Even as most of the markets in the Asian and European regions moved higher amid easing worries about the crisis in the Eurozone following the victory of the austerity-pro New Democracy party in the Greek parliamentary election, the mood on the Indian bourses is quite bearish this afternoon due to disappointment over the central bank's decision to leave policy rates unchanged.
After a firm start on strong global cues, stocks, led by those from the rate sensitive banking and realty sectors, tumbled on the Indian bourses this morning after the Reserve Bank of India refrained from cutting the CRR and Repo rates, citing uncomfortable inflation levels.
With several front line stocks from across various sectors trading weak due to sustained selling pressure, the market remains deep down in the red this afternoon.
Bank and realty stocks continue to bear the brunt of the onslaught. Oil, PSu and FMCG stocks are also mostly trading weak. Information technology, power and capital goods stocks are off their lows. Healthcare and metal stocks are trading mixed. Automobile stocks are finding some support. A few stocks from the consumer durables space have moved higher.
Several other bank stocks, including, Uco Bank, IDBI Bank, Axis Bank, Syndicate Bank, Canara Bank, Punjab National Bank, Bank of India and ING Vysya Bank, are also down in negative territory with sharp losses.
ONGC, HDFC, Bharti Airtel, Cipla, Sun Pharmaceutical Industries and Tata Consultancy Services are also trading notably lower. Infosys, Mahindra & Mahindra and Jindal Steel are down with modest losses.
HCL Technologies, down 5.2%, is the most prominent loser in BSE 'A' Group. Adani Enterprises, Power Finance Corporation, Reliance Communications, Eicher Motors, Reliance Capital, Ashok Leyland, IFCI, United Spirits and Alstom T&D are among the other notable losers in the Group.
Nalco is up nearly 4.5%. Motherson Sumi has notched up a gain of 3.5%. Oberoi Realty, Piramal Healthcare, Strides Arcolab, EIH, Mahindra & Mahindra Financial Services, Power Grid Corporation, IPCA Laboratories, ACC, Titan Industries and Cairn India are also trading higher.