Sensex down 100 points; Nifty below 8,400 mark

Markets have turned weak and are trading marginally lower weighed down by metal, FMCG and power sectors.

By 10:08, the Sensex was lower by 79 points at 27,758 and the Nifty was quoting at 8,397, down 27 points.

The main losers on the Sensex are Tata Steel, Tata Power, Cipla, Vedanta and BHEL, all slumping between 1-5%.


Updated at 9:40

Markets have commenced the trading session on a flat note tracking mixed global cues.

By 9:40, the Sensex was lower by 48 points at 27,789 and the Nifty is quoting at 8,403, down 20 points.

Among broader markets, BSE Midcap and Smallcap indices have gained between 0.2-0.3%.

“On Wednesday, the Nifty retested its crucial hurdle around 8440 but failed to cross the same, despite several intraday attempts. It strengthened our belief that profit taking is likely in index, followed by consolidation in the coming days. Hence, traders are advised to uphold cautious approach in long trades and avoid over leveraging in carry over trades,” said Jayant Manglik, President-retail distribution, Religare Securities in a post market note.

"Also, we reiterate our preference to select counters from metal, PSU banks and realty pack for fresh short positions,” he added.

Further, foreign portfolio investors bought shares worth a net Rs 123.49 crore yesterday, as per provisional data.


Ahluwalia Contracts (India), Bajaj Auto, Britannia Industries, CESC, Deepak Fertilisers & Petrochemicals Corporation, Essar Shipping, Indiabulls Real Estate, Kalindee Rail Nirman, MMTC, Shipping Corporation of India, Shree Renuka Sugars, Voltas and Zee Entertainment Enterprises are some of the companies that are likely to announce their March quarter results today.


Asian stocks treaded water early on Thursday, with overnight Wall Street losses acting as a drag, while the dollar held to broad gains after minutes from the Federal Reserve's April minutes contained no major surprises.

The closely-watched Fed meeting minutes showed many officials saw it as premature to hike interest rates in June, which did not take the markets by surprise.

The US economy has shown signs of strength - the latest being this week's upbeat housing data - but overall recovery has not been as robust as expected. The economy grew by a modest 0.2% in the first quarter.


BSE Realty index has gained by almost 1%. However, BSE Metal index has slipped by 0.4%.

The main gainers on the Sensex are Coal India, Dr Reddy’s Labs, RIL, Axis Bank, SBI, ONGC and Tata Motors.

On the losing side, Tata Steel has slumped over 4%. Tata Steel, the country's oldest steel producer, reported a consolidated loss of Rs 5,674 crore in the March quarter due to a sharp fall in revenue and also because of a non-cash impairment of Rs 4,951 crore it took, most of it on Europe's long products division.

Bajaj Auto has slipped by 1% ahead of its results due today. Other notable losers are Vedanta, GAIl, Cipla, Bharti Airtel and HDFC Bank.

Shares of IRB Infrastructure were trading higher by 2% at Rs 248 on the NSE in early morning trade after the company has bagged Rs 2,650 crore order from the National Highways Authority of India (NHAI).

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