RTTNews - The Indian market is trading sharply lower on Monday on the back of weak global cues amid lingering concerns about the global economy. Fears about portfolio capital outflows and a lack of adequate monsoon rains are also dampening investor sentiment.
The BSE Sensex opened lower at 13,405 and fell to a low of 13,257 in early trading. Since then, the index has recouped some of its loss and is now trading at 13,332, down 173 points or 1.28%, while the S&P CNX Nifty is trading at 3,951, down 1.31%.
The broad-based BSE 500 index is down around 1.60%, the mid-cap index is losing 2.53% and the small-cap index is tumbling nearly 3%. Stocks across the sectors with the exception of IT stocks are now trading in the red. Consumer durable, realty, power, capital goods, metal and auto stocks are leading the decliners with over 2% losses.
Among the major decliners, Jaiprakash Associates and Tata Power are down over 4% each, Maruti Suzuki, Tata Steel, Larsen & Toubro, Reliance Infrastructure and DLF are losing more than 3% each, Hindalco is down 2.94% and Mahindra & Mahindra is moving down 2.80%.
Reliance Communication, Reliance Industries, Grasim Industries, Tata Motors, Sterlite Industries, ACC, Hero Honda Motors, ICICI Bank, Bharti Airtel, BHEL and HDFC Bank are the other prominent losers. However, Sun Pharma, Infosys, Wipro and ONGC are trading in the green.
Sun Pharmaceutical Industries is rising 2.25% after the company along with its subsidiary Caraco Pharmaceutical Laboratories entered into agreements with drug maker Forest Laboratories and licensing partner H.Lundbeck AS, over a pending patent infringement dispute related to Lexapro tablets.
IL&FS Investment Managers is surging up over 6% after it proposed to consider a stock split of its existing equity shares. Century Plyboards is adding nearly 2% on reports that it is in talks with global and domestic private equity players to raise around Rs 100-150 to part-finance its cement expansion plans.
Axis Bank is losing 1.67% ahead of the announcement of its June quarter results. Sterlite Industries is down 2% on reports that its wholly-owned subsidiary Sterlite Energy could raise as much as Rs.3,000 crore by selling a 10 percent stake in an initial public offer in the next 3- 4 months.
Allcargo Global Logistics is declining 1.78% on reports that it has put major expansion plans on hold and instead exploring acquisition opportunities globally in the the non- vessel owning common carrier space. REI Agro is gaining 2.31% after its net profit rose 21% year-over-year for the June quarter.
Gammon India is plunging nearly 10% after the collapse of a part of an under construction rail bridge in New Delhi, the second such accident involving the company since September 2007.
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