Markets extend their morning losses

The Indian markets have been extend their morning losses, with both the indices currently down more than 1%. All the indices are trading in the red at the moment, except for Power, which is up by 0.12%. Bankex, Realty, Metals etc. are all dragging the market southwards.

The other Asian markets are trading in a mixed bag. The Nikkei and Hang Seng are in the red. The Shanghai is trading very flat, though in the green zone.

European markets have also opened on a mixed note. CAC and DAX are trading marginally in the red, while FTSE has opened in the green.

Back home, Jindal Steel is among the big index losers, down 5.60% to Rs 462.15. Other Metals stocks like Hindalco and Sterlite Industries are also trading weak, down 1.97% and 1.84% respectively. Banking major ICICI Bank is down 3.15% to Rs 702.45, while SBI and HDFC Bank are down 1.82% and 0.82% respectively. Other stocks like RIL, ITC, DLF, L&T, Wipro, HUL etc. are in the losers list, down in the range of 0.81%-1.62%.

On the other hand, Tata Power is holding on to its morning gains, and is up 1.88% to Rs 91.95 after the news of the company buying the stake of BP Holdings. Other index gainers include Infosys, Cipla, NTPC and BHEL, which are trading higher in the range of 0.19%-1.37%.

Punj Lyod is down by 1.69% to Rs 40.60, even after the company bagged a highway project order worth Rs 1050 cr from GMR. Vijay Shanti Builders is up 1.80% to Rs 14.15 after the news that its Rs 95 cr project, Park Avenue, is sold out. Sanghvi Forging surged 2.97% to Rs 24.25, after the news came in that it has received orders worth Rs 4 cr.

The market breadth, which indicates the overall health of the market, is weak. On the BSE, 1561 shares fell and 886 shares rose. 124 shares remained unchanged.

We expect the markets to remain volatile for the rest of the day and advise readers to play with caution.