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Markets continued to trade weak in noon deals with the benchmark indices, the S&P BSE Sensex and the CNX Nifty slipping 0.6% each to 26,435 and 7,968 levels around 1:30pm led by a fall in metal and financial stocks.
Weakness was also visible in the broader markets with the S&P BSE Mid-cap index and the S&P BSE Small-cap indices losing around 0.4% each.
Among the S&P BSE Sensex counters, Vedanta Ltd was the top loser, slipping 2.5% to Rs 176 levels. HDFC, Tata Steel, BHEL, Dr Reddy’s Laboratories, Axis Bank, ONGC and ICICI Bank also lost in the range of 1% and 2.3%.
On the other hand, Coal India, Tata Power, GAIL India, Hindalco, Mahindra & Mahindra and Infosys moved up 0.2% - 0.7%.
METAL INDEX AT 52-WEEK LOW
Shares of metal companies were under pressure with most of the stocks quoting at their 52-week lows on the NSE as Chinese demand has failed to pick up yet despite stimulus measures by the biggest consumer. CLICK HERE FOR A DETAILED REPORT
Tata Steel, Hindalco Industries, JSW Steel and Steel Authority of India (SAIL) have touched their respective 52-week lows during intra-day trade, while Vedanta, Tata Sponge Iron, Jindal Steel & Power (JSPL) and National Aluminium Company (Nalco) are trading nears to their 52-week low on the NSE.
ECONOMIC NEWS
In other economic news, merchandise exports in May contracted 20.19% to $22.34 billion versus $28 billion a year ago in the same month. Exports registered a bigger fall in May as against April when it contracted 13.96%, data show.
Total exports in the first two months of the financial year through May also contracted 17.21% at $44.40 billion compared with $53.63 billion in the corresponding period of last year, according to data released by the ministry of commerce and industry on Tuesday.
