Markets Holding Morning Losses

The Indian markets are holding their morning losses, and both the broader indices are trading lower by almost 0.5%. There was no major news in the market, and investors and traders seem to be staying away from the markets ahead of the weekend, probably to take fresh positions next week. Among the sectoral indices, Bankex, Capital Goods and Oil & Gas are trading lower, dragging the markets southwards. On the other hand, Consumer Durables and Metals are trading higher with marginal gains.

Other Asian markets are currently seeing mixed trades, with Hang Seng marginally in the green zone, while Nikkei and Shanghai are down in the red zone. The Japanese market is trading lower after media reports which stated that insurers and shipping companies have dropped after the US economic reports missed the estimates.

The European markets have opened in the red today, with FTSE, CAC and DAX lower by around 0.3%. One of the reasons behind this is the media reports of Vodafone disappointing the streets with its results announcement.

Back home, Dr Reddy's Labs continues with its weak performance post its June quarter numbers annoucement. The stock is the leading index loser, down 2.77% at Rs 1609.70. Capital Goods heavyweights L&T and BHEL are also trading lower by 1.34% and 2.34% respectively. M&M, HDFC, ICICI Bank, ONGC and Cipla are all trading lower over 1%. Other stocks like Sun Pharma, Tata Motors, ITC, RIL, etc. are also trading marginally up.

On the other hand, TCS is the leading index gainer, up by 1.86% to Rs 1223.05. The Metals pack is shining, with stocks like Jindal Steel, Hindalco and Tata Steel trading higher in the range of 0.3%-0.8%. Other stocks like HUL and Bharti Airtel are trading in marginal gains.

IPCA Lab is trading 4.81% higher at Rs 391.45 after the company made an announcement that has received USFDA approval for its oral solid dosage formulations manufacturing facility at Pharmazone, SEZ Indore, Pithampur, Madhya Pradesh. This approval will enable the company to commercialise more of such formulations in the US market.

The market breadth, which indicates the overall health of the market, is still weak. On the BSE, 1413 shares have declined, 1097 shares advanced and 137 shares are unchanged.