With several front line stocks from across various sectors reeling under sustained selling pressure, the market, which opened on a weak note this morning, has slipped a bit deeper into the red a little while ago.
The prospects of a U.S government shutodwn following the US lawmakers failing to reach an agreement on budget funding over the weekend and the resultant weakness in global markets are weighing on sentiment and prompting investors to press sales this morning.
Bank stocks continue to trade sharply lower, extending recent losses. Mirroring sharp losses posted by key stocks in that space, the BSE Bankex is down as much as 2.2% now. Power, PSU, capital goods and metal stocks are among the other major losers.
Automobile and realty stocks are weak as well. Oil, consumer durables and FMCG stocks are not faring any significantly better. Select pharma and IT stocks are trading higher.
The rupee continues to trade weak against the U.S. dollar. Currently, the partially convertible Indian currency is hovering around 62.60 against the greenback.
Banking sector majors ICICI Bank, HDFC Bank and State Bank of India are down 3%, 1.3% and 2.2%, respectively. Yes Bank has lost over 4%. Union Bank of India, Bank of India, Axis Bank, Canara Bank, Punjab National Bank, Bank of Baroda, IndusInd Bank and Federal Bank are trading lower by 2% - 3.5%.
Among power stocks, Adani Power, BHEL, Crompton Greaves, GMR Infrastructure, JP Power, JSW Energy, NTPC, Power Grid Corporation, PTC India, Reliance Infrastructure, Reliance Power, Siemens, Tata Power, Thermax and Torrent Power are down 1% - 4%.
Capital goods sector major Larsen & Toubro is down 2% at Rs 2061. FAG Bearings is down with a loss of about 3% at Rs 1260 and IL&FS Transport is down 2.8% at Rs 105.
Among the stocks in the Metal index, Coal India, JSW Steel, NMDC, SAIL and Tata Steel are down 2% - 4%. Hindalco, Hindustan Zinc and Jindal Steel & Power are down with modest losses, while Bhushan Steel and Sesa Goa are trading marginally up.
IT majors Infosys and HCL Technologies are up 1.2% and 1.3%, respectively. Wipro is trading higher by about 0.6%. Pharma stocks Lupin and Ranbaxy Laboratories and FMCG heavyweight Hindustan Unilever are the other stocks that are bucking the weak trend.