The market, which opened lower on weak global cues, has slipped deeper into the red now with investors pressing sales in oil, healthcare, FMCG and power stocks. Capital goods and realty stocks are also mostly trading weak. Select automobile, information technology and metal stocks are finding modest support. Bank stocks too are exhibiting a mixed trend.
The Sensex is now down 128 points or 0.68% at 18,630.63. The Nifty index of the National Stock Exchange is down with a loss of 37 points or 0.65% at 5668.30.
Dr Reddy's Laboratories, Reliance Industries and ITC are trading lower by 1.6% - 2%, contributing significantly to the market's decline. HDFC, Sun Pharmaceutical Industries and Wipro are down 1% - 1.4%.
Larsen & Toubro, Coal India, ONGC, Hindalco, Tata Power, State Bank of India, Cipla, Jindal Steel and HDFC Bank are also trading weak.
Besides Cipla, Dr Reddy's Laboratories and Sun Pharmaceutical Industries, Aurobindo Pharma, Cadila Healthcare, IPCA Laboratories, Lupin, Piramal and Wockhardt are the notable losers in the healthcare space.
Jaiprakash Associates is down as much as 3.6%. Kotak Bank is trading 2.6% down. Reliance Infrastructure, Siemens, Punjab National Bank and Power Grid Corporation are also trading notably lower.
Mahindra & Mahindra is trading 1.6% up with strong quarterly results aiding its surge. IDFC, HCL Technologies, Ambuja Cements, ACC and Asian Paints are also trading in positive territory.
Kingfisher Airlines stock hit the 5% upper circut this morning following the airliner's staff deciding to end their strike and agreeing to return to work. According to reports, the management has accepted the staff demand of paying four months salary before the year-end. The management also said the airline would be fully operational within a month and they would soon present their turn-around plan to the director general of civil aviationfor revoking suspension of their licence.