RTTNews - Wednesday, the Indian market is trading sharply lower amid weak global cues on worries a world economic recovery would take longer than expected. Net FII selling and concerns about a rising fiscal deficit are also weighing on investor sentiment.
The BSE Sensex opened lower at 14,040 and fell further in early trading. The index is now trading near the day's low at 13,746, down 425 points or 3% and the S&P CNX Nifty is trading at 4,071, down 3.12%.
The BSE small-cap and the mid-cap indexes are down over 4% each. The market breadth on the BSE is extremely negative, with only 251 advancers compared to 1594 decliners. Sector-wise, realty, metal, consumer durable, capital goods and banking stocks are bearing the brunt of the selling pressure.
Among the major decliners, DLF and Sterlite are down over 7% each, Tata Steel and ICICI Bank are plunging over 6% and Reliance Infrastructure, Hindalco, Reliance Communication and Jaiprakash Associates are trading down over 5% each.
Larsen & Toubro, ONGC, BHEL, Tata Power, HDFC, SBI, Reliance Industries and Tata Motors are the other prominent losers. All the 30 Sensex stocks with the exception of Sun Pharma are trading in the red. Sun Pharmaceutical Industries is up a modest 0.36% after it received approval from the US Food and Drug Administration to sell generic Casodex tablets, used in the treatment of prostate cancer.
Lanco Infratech is tumbling over 5% despite receiving the letter of intent for a Rs.52.30 crore contract from the government for a construction project in Tamil Nadu.
Corporation Bank is losing nearly 3% after it proposed to raise Rs.300 crore by selling bonds on a private placement basis. Educomp Solutions is tumbling over 5% after its board approved the preliminary placement document with respect to a share sale through the QIP route.
IOL Netcom is plunging 6.71% after its board decided to raise funds through preferential share placement or by issuing non-convertible debentures. Ajmera Realty & Infra India is down more than 5% on reports that unlisted Essar Steel is close to acquiring a major stake in the company's steel business in an deal worth around Rs.700-800 crore.
Infosys is down 1.56% on reports that its outsourcing arm is scouting for a strategic acquisition in the $40-$60 million range either in Canada or the US. Larsen & Toubro is tumbling 4.45% despite reports that US-based Gilbarco Veeder-Root is in the final stages of signing an agreement for acquiring the former' s fuel dispenser business.
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