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Benchmark indices continue to trade lower tracking weakness among Asian peers. Below estimate Q1 numbers by the blue-chip companies has also dampened the sentiments.
By 10:25, the Sensex was lower by 88 points at 28,282 and Nifty slipped by 20 points at 8,570.
The top losers on the Sensex are Wipro, GAIL, ICICI Bank, Tata Motors, M&M and Lupin.
On the gaining side, Axis Bank, Hindalco, TCS, HDFC and Sun Pharma have risen by 1% each.
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Updated at 9:30
Markets have started marginally lower, extending the losses of the previous session, tracking the negative trend across global peers.
China's factory sector contracted by the most in 15 months in July as shrinking orders depressed output. This news has also dampened the sentiment among investors across the world.
By 9:30, the Sensex was lower by 70 points at 28,301 and Nifty slipped by 20 points at 8,569.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.1-0.3%. The market breadth is positive, with 742 gainers and 354 losers on the BSE.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 185.42 crore yesterday as per provisional data released by the stock exchanges.
The market participants will continue to watch the developments in the ongoing Parliament session as also the scheduled earnings from heavyweights such as Reliance Industries and Axis Bank.
On the global front, officials from the lender institutions -- the European Commission, the European Central Bank and IMF will be in Athens during the day to start detailed discussions with the Greek government.
Q1 RESULTS TODAY
Axis Bank, Reliance Inds, ABB, Bharat Electronics, Crompton Greaves, Kolte Patil Developers, Mahindra Finance, Supreme Inds and TVS Motors will announce their Q1 June 2015 result today.
MONSOON
India's southwest monsoon has been 26% below normal so far in July. However, the deficit in rains does not seem to have much impact on sowing of kharif crops because there have been patches of good showers in between.
According to India Meteorological Department (IMD) data, the shortfall in rains during the week ended July 8 was 50%, while the deficit was 12% for the July 16-22 week. Overall, in the 2015 southwest monsoon season (June 1 to July 22), the showers have been only 7% below normal. This is well within limits as any shortfall below 10% is considered manageable.
GLOBAL MARKETS
Asian shares dropped sharply on Friday after a survey of Chinese manufacturing activity was weaker than expected, while US jobs data underpinned the dollar as it bolstered bets that the US Federal Reserve is on track to hike interest rates later this year.
The flash Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) dropped to 48.2, below economists' estimate for a reading of 49.7 and the lowest reading since April last year. It was the fifth straight month below 50, the level which separates contraction from expansion. MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.8%, on course for a weekly loss of more than 2%.
Japan's Nikkei stock index dipped about 0.6%, even though a similar survey for Japan showed an improvement. The flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 51.4 in July from a final 50.1 in June, suggesting economic growth is picking up after an expected slump in the second quarter.
On Wall Street overnight, downbeat corporate earnings reports sent US equities lower, with all three major US indexes logging solid losses.
Better-than-expected US jobless claims gave US Treasury yields a boost, adding to the dollar's appeal, though yields came back down as risk appetite evaporated in the face of Wall Street's losses and shrunk further after the China survey.
SECTORS & STOCKS
Sectors such as Auto, Banks, Capital Goods, FMCG, Metal, Oil & Gas and Power are trading marginally lower. The BSE Consumer Durables index has surged by almost 1% followed by counters such as Healthcare, IT and Realty, all gaining 0.1-0.4% each.
The top losers on the Sensex are GAIL, Wipro, Tata Motors, ICICI Bank and Vedanta.
GAIL reported a 32% slump in net profit for the quarter ended June 2015 on lower production and price realization. The company reported a net profit of Rs 424.14 crore during the quarter as compared to Rs 621.44 crore during the same period last financial year (2014-15). The stock is the top Sensex loser, down over 2%.
Wipro on Thursday posted its financial numbers for the first quarter of 2015-16 that were largely in line with the estimates. In the quarter ended June, the company, posted a 4% rise in its net profit to Rs 2,187.8 crore when compared with the corresponding quarter in 2014-15. However, the stock is reacting negatively today, down over 2%.
On the gainers side, Bajaj Auto, Axis Bank, Lupin, TCS and Sun Pharma have risen 0.5-1% each.
Shares of consumer goods companies continue to trade firm on hopes of passage of the Goods and Services Tax (GST) Bill during the present Monsoon session as the consumer durables sector is likely to be the biggest beneficiary of GST.
With Reuters input
