Equities drifted lower on the Indian bourses this morning with investors indulging in some heavy selling, tracking weak global cues. A significant decline in global commodity prices too contributed to the weak start.
Metal, capital goods, FMCG, automobile and bank stocks are mostly down with notable losses. Shares from realty, power and healthcare sectors are also trading weak. Select oil, information technology and consumer durables stocks are bucking the trend and trading higher.
The BSE benchmark Sensex, which delcined to 19,500.27, is currently down 124.40 points or 0.63% at 19,518.35. The National Stock Exchange's Nifty index is down with a loss of 35.35 points or 0.6% at 5907.70.
Sterlite Industries is down by around 2.5%. Tata Steel and Hindalco are down 1.8% and 1.6%, respectively. Jindal Steel & Power is down with a loss of 1.1%, while Coal India, the other metal sector component in the Sensex, is down by around 0.7%.
Tata Motors, Larsen & Toubro, BHEL, ITC and ICICI Bank are down 1% - 1.8%. Dr Reddy's Laboratories, Hindustan Unilever, State Bank of India, HDFC, Hero Motocorp, Mahindra & Mahindra and Maruti Suzuki are down 0.4% - 0.8%. Reliance Industries, HDFC Bank and ONGC are also trading weak.
Jaiprakash Associates, down 2.5%, is the most prominent loser in the Nifty index. Sesa Goa is down by a little over 2%. Reliance Infrastructure, IDFC, Siemens, Punjab National Bank and Ranbaxy Laboratories are down 0.5% - 1.5%.
Meanwhile, Wipro, HCL Technologies, Grasim Industries, Cipla and BPCL are trading in positive territory, gaining 0.5% - 1%. Tata Consultancy Services, Tata Power and Lupin are up marginally.
Shriram Transport Finance is down by over 7% at Rs 702, on huge volumes. On the National Stock Exchange, the Shriram Transport Finance counter has clocked a volume of over 24 million shares this morning.
Aurobindo Pharma, Pantaloon Retail, United Breweries, JSW Steel, Oberoi Realty, IRB Infrastructure, Sun TV Network, JP Infratech, Coromandel International, Adani Enterprises and GodreJ Industries are also trading sharply lower.