Benchmark indices are trading weak in the late morning deals owing to broad-based selling pressure across the bourses with IT shares leading the decline amid concerns about weak demand and growth.
Meanwhile, the market sentiment dampened further after India's trade deficit in the month of March widened and was the highest in four months, at $11.79 billion, as exports continued to drop, indicating risks for growth prospects in Asia's third largest economy.
At 11.30 AM, the Sensex is at 28,208, lower by 234 points and the Nifty is at 8,555, down 71 points.
RUPEE
The Indian rupee dropped sharply against the US dollar after data showed trade deficit had widened to a four-month high in March. It opened lower by 18 paise at 62.54 per dollar versus 62.36 on Friday.
BUZZING STOCKS
On the sectoral front, BSE IT index emerged as the top loser down nearly 2% followed by Auto, Metal, Realty, FMCG and Teck indices trading lower up to 1.5%. However, bse Consumer Durables and Bankex are trading higher up to 1.4%.
Loss in TCS revenues has weakened sentiments in the frontline IT stocks, which are due to release their March quarter numbers. Infosys and TCS have lost up to 2.5%. Wipro is trading with marginal losses ahead of its quarterly numbers due tomorrow.
Metal shares were mixed after monetary policy easing in China, the world's biggest consumer of industrial metals. Hindalco and Sesa Sterlite are down upto 1.5%, however, Tata Steel is up over 1%.
NTPC is down 0.5%. NTPC has signed a MoU with the Odisha government for setting up of an ITI (Industrial Training Institute) at an investment of Rs 7.72 crore in Ganjam district.
Auto stocks are losing sheen in today’s trade. M&M, Tata Motors, Hero Motocorp and Bajaj Auto are trading lower up to 1.7%.
FMCG majors HUL and ITC are trading lower up to 1.5% on the back of unseasonal rains that have been lashing parts of the country for several weeks.
RIL shares fell 2% at its day's low on profit-taking after gaining in the past eight sessions on expectations of a strong Q4. RIL posted a record net income of Rs 6,381 crore in the March quarter, driven by robust refining margins, reestablishing itself as the country's most profitable company
Banking stocks have bounced back on renewed buying interest at attractive valuations. ICICI Bank, HDFC Bank and SBI are trading higher up to 1.5%.
In the broader market, BSE Midcap and Smallcap indices are trading lower by 1.2% and are under performing the large counterparts.
Shares of NMDC are down over nearly 4% at Rs 129 on the Bombay Stock Exchange after the state-owned mining major announced reduction in iron prices.
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