Sensex ends 102 points lower; HDFC, ICICI Bank dip 2%

Markets ended lower on Tuesday on concerns of capital outflows after the special investigation team proposed stringent norms for P-notes. Further, investors turned cautious ahead of the US Fed meet which begins later today.

The 30-share Sensex ended down 102 points at 27,459 and the 50-share Nifty ended down 24 points at 8,337.

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(Updated at 2:40PM)

Markets are trading weak ahead of the US Federal Open Market Committee meeting that begins today amid lacklustre earnings season. The concerns over participatory notes (P-Notes) have also added to the woes of market participants.

At 2:40PM, the 30-share Sensex was down 28 points at 27,533 and the 50-share Nifty was down 4 points at 8,357.

The broader markets are, however, outperforming their larger peers with BSE Midcap and Small indices up nearly 0.2% each. The breadth of the market is slightly positive with 1,331 advances against 1,299 declines on the BSE.

The washout of the first week of the monsoon session in Parliament has weighed on the markets. Also, the derivatives expiry for the month of July, which is due on July 30th, has kept the market participants on the edge.

The investors are jittery over the reports that the central bank might keep the interest rates unchanged during its next bi-monthly policy review meeting, which will be held on August 4. The poor monsoon season so far is the reason cited for the above move.

Meanwhile, Foreign Institutional Investors were net sellers in equities to the tune of Rs 860 crore, as per provisional stock exchange data.

On the currency front, the Indian rupee was trading higher at 63.95 to the US dollar, stronger by 21 paise.

SECTORS & STOCKS

BSE Realty index is the biggest loser , dipping more than 2% followed by BSE Metal and Auto sectors, down by 0.4%. on the upside, BSE Bankex is rallying 0.7%

Maruti Suzuki has posted 56% growth in its net profit at Rs 1,192 crore for the quarter ended June 30, 2015, as against Rs 762 crore posted for the same quarter last year. The stock is up by 0.5%

L&T is rallying 0.5% ahead of its first quarter earnings on July 31 while BHEL is up 2.3% after the company recently announced order wins.

Metal pack is trading mixed on the back of weak commodity prices coupled with weakness in the China shares. Hindalco and Vedanta is up between 1.4% and 0.6% respectively, while Tata Steel is down 0.4%

Tata Motors is still reeling under pressure on the back drop of weakness in the Chinese equities that could affect the sales of its luxury-arm JLR. The stock is down 2%.

HDFC has slipped 2% post its quarterly numbers that was below the street’s expectations.

On the flip side, HDFC Bank, SBI, Axis bank, NTPC are up between 1-1.5% on the Sensex.

Among other shares, Bank of India (BoI) today reported 84% decline in net profit at Rs 129.72 crore in the April-June quarter of the current fiscal against Rs 805.69 crore year-on-year. The stock is down 4.3%


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