Indian equity benchmarks bouncing back in the opening trade but erased all gains soon after. The ghost of disappointing close yesterday continues to haunt the market this morning as well following weakness in Asia and a sell-off in banking stocks. The 50-share NSE Nifty fell 16 points to 4,926 and the 30-share BSE Sensex lost 56 points to 16,412.
The Indian rupee was trading at near 2-year low of 47.93/USD, up 0.67% today.
HDFC, Bharti Airtel, HUL, L&T, HDFC Bank, Kotak Mahindra Bank, SBI, ICICI Bank, Maruti Suzuki and ITC were witnessing selling pressure.
However, HCL Tech, Infosys, TCS, Tata Motors, SAIL, Sterlite Industries and Sesa Goa were on buyers' radar.
The CNX Midcap gained 14 points at 7,254. About 400 shares advanced as against 300 shares declined on NSE.
SREI Infra plunged 13%. Pantaloon Retail fell 4%
However, KS Oils, SKS Microfinance, NCC, Jaypee Infra and BEML were up 2-4%.
Technology stocks like Hexaware and Firstsource rose 2% each.
Global cues
Asian markets were trading lower. Shanghai, Hang Seng, Nikkei and Taiwan fell 0.5-1.3%. Kospi tumbled 2.7%.
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