Markets Extend Losses, Bharti Airtel Down 3%

The Indian markets have extended their morning losses and are seen moving southwards. Both the frontline indices are trading lower from being almost flat trading in their early trades. Both Sensex and Nifty are trading down almost 0.30%.

Among the sectoral indices, IT and Teck are trading on a weaker note, down 1.07% and 1.19% respectively. FMCG, Consumer Durables and Capital Goods are also in the negatives. Metals, Auto, Realty are among the indices trading higher at this hour.

The Hang Seng is lower 0.35%, while Shanghai Composite has gained 0.45%. The Nikkei is also trading higher by 0.93%, though it has come off from its early gains. According to Bloomberg reports, China’s stocks extended the benchmark index’s biggest rally in three years as a government plan to boost urbanisation spurred gains in commodity producers. On the other hand, the Japanese stock moved higher after reports that the political party that backs more economic stimulus has returned to power.

Back home, Bharti Airtel is the worst performer, down 3.16% at Rs 302.10 per share. IT stocks continue to move southwards, with Wipro, Infosys and TCS currently lower in the range of 0.40%-2.20%. Other Index heavyweights, viz. ITC, RIL, L&T and HDFC are among those trading lower and dragging the broader market into the negative territory.

Metals stocks continue their good run, with Hindalco and Jindal Steel up 2.75% and 1.28% respectively. Auto counters also continue to gain. Maruti Suzuki, Bajaj Auto, M&M and Tata Motors are all trading higher in the range of 0.87%-1.75%. Stocks like Cipla, Hero MotoCorp, HUL and Dr Reddy's Labs are also in gains.

The market breadth is strong as of now. On the BSE, 1468 shares have advanced, 1181 shares have declined and 131 shares are unchanged.