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Markets ended lower for the seventh straight session on broad based selling as investors remain cautious ahead of the release of key macro-economic data later today.
Provisionally, the 30-share Sensex ended 515 points lower at 28,203 and the 50-share Nifty shed 140 points to close at 8,521.
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(Updated at 2:30PM)
Benchmark indices continue to trade lower for the seventh straight session as investors remain wary ahead of the Delhi assembly election result due tomorrow. Sustained selling by funds and retail investors, discouraging third quarter earnings by some bluechip companies and weakness in the rupee dampened the sentiments of the market participants.
Provisionally, the 30-share Sensex ended 515 points lower at 28,203 and the 50-share Nifty shed 140 points to close at 8,521.
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(Updated at 2:30PM)
Benchmark indices continue to trade lower for the seventh straight session as investors remain wary ahead of the Delhi assembly election result due tomorrow. Sustained selling by funds and retail investors, discouraging third quarter earnings by some bluechip companies and weakness in the rupee dampened the sentiments of the market participants.
Exit polls conducted on Saturday predicted that Arvind Kejriwal is most likely to be Delhi’s Chief Minister with his party getting a majority in the Delhi assembly.
At 2.30 PM, the 30-share Sensex is down 398 points at 28,319 and the 50-share Nifty has lost 107 points at 8,554.
In the broader market, both the BSE Midcap and Smallcap indices are down 15 each.
Market breadth in BSE is negative with 1,822 declines against 910 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.
Key Stocks:
All the 12 sectoral indices of BSE are in red. BSE Capital Goods index is leading the decline down 2.4% followed by Metal, Realty, Auto, Bankex and Power indices down up to 2%.
ONGC has gained 1.4% 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.
Technology stocks continue to hold on to the gains in an otherwise subdued market. Infosys has gained around 0.6%. Infosys Finacle has been positioned as a Leader in IDC MarketScape of Worldwide Core Banking Solution Providers. Wipro is up 0.8%.
Pharma stocks are trading mixed. Sun Pharma has gained over 1.6%, Dr Reddys Lab has gained around 1.5% .
Metal stocks are under pressure in today’s session. Sesa Sterlite has shed over 3% and Tata Steel has lost over 3% after the company posted a drop of 68% in its consolidated net profit at Rs 157 crore for the quarter ended December, 2014.
State-run monopoly Coal is likely to scrap its maiden overseas coal production project as the deposits in the acquired blocks are not good enough. The stock has lost nearly 0.7%.
Financials are trading lower. Housing finance major, HDFC has lost around 1%, HDFC Bank is down 1.4%, ICICI Bank is down 3%, and SBI is down 2.6%. However, Axis Bank is up 0.5% on reports stating that it will seek shareholders' approval for raising up to Rs 15,000 crore by issuing long-term bonds or non-convertible debentures to select investors in the domestic market.
GAIL is trading lower by 5% 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.
Tata Power shares have dropped over 2% on fears that AAP may again lower power tariffs in Delhi like it did in its earlier stint.
Shares of L&T and DLF are trading lower between 3.5-4.5% on caution ahead of the Q3 results due later during the day.
Cipla, BHEL, Hindalco, Coal India, M&M and ABI are duw to release their quarterly results later during the week and are trading lower between 0.7-4.2% on caution.
