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Sensex slips below 27,000; BHEL, HDFC top losers

Markets have erased its early gains and have slipped in the negative territory weighed down by financials and auto shares. Also, weakness in the Asian markets have dampened the sentiments of the market participants
At 11.40 AM, the 30-share is down 104 points at 26,982 after hitting an intra-day high of 27,179 and the 50-share Nifty is down 28 points at 8,068 after touching a high of 8,123.
In the broader market, the BSE Mid-cap index is up 0.1% and the Small-cap index is up 0.5%.

The market breadth continued to remain strong with 1,392 gainers and 1,064 losers on the BSE.

Rupee:

The rupee is trading at 60.39 compared to its previous close of 60.36. However, gains in the domestic share market may, however, limit a sharp fall in the rupee.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 1697.74 crore on Thursday, 4 September 2014, as per provisional data from the stock exchanges.

Asian Markets:

In Asia, Tokyo’s Topix stalled just short of its January peak. Chart resistance is tough as a break there would take it to levels last seen in July 2008.

Chinese stocks extended their bull run with the CSI300 of the leading Shanghai and Shenzhen A-share listings barreling to their best in over eight months.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased back 0.6 percent having already reached its loftiest level since early 2008.

Sectors & Stocks:

On the sectoral front, Oil and Gas index is leading the rally up by 0.6% followed by Realty, Capital Goods and Metal indices up by 0.5%. However, Auto, FMCG, Power and Healthcare indices are losing sheen on the BSE. Moreover, Bankex is trading lower by 0.4%

BHEL has extended its previous day’s losses and has dropped over 1.5% in the morning trades after a foreign brokerage house gave a “sell rating” to the stock yesterday .

Power stocks are trading dim with Tata Power and NTPC down between 0.3-1%.

Bharti Airtel has lost over 1.4%.

Pharma stocks are witnessing profit taking with drug makers Sun Pharma, Dr Reddy’s Lab and Cipla down over 0.5%.

In the financial segment, HDFC, ICICI Bank and Axis Bank have lost between 0.5-1% on profit taking.

Coal India, Hero Motocorp and Maruti Suzuki are some of the notable names in red among others and have lost between 0.3-2%.

On the flip side, in the oil and gas space, ONGC , RIL and GAIL have gained between 0.5-2% on decline in crude oil prices.

Engineering conglomerate L&T has climbed over 1% after the company secured a turnkey order worth Rs 5,100 crore for setting up a 1320 MW supercritical thermal power plant  project at Shree Sinaji TPP (Stage-II) on complete engineering-procurement construction basis from the state utility MP Power Generating Company Limited (MPPGCL) . 

The technology pack is witnessing an upsurge with TCS, Wipro and Infosys up between 0.2-0.7%.

Hindalco, SBI and Baja Auto are some of the prominent names in green among others.

Among other shares, Union Bank of India has gained nearly 2% to Rs 215 after the company plans to raise Rs 1,386 crore through qualified institutional placement (QIP) this financial year, its chairman and managing director Arun Tiwari said.

JP Associates has extended losses for the second consecutive day and has dipped by over 3% at Rs 36.50 after Jaypee Infra Ventures sold over 13 million shares on the National Stock Exchange on Thursday.

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