Sensex down 137 points as stocks lose further ground

Last Updated: Wed, Oct 10, 2012 06:36 hrs

The market, which opened weak on the back of a negative trend across the globe, has slipped deeper into the red now with several blue chip stocks reeling under sustained selling pressure.

Realty stocks, led by DLF, are among the major losers. Power, capital goods, bank and PSU stocks are also mostly down with notable losses. Information technology and automobile stocks are also having a tough ride.

Consumer durables, FMCG and healthcare stocks are trading off their earlier high levels. Several midcap and smallcap stocks have declined sharply on selling pressure and the market breadth is quite weak at present.

The Sensex is down 136.80 points or 0.73% at 18,656.56. The Nifty index of the National Stock Exchange is down with a loss of 43.95 points or 0.77% at 5660.65.

In the currency market, the rupee drfited lower, extending its recent losses. In early trades, the rupee eased to 52.88 against the U.S. dollar, losing 16 paise. Weakness in Asian currencies against the US dollar and demand for the greenback from importers put pressure on the rupee.

BHEL is down 2.5% at Rs 244. NTPC is trading 2.2% down at Rs 166.60. State Bank of India, GAIL India, Tata Power, Larsen & Toubro, ONGC, Infosys, HDFC Bank, Mahindra & Mahindra and ICICI Bank are trading lower by 1% - 1.8%.

Wipro, HDFC, Sterlite Industries, Tata Consultancy Services, Hindalco, Maruti Suzuki, Dr Reddy's Laboratories, Bharti Airtel and Hindustan Unilever are also trading weak.

Tata Steel, Hero Motocorp, Sun Pharmaceutical Industries, ITC, Reliance Industries and Cipla are bucking the trend and trading marginally up.

Lanco Infratech is down more than 7%. GMR Infrastructure is down with a loss of 6.8%. Pantaloon Retail, Indiabulls Financial Services, HDIL, Siemens, Motherson Sumi, DLF, Unitech, Adani Enterprises, Muthoot Finance, Suzlon Energy, LIC Housing Finance and United Phosphorus are all trading lower by 3% - 5%.

Polaris plunged to 122.65, losing over 8%, following the market regulator Sebi banning the company's promoter Arun Jain from dealing in the securities market for two years accusing him of violating insider trading norms. The case dates back to 2000 when Polaris Software was looking at acquiring US-based Data Inc. Sebi conducted investigation into the dealing in the scrip of Polaris Software Lab based on media reports that the company had after due diligence called off the proposed acquisition of Data Inc. The stock is currently trading at Rs 126, down nearly 6% from its previous closing price.

Financial Technologies, HCL Technologies, Glaxosmithkline Consumer Healthcare, Mahindra Satyam, Jaiprakash Associates, Hexaware Technologies, Tech Mahindra, Madras Cements, Aurobindo Pharma, Cadila Healthcare and Godrej Consumer Products are up with strong gains.

According to the data released by the Society of Indian Automobile Manufacturers, car sales in India fell in September for the second consecutive month, as high interest rates, rising fuel costs and slowing economic growth continued to drag down demand.

Automakers sold 157,536 cars in September, down 5.4% from a year earlier, according to the data. Sales of motorcycles fell 18.9% to 753,693 vehicles. Truck and bus sales stood at 70,683 vehicles during the month, little changed from a year previously.

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