Markets pared off early gains to dive in red due to profit booking amidst nervous cues from other Asian markets. The Central Bank''s move to boost domestic demand by way of sensitive rate cuts could not inspire the banking and other rate sensitive stocks.
On the sectoral front, traders off-loaded positions across the sectors. Banking stocks slipped despite Central Bank short term rate cut. Auto stocks plunged on profit booking after a recent sharp rally in past trading session. Realty stocks fell on profit sharing after robust rally seen in last trading session. Oil exploration stocks fell after crude oil prices dropped nearly 9% on the New York Mercantile Exchange overnight.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,454 stocks traded so far, 952 shares advanced while 1,401 shares declined. Nearly 101 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 104.01 points at 10,794.10 and NSE Nifty is down by 43.15 points at 3,322.15.
The BSE Mid Cap is trading lower by 41.94 points at 3,481.19 and Small cap is trading down by 74.22 points at 3,953.76.
Major gainers from the BSE Sensex pack are ACC Ltd that soared by 3.01% to Rs. 631.95 along with Wipro Ltd by 0.35% to Rs. 275.20 and Infosys Tech by 0.17% to Rs. 1,365.80.
Losers from the BSE Sensex Pack are Jaiprakash Accociates declined 4.63% to Rs. 110.20 along with, Ranbaxy Labs plunged 4.15% to Rs. 174.40, Maruti Suzuki by 3.84% to Rs. 759.00, Sun Pharma by 3.35% to Rs. 1,179.00, Sterlire Industries by 3.05% to Rs. 370.85, Tata Power by 2.88% to Rs. 854.70, BHEL by 2.74% to Rs. 1596.50, ONGC by 2.64% to Rs. 839.80, DLF Ltd by 2.44% to Rs. 231.55, Grasim Industries by 2.18% to Rs. 1,571.60 and Hindalco Industries by 1.98% to Rs. 54.50 among others.
The BSE Realty is lower by 106.03 points or 4.71% at 2,249.31. Stocks trading in red are Mahindra Life plunged by 10.98% to Rs. 166.15, Orbitco 8.93% to Rs. 73.45, Unitech by 7.61% to Rs. 47.95, Indiabulls Realty by 7.53% to Rs. 128.95 and Housing Development and Infrastructure Ltd by 6.28% to Rs. 127.65 among others.
Honda Motors fell 1.17% to Rs. 1,088.00 despite the Company reported robust financial report for the last quarter FY09.
ICICI Bank slipped 0.89% to Rs. 395.25 despite the Bank’s 50 basis points cut in lending rates may boost lending growth.
Micro Technologies India advanced 2.62% to Rs. 96.05 after the company won a contract worth $5 million from Japan''s FN Systems.
Supreme Petrochem soared 4.46% to Rs. 18.50 after Company reported robust financial results for the quarter ended March 31 2009.
Rolta India deteriorated 13.62% to Rs. 88.50 after the company reported a muted quarterly result.
HCL Technologies dipped 6.83% to Rs. 128.95 after the Company reported weak quarterly performance.
On the sectoral front, traders off-loaded positions across the sectors. Banking stocks slipped despite Central Bank short term rate cut. Auto stocks plunged on profit booking after a recent sharp rally in past trading session. Realty stocks fell on profit sharing after robust rally seen in last trading session. Oil exploration stocks fell after crude oil prices dropped nearly 9% on the New York Mercantile Exchange overnight.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,454 stocks traded so far, 952 shares advanced while 1,401 shares declined. Nearly 101 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 104.01 points at 10,794.10 and NSE Nifty is down by 43.15 points at 3,322.15.
The BSE Mid Cap is trading lower by 41.94 points at 3,481.19 and Small cap is trading down by 74.22 points at 3,953.76.
Major gainers from the BSE Sensex pack are ACC Ltd that soared by 3.01% to Rs. 631.95 along with Wipro Ltd by 0.35% to Rs. 275.20 and Infosys Tech by 0.17% to Rs. 1,365.80.
Losers from the BSE Sensex Pack are Jaiprakash Accociates declined 4.63% to Rs. 110.20 along with, Ranbaxy Labs plunged 4.15% to Rs. 174.40, Maruti Suzuki by 3.84% to Rs. 759.00, Sun Pharma by 3.35% to Rs. 1,179.00, Sterlire Industries by 3.05% to Rs. 370.85, Tata Power by 2.88% to Rs. 854.70, BHEL by 2.74% to Rs. 1596.50, ONGC by 2.64% to Rs. 839.80, DLF Ltd by 2.44% to Rs. 231.55, Grasim Industries by 2.18% to Rs. 1,571.60 and Hindalco Industries by 1.98% to Rs. 54.50 among others.
The BSE Realty is lower by 106.03 points or 4.71% at 2,249.31. Stocks trading in red are Mahindra Life plunged by 10.98% to Rs. 166.15, Orbitco 8.93% to Rs. 73.45, Unitech by 7.61% to Rs. 47.95, Indiabulls Realty by 7.53% to Rs. 128.95 and Housing Development and Infrastructure Ltd by 6.28% to Rs. 127.65 among others.
Honda Motors fell 1.17% to Rs. 1,088.00 despite the Company reported robust financial report for the last quarter FY09.
ICICI Bank slipped 0.89% to Rs. 395.25 despite the Bank’s 50 basis points cut in lending rates may boost lending growth.
Micro Technologies India advanced 2.62% to Rs. 96.05 after the company won a contract worth $5 million from Japan''s FN Systems.
Supreme Petrochem soared 4.46% to Rs. 18.50 after Company reported robust financial results for the quarter ended March 31 2009.
Rolta India deteriorated 13.62% to Rs. 88.50 after the company reported a muted quarterly result.
HCL Technologies dipped 6.83% to Rs. 128.95 after the Company reported weak quarterly performance.
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