The benchmark indices continued trading weak. Selling pressure triggerd across the sectors on the back heavy sell off seen in early trade of European markets. The BSE IT index has underperformed to all other sectoral indices; it was down over 3% on the back of disappointing Infosys Q1 results. The BSE realty, auto, capital goods, metal and bankex were down 1-2%.
It’s been third trading session of loosing streak since Friday trade; since then the BSE Sensex has lost almost over 600 points. Even analyst feels that there is no reason to be bullish on Indian equity market.
Out of BSE Sensex 30 stocks, only three Tata Power, ONGC and HUL were trading in positive terrain.
Reliance, Infosys, ICICI Bank, L&T and TCS were negative contributors to the bourses.
At 12.56 hrs IST, the Sensex was down 299.71 points or 1.60% at 18436.43, and the Nifty was down 78.40 points or 1.40% at 5537.70.
About 847 shares advanced, 1762 shares declined, and 1055 shares remain unchanged.
Executive Director & Co Head of Kotak Institutional Securities Sanjeev Prasad says that he expects huge global uncertainty to keep the market to in a 5% range on both sides.
“Indian macro data continues to look bad. Until there is a series of positive macro economic data, there is no reason to be bullish on Indian equity market”, he tells CNBC-TV18 in an exclusive interview.
Top losers on the Sensex were Infosys at Rs 2,779.05 down 4.79%, Tata Motors at Rs 1,013.25 down 3.92%, DLF at Rs 221.30 down 3.43%, L&T at Rs 1,784.25 down 2.51% and Wipro at Rs 410.40 down 2.38%.
Most active shares on NSE were Infosys, SKS Microfince, Rushil Decor, SBI and Coal India.
Top percentage gainers on the NSE - Weizmann Forex, Rushil Decor, BPL, Savita Oil Tech and Tainwala Chem were down 8-20%.
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