Sensex down 408 pts; metal stocks lose shine

Equity indices trimmed initial losses in morning trade. The Nifty regained the crucial 17,000 mark after hitting the low of 16,928.60 in early trade. Barring banks and auto shares, selling pressure was seen across the board.

At 10:21 IST, the barometer index, S&P BSE Sensex declined 408.65 points or 0.71% at 56,788.13. The Nifty 50 index fell 153.9 points or 0.9% at 17,018.65.

The broader market traded with losses. The S&P BSE Mid-Cap index fell 1.32% while the S&P BSE Small-Cap index declined 1.16%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 959 shares rose while 2,244 shares fell. A total of 132 shares were unchanged.

Results Today:

Century Textiles and Industries (up 1.04%), Eveready Industries (down 0.88%), Gujarat Mineral Development (up 1.39%), Mahindra CIE Automotive (up 6.34%), Tatva Chintan Pharma Chem (up 1.09%), Tata Investment (down 0.67), Steel Exchange India (up 0.26%), Meghmani Finechem (down 0.14%), Maharashtra Scooters (up 0.21%), Triveni Enterprises (up 3.26%) and Snowman Logistics (down 1.18%) will announce their financial results today.

Buzzing Index:

The Nifty Metal index slipped 3% to 6,247.75, extending its losing run to second consecutive trading session. The metal index has declined nearly 5% in two days.

NMDC (down 4.79%), Hindustan Zinc (down 4.49%), Jindal Steel & Power (down 4.22%), Steel Authority of India (down 4.14%) and National Aluminium Company (down 4.08%) were the top losers. Among the other losers were Tata Steel (down 3.93%), JSW Steel (down 3.65%), Vedanta (down 3.08%), Jindal Stainless (Hisar) (down 2.78%) and Welspun Corp (down 2.76%).

Stocks in Spotlight:

Glenmark Pharmaceuticals fell 1.69%. The drug maker launched a novel fixed-dose combination (FDC) of a widely used DPP4 inhibitor (Dipeptidyl Peptidase 4 inhibitor), Teneligliptin, with Pioglitazone for type 2 diabetes in India. The drug will increase the accessibility of quality drug for effective diabetes management.

Central Bank of India slipped 0.77% to Rs 19.45 after the bank said that the Reserve Bank of India had imposed a penalty of Rs 36 lakh for non-compliance with certain directions issued by the country`s banking regulator. The directions pertain to `Customer Protection - Limiting Liability of Customers in Unauthorised Electronic Banking Transactions`. "This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,� the RBI said in a statement.

Powered by Capital Market - Live News