Heavy selling in automobile, metal realty stocks pushed the market down sharply past mid morning today, and with several stocks from these sectors and a few front liners from oil, power, IT and telecom sectors too under pressure, the key indices continue to languish in negative territory in early afternoon trades.
The Sensex is down 196.10 points or 0.69% at 28,143.21 now. The Nifty50 of the National Stock Exchange is down 66.75 points or 0.76% at 8725.55.
Tata Motors is down nearly 10% on disappointing results and a subsequent rating downgrade of the stock by analysts. Tata Motors DVR is also trading lower by about 10%.
Sun Pharmaceutical Industries, BHEL, Tata Steel, Bank of Baroda, BPCL, Tech Mahindra and Idea Cellular are down 2% - 4%.
Zee Entertainment Enterprises is gaining 2.3%. Bosch is up 1.2%. ITC and HDFC Bank are modestly higher, while Bharti Infratel, Reliance Industries, Lupin and Power Grid Corporation are up marginally.
Eicher Motors is trading 2.1% down, Hero Motocorp is declining 1.4% and Maruti Suzuki is down 1.2%. Bajaj Auto is up marginally, while Ashok Leyland and Mahindra & Mahindra are modestly higher.
Among the stocks in the Realty index, DLF is down nearly 6%. HDIL is lower by 5.5%. Indiabulls Real Estate is down 2.8%, while Oberoi Realty, Godrej Properties, Unitech and Sobha are down 1.3% - 2.1%. Prestige Estates, Phoenix and Omaxe are modestly lower.