Stocks tumbled in early trade on the Indian bourses this morning with investors indulging in some heavy selling almost across the board, tracking a weak lead from Asian markets. Political worries following the government's decision not to withdraw reforms announcements made late last week too contributed to the sharp slide at the start. The government has also refused to roll back recent hike in fuel prices.
After opening almost 200 points down at 18,292.22, the Sensex regained some lost ground with a few blue chip stocks finding some support, but still remains fairly deep down in negative territory at 18,378.31, with a loss of 117.70 points or 0.61%.
The Nifty index of the National Stock Exchange, which plunged to 5534.90 at the start, is currently at 5560, down 40.05 points or 0.73% from its previous close.
Capital goods, realty, metal, automobile and power stocks are mostly trading notably lower. Oil, consumer durables and bank stocks are also trading weak. Select pharmaceuticals, information technology and FMCG stocks are up in positive territory with smart gains.
Shares of PSU power equipment maker BHEL are down more than 3%. Larsen & Toubro, the other capital goods sector heavyweight in the Sensex, is down with a loss of 1.8% at Rs 1523.
GAIL India is down by a little over 2.5%. Hero Motocorp, HDFC, State Bank of India, Tata Steel, ICICI Bank, Coal India, Hindalco, Tata Motors and Reliance Industries are trading lower by 1.4% - 2%. Bajaj Auto, Cipla, Tata Power and Mahindra & Mahindra are also trading notably lower.
Punjab National Bank, Reliance Infrastructure, Bank of Baroda, Jaiprakash Associates, Axis Bank, IDFC, DLF and Cairn India are down 2% - 3.3%. Sesa Goa, SAIL, Siemens, Ambuja Cements, ACC, Dr Reddy's Laboratories, Grasim Industries and Asian Paints are also trading notably lower.
HCL Technologies is up 2.3% at Rs 586.50. Jindal Steel, BPCL, Tata Consultancy Services, Wipro, Hindustan Unilever, Ranbaxy Laboratories, Maruti Suzuki, Kotak Bank, ONGC and ITC are also trading firm.