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The rate hike by Bank of Japan has kept Asian indices
weak and European markets have opened lower. The Sensex
slipped below 10600 in early afternoon trades, but has
made a modest recovery from the lows.
Sensex
is trading lower by 232 points at 10626 at 01.10 PM.
Nifty
is trading lower by 61 points at 3109.
Technology
stocks have lost further ground after opening weak. Satyam
has lost nearly 4 per cent while Wipro is trading more
than 3.5 per cent lower. Infosys is down more than 3 per
cent and TCS has slipped more than 1.5 per cent.
Cement
stocks are also under pressure despite expectations of
good quarterly numbers. Gujarat Ambuja and Grasim have
lost over 3 per cent each. ACC is down close to 2 per
cent.
BPCL
remains the biggest loser among index stocks and is now
trading nearly 4.5 per cent lower. HPCL has lost over
3 per cent
Among
auto stocks, Tata Motors remains weak by nearly 4 per
cent. Maruti is down 2.5 per cent and M&M has lost
nearly 2 per cent.
Bajaj
Auto is down 3 per cent ahead of its results and Hero
Honda is trading with modest losses of 0.5 per cent. Hero
Honda had declined substantially over the last few sessions.
HDFC
Bank has shed nearly 3.5 per cent despite better than
expected quarterly results.
Among
other banking stocks, OBC and PNB are still down 3 per
cent each. ICICI Bank has lost 2.5 per cent and SBI has
slipped more than 1.5 per cent.
SAIL
is down 3 per cent and Tata Steel has lost 2.5 per cent.
Among
index heavyweights, Reliance Industries is down 2 per
cent while ONGC has lost nearly a per cent.
ITC
is down nearly 3 per cent and HLL has lost over 1.5 per
cent. Dabur is also down over 1.5 per cent.
Among
other losers, Bharti and IPCL are down more than 3.5 per
cent each.
HCL
Technologies is the sole gainer among Nifty stocks and
is trading more than a per cent higher.
Mid-caps
and small caps have also lost further ground in early
afternoon trades. The mid-cap index is now trading with
losses of around 1.5 per cent. Market breadth on the NSE
remains highly negative with more than 3 stocks declining
for every advancing stock. BSE mid-cap and small-cap indices
have also lost close to 1.5 per cent each.
Onward
Technologies, D-Link, Texmaco, Nelco, Geometric Software,
BSEL Infrastructure and Shyam Telecom are among the major
mid-cap gainers.
Bindal
Agro, Astra Micro, Amara Raja, Prime Securities, Tata
Coffee, Aptech and Khaitan Electricals are the major mid-cap
losers.
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