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Benchmark indices have extended losses, amid range bound trading, on sustained weakness in power, pharmaceutical, auto and select bank stocks.
At 12:42PM, the 30-share Sensex was down 131 points at 28,337 and the 50-share Nifty was down 46 points at 8,588.
In the broader market, both the BSE Midcap index, down 0.8% and Smallcap index, down 1.4% have underperformed the front-liners. Market breadth in BSE is negative with 1,873 declines against 645 advances.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 1,428.72 crore yesterday, as per provisional data released by the stock exchanges.
Buzzing Stocks
9 out of the 12 sectoral indices of BSE are trading lower. BSE Realty index down over 2% is the top loser followed by BSE Power index down around 1.7% and BSE Healthcare and Consumer Durables indices down over 1% each.
IT stocks are trading higher in today’s session. Wipro has gained around 2.5% on media reports about winning a five-year contract from a US based company. BSE has sought clarification from the company on the deal as reported in the media. TCS and Infosys have gained 0.4% and 0.7% each.
HDFC twins are marginally higher by around 0.2%. The Board of Directors of the housing finance major, HDFC in its meeting on March 19, 2015 has approved the payment of an interim dividend of Rs. 2 per equity share of face value of Rs. 2 each of HDFC, for the financial year 2014-15.
Among losers, NTPC has lost over 6%. The stock turned ex-scheme of arrangement today. As per scheme of arrangement, the existing shareholders will get bonus debentures of face value of Rs 12.50 each against each equity shares of Rs 10 held by its members.
Tata Motors has lost over 1%. According to media reports, China quality regulator directed the Tata Motors overseas arm Jaguar Land Rover to recall Range Rover Evoque SUVs because of defective gearboxes.
Axis Bank has shed over 1%. Axis Bank has cut retail deposit rates by 15-25 basis points (bps) in select maturities. The bank has cut rates by 25 bps for deposits of 18 to 36 months and by 15 bps for deposits up to 18 months.
Oil stocks like ONGC and RIL are trading lower by 0.7%. Oil trading near the lowest price in six years is headed for a fifth weekly drop amid signs that the global supply glut is worsening.
