With several blue chip stocks still reeling under selling pressure, the market, which opened on a weak note this morning on global cues, continues to languish in the red. Worries about near term economic outlook and caution ahead of the reporting season appear to be dragging down stocks.
The Sensex is down 130.37 points or 0.69% at 18,671.27, while the Nifty index of the National Stock Exchange is down with a loss of 46 points or 0.8% at 5626.90.
Information technology stocks are among the most prominent losers at present. Realty stocks too are mostly down with notable losses. Bank, consumer durables, capital goods and metal stocks are struggling as well. Power stocks are not faring any significantly better either.
FMCG, PSU, oil, pharma and automobile stocks are trading mixed. Several stocks from midcap and smallcap segments are down with sharp losses on selling pressure. The market breadth is weak, with declines outscoring advances by almost 2 to 1 on BSE.
Jaiprakash Associates and Ultratech Cement are trading lower by 3.4% and 3%, respectively. HCL Technologies, Infosys, DLF, IndusInd Bank, Axis Bank, Reliance Infrastructure, Grasim Industries, Tata Steel, Tata Consultancy Services, ACC, BHEL, HDFC, Power Grid Corporation, Jindal Steel & Power and Kotak Bank are down 1.5% - 3%.
Sesa Goa, Bank of Baroda, Hero Motocorp, ITC, IDBI Bank, ICICI Bank, State Bank of India, Punjab National Bank, HDFC Bank and Reliance Industries are also trading notably lower.
Dr Reddy's Laboratories is up more than 2% at Rs 1876. The pharma major has announced that it has launched Zoledronic Acid Injection, a therapeutic equivalent generic version of Reclast Injection in the U.S. market on 3 April 2013, following the approval from USFDA. The Reclast brand had total U.S. sales of around $355 million in the twelve months ended February 2013.
Tata Motors is up 1.8% and Mahindra & Mahindra is trading 1.4% up. Hindustan Unilever, Bharti Airtel, GAIL India, Coal India, Tata Power, Sun Pharmaceutical Industries and Maruti Suzuki are also trading in positive territory.
Hexaware Technologies has announced that it has signed a multi-year agreement with a Fortune 500 client, headquartered in the United States. The 3-year deal is estimated to be worth around $30 million. The stock is up 0.8% at Rs 90.80 at present.
Shriram City Union Finance is down nearly 8% at Rs 1130. According to reports, private equity firms Norwest Venture Partners and ICICI Ventures have made partial exits by selling a combined 1.49% stake in the Chennai-based Shriram City Union Finance, the retail finance arm of Rs 60,000 crore Shriram Group.