Selling Pressure Drags Markets Down, BHEL Up 2%

The Indian markets have extended their morning losses due to selling pressures. The BSE Sensex is down by 128 points or 0.73%, while Nifty is down 44 points or 0.84%.

Among the Asian peers, Nikkei is down heavily by 2.29%, sending negative signals to the global markets.

The European markets have opened in negatives, with the CAC and DAX down by over 1% each and FTSE down by 0.5%.

Among the sectoral indices, CD has lost its initial gains and it is now trading with 0.34% losses. IT and Power have managed to stay in the green zone, while Teck has given up the morning gains. Realty, Metals and Bankex are also currently down by over 1% each.

From the Sensex stocks, BHEL is up by 2.04% and Maruti Suzuki is up by 1.34%. Hindalco has surged by 0.61%. Energy stocks such as ONGC and Tata Power are also marginally up. IT majors, TCS and Wipro, are in marginally gains. The losers list, however, is crowded at this time. Jindal Steel is the top loser, followed by GAIL India. Private sector player, ICICI Bank, is also in the negatives, with losses of 2.82%. Coal India is down by 0.80% after the Presidential directive to sign the FSAs. Similarly, Bajaj Auto, M&M, Tata Motors and Hero MotoCorp are all down at this moment.

In other stocks, Pantaloon Retail is up by 3.71%. The stock has been surging this week. CRISIL has maintained its morning gains. Manappuram Finance is also up by 2.43%. Fortis, Adani Power, Emami, Voltas, etc. are also all up from yesterday’s closing value.

After the resignation of Suzlon Energy's CFO, the company's shares have tanked 2.53%. HCL has surged by 0.72% as the company announced the interim dividend date. The shares of Marg have shot up by 1.2% after it reported a 26% rise in the Karaikal port's cargo volumes. Educomp has bagged a Rs 209 crore ICT@Schools Project from the Assam government and the shares of the company have surged by 0.44%.

The market breadth, which indicates the overall health of the market, is negative. Out of a total of 2709 stocks, 1167 stocks advanced, 1417 stocks declined and 125 stocks remained unchanged.

With the lack of positive news inflows, we expect the markets to remain negative ahead today.