After a gap down opening, the key benchmark indices continued its downtrend on the back of sharp drop in Asian stocks led by around 5% fall in Chinese stocks and an unexpected decline in a U.S. consumer confidence index that raised concern about the strength of a revival in global outlook. Back home, worries of poor progress of India''s annual monsoon rains further ruined sentiment.
On the sectoral front, all indices declined. Oil exploration stocks drifted down as oil prices extended losses. Metal shares fell after LMEX, a gauge of six metals traded on the London Metal Exchange, fell 3.05% last Friday. Auto stocks slipped on concerns arising from scanty rains as auto firms derive substantial revenue from rural India. Construction, capital goods and cement shares fell on profit booking after recent gains.
The Market breadth, indicating the overall strength of the market, was weak On BSE, out of 2,510 stocks traded so far, 796 shares advanced while 1,637 shares declined. Nearly 77 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 432.30 points at 14,979.33 whereas NSE Nifty is down by 135.94 points at 4,444.10.
The BSE Mid Cap is trading lower by 133.64 points at 5,470.17 and Small cap is trading down by 93.52 points at 6,319.04.
Major losers from the BSE Sensex Pack are Hero Honda Motors Ltd plunged 5.22% to Rs. 1,401, Tata Steel Ltd 4.58% to Rs. 448.25, DLF Ltd plunged 4.42% to Rs. 377.55, Sterlite Industries Ltd 4.36% to Rs. 633.50, Hindalco Industries Ltd by 4.34% to Rs. 103.5, Tata Motors Ltd by 4.10% to Rs. 447.65, ACC Ltd by 3.88% to Rs. 798.05, ICICI Bank Ltd by 3.65% to Rs. 717, Mahindra & Mahindra Ltd by 3.49% to Rs. 761.20, Reliance Infrastructure Ltd by 3.46% to Rs. 1,144.5 and Jaiprakash Associates Ltd by 3.42% to Rs. 209.
Lone gainer from the BSE Sensex pack was BHEL that gained 0.37% to Rs. 2,209.35.
The BSE Realty is lower by 184.27 points or 4.65% at 3,778.79. Stocks plunged are Phoenix Mills Ltd 7.17% to Rs. 132.75, Indiabulls Realty 5.52% to Rs. 223.50, Unitech Ltd 5.06% to Rs. 88.15, Orbitco Ltd 5% to Rs. 179.65, Housing Development by 4.86% to Rs. 281 and Parsvnath 4.80% to Rs. 114 among others.
Berger Paints (India) Ltd fell 0.73% to Rs. 47.50 despite its board approved issuing 72 lakh shares of a face value of Rs 2 each to Nalanda India Fund.
Provogue India Ltd gained 1.46% to Rs. 66.15 after its board approved spending Rs. 50 crore to buy back 50 lakh shares at up to Rs 100 each.
KSK Energy Ventures Ltd climbed 1.19% to Rs. 182.80 after it said it will seek shareholders approval to raise as much as Rs 2000 crore by selling preferential shares.
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