The News International Team
12:30 pm: While most sectors in the frontline indices witness selling pressure, public-sector stocks have put on a robust show, led by heavyweight State Bank of India, which is up over 4 percent to Rs 2,902 at the time of writing.
SBI’s private sector peers, though, are particularly weak. ICICI Bank and HDFC Bank are down 1.8 percent and 1.5 percent, respectively.
Here’s the Moneycontrol Market Map that shows sector-wise movements.
12:00 pm: Indian shares continued to trade marginally below the flat line. In afternoon trade, Sensex is down 0.31 percent, or 89 points to 27,958 points while Nifty is off 0.35 percent, or 29 points to 8,360.
Equities have been trading weak globally, with Asian peers such as the Singapore index and the Hang Seng losing 0.3 percent and 0.6 percent, respectively.
The Japanese Nikkei has slumped nearly 3 percent after Japan’s economy was surprisingly shown shrinking 1.6 percent in the third quarter (the second straight quarterly decline), according to government data released today. Economists attributed the decline to the imposition of a sales tax that was increased recently.
This comes amid news reports Japanese PM Shinzo Abe may announce snap elections, which threaten to derail the ‘Abenomics’ experiment the premier has unveiled over the past few years.
Meanwhile, several stocks, which declared earnings numbers late last week, have reacted to earnings. Catch an interesting Business Standard update on the results season.