It's a weak start for equities on the Indian bourses this morning with investors tracking global cues and indulging in some selling. Amid worries about the near term outlook for the economy, the U.S. and European markets closed notably lower overnight, setting up a negative start for markets in the Asian region this morning.
The BSE benchmark Sensex, which declined to 19,662.70, is now down with a loss of 65 points or 0.33% at 19,686.19. The Nifty index of the National Stock Exchange is down 26.85 points or 0.45% at 5960.40, off an early low of 5947.90.
Realty, metal, power and capital goods stocks are among the prominent losers in early trades today. Automobile, bank and FMCG stocks too are mostly trading weak. A few stocks from information technology and healthcare sectors are up in positive territory with smart gains.
BHEL is down 2.4%, extending recent losses following weak quarterly results. Sterlite Industries is down with a loss of 2.1% and Jindal Steel & Power is trading lwoer by 1.8%.
Tata Motors, Hero Motocorp, Coal India, Hindalco, Bharti Airtel, Reliance Industries, ITC, ICICI Bank, HDFC Bank, Hindustan Unilever, Dr Reddy's Laboratories, Cipla and State Bank of India are down 0.5% - 1.5%.
Jaiprakash Associates is trading 2.6% down. Sesa Goa is down 2.1% and Bank of Baroda, which declined sharply on Monday following weak results, is down by about 2% now.
DLF, Ambuja Cements, Reliance Infrastructure, Siemens, Lupin, IDFC, Punjab National Bank, Grasim Industries and HCL Technologies are also trading notably lower.
Sun Pharmaceutical Industries is trading nearly 3% up. GAIL India is up with a gain of 1.8%, while ONGC, ACC, Tata Consultancy Services, Infosys and Bajaj Auto are trading higher by 0.4% - 0.6%.