Sensex down 116 pts on weak global cues;Bank, metal stocks decline

Last Updated: Thu, Feb 20, 2014 04:24 hrs

The Indian stock market opened lower on weak global cues this morning and lost further ground in subsequent trades, with investors pressing sales at several counters.

A weak close on Wall Street overnight and a negative trend across the Asian region on the back of a report showing a faster than expected contraction in Chinese manufacture activity appear to be prompting investors to exit counters.

The BSE benchmark Sensex, which declined to 20,589.03, is currently down 116.08 points or 0.56% at 20,606.89. The Nifty index of the National Stock Exchange is down 43.50 points or 0.71% at 6109.25.

In the forex market, the rupee opened at 62.38 against the U.S. dollar, down 18 paise from Wednesday's close of 62.20 a dollar. The rupee is currently trading at 62.43 against the greenback.

Bank and metal stocks are among the most prominent losers. Capital goods, power and oil stocks are also mostly trading weak. Realty, automobile, information technology and healthcare stocks are trading mixed.

Tata Steel is down nearly 2.5% at Rs 365. Tata Power, ICICI Bank, Axis Bank, Hindalco, State Bank of India, Larsen & Toubro, Sesa Sterlite and BHEL are down 1% - 2%.

Coal India, HDFC Bank, HDFC, Bajaj Auto, NTPC, ONGC, GAIL India, Mahindra & Mahindra, Maruti Suzuki, Hindustan Unilever and Infosys are trading lower by 0.5% - 1%. Reliance Industries and ITC are down marginally.

Bank of Baroda, IndusInd Bank, Kotak Bank, Punjab National Bank, IDFC, ACC, Ambuja Cements, Jindal Steel & Power, BPCL, NMDC and Jaiprakash Associates are down 1% - 2%.

Bucking the weak trend, Bajaj Auto, Tata Motors, Hero Motocorp, Tata Consultancy Services , Sun Pharmaceutical Industries, Cipla and Ranbaxy Laboratories are trading in positive territory, gaining 0.2% - 0.8%.

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