The market has slipped deeper into the red in late morning trade today with investors indulging in some heavy selling at several front line counters. Weak global markets and worries about slowing economy are appear to be triggering the sell-off.
The BSE benchmark Sensex is now down 180 points or 0.98% at 18,438.87. The Nifty index of the National Stock Exchange is down 54.55 points or 0.96% at 5612.50.
In the currency market, the rupee eased to 55.07 against the U.S. dollar in early trades, losing 19 paise. The rupee lost 13 paise to close at 54.88 against the dollar in the previous session on Monday.
Information technology stocks are among the most prominent losers at present. Metal, automobile, FMCG and oil stocks too are mostly down in negative territory. Several stocks from pharmaceuticals and realty segments are trading weak as well.
Bank and capital goods stocks, which found modest support early on, are drifting lower now. Select power and consumer durables stocks are trading higher. Besides a number of large cap stocks, several stocks from midcap and smallcap segments too are trading weak.
The market breadth is weak. Out of 2534 stocks seen in action on BSE at present, as many as 1573 stocks are down in negative territory. 850 stocks are up in positive zone and 111 stocks are trading flat.
Ultratech Cement is down 4.6%. Jaiprakash Associates is trading lower by 3.3%. Tata Steel, Hindalco, ITC, Sun Pharmaceutical Industries, Tata Motors, Reliance Infrastructure, Hero Motocorp, Jindal Steel & Power, ACC, Dr Reddy's Laboratories, Mahindra & Mahindra and ONGC are down 1.5% to 3.6%.
IT heavyweights Infosys, Tata Consultancy Services and Wipro are down 2% - 2.2%. Rolta India, Hexaware, Financial Technologies, Tech Mahindra, Educomp Solutions, MindTree and NIIT Technologies are also trading sharply lower, while HCL Technologies, Polaris and KPIT Cummins are bucking the trend and trading notably higher.
Bharti Airtel is trading firm with a gain of nearly 3%. GAIL India, Kotak Bank, Cairn India, DLF, Coal India, Hindustan Unilever and HDFC are also trading firm.
Wockhardt is up 3% at Rs 1,750 after reporting that its consolidated net profit surged over three-fold to Rs 453.55 crore for the second quarter ended September 30, 2012. Net profit came in at Rs 127.58 crore during the corresponding period of previous fiscal.Net sales of the company rose to Rs 1,347.44 crore during Q2 compared to Rs 1,045.63 crore during the same period of 2011-12 fiscal.
According to the data released by the government on Wednesday, wholesale price inflation fell to an eight-month low of 7.45% in October, after showing signs of a surge in September when it touched 7.81% from the provisionally estimated 7.55% in August.
The government has revised the August figure 8.01%, the highest so far in this financial year, showed an official statement issued on Wednesday.