With several stocks from across various sectors plunging sharply on sustained selling pressure, the key Indian stock indices Sensex and Nifty look headed for a dismal close today.
Besides some disappointing results from India Inc, weak Asian and European markets too appear to be weighing on sentiment and prompting investors to indulge in some heavy selling at several counters.
The Sensex has plunged to 19.799.39, losing 291.29 points or 1.41%. The Nifty is down with a loss of 77 points or 1.3% at 5913.50.
Ambuja Cements is down by over 11% with weak results and the rejig by Holcim triggering heavy selling at the counter. ACC is also trading weak, losing more than 4%.
Jaiprakash Associates is down almost 10%. ITC, Tata Power, Grasim Industries, NMDC, Ultratech Cement and BHEL are trading lower by 2.4% - 4.8%.
Sesa Goa, Sun Pharmaceutical Industries, Cipla, Tata Steel, Power Grid Corporation, Larsen & Toubro, Reliance Industries, NTPC and Coal India are also down with notable losses.
Bucking the trend, Hero Motocorp (up nearly 4%), BPCL (2%), Asian Paints (1.9%), Punjab National Bank (1.3%) and GAIL India (1%) are trading firm.
Maruti Suzuki is trading higher by a little over 1%. Maruti Suzuki has announced that its net profit for the quarter ended 30 June 2013 was Rs 632 crore, as compared to Rs 423.80 crore in the corresponding quarter last year.
Tata Motors, Dr Reddy's Laboratories, HDFC, State Bank of India and HCL Technologies are up with modest gains.
Zee Entertainment has surged 6% to Rs 262 on impressive results. The company has reported a 42% increase in consolidated net profit to Rs 224.64 crore for the first quarter ended June 30, 2013. The company had posted a consolidated net profit of Rs 158.15 crore in the same period of previous fiscal, ZEEL said in a filing to the exchanges. The company's consolidated total income stood at Rs 973.25 crore in the April-June quarter of this fiscal compared to Rs 842.96 crore during the same period of 2012-13.