tata Power and NTPC up 0.2%- 0.7%

 

Select Auto stocks show an upsurge with Maruti Suzuki up 0.06% and M&M up 0.4% 

 

Metal pack extend gains with Hindalco, Sesa sterlite, Tata Steel and coal India up 0.3%-2.3%

 

Pharma shares gain on depreciating rupee with Cipla up 4.4% and Dr Reddy’s lab up 0.7%

Cipla has gained in early morning deals on NSE after the pharmaceutical company said it has acquired 60% stake in a new company in Sri Lanka for $14 million (nearly Rs 85 crore) to market its product in the country.

 

Bankex is marginally up 0.18%, with SBI, ICICI bank up 0.5%-1.5%, whereas HDFC twins and Axis bank dipped 0.1%-0.7%, each

 

The technology stocks are trading weak on account of profit booking. Wipro, TCS and Infosys are down 0.1%-1.7%, each

Among other stocks, Kotak Mahindra Bank has moved higher by nearly 4% to Rs 972, also its record high on NSE, after the private sector lender proposes to increase the ceiling limit of overseas investment to 40%.

Ricoh India is frozen lower circuit for second day in a row, down 20% at Rs 138 on BSE, after the company said its delisting offer has failed.