Indian shares fell sharply on Friday, tracking a sell-off across other Asian markets, after a U.S. report showed manufacturing in the mid-Atlantic states contracted for the first time in eight months and Moody's Investors Services downgraded 16 Spanish banks, adding to concerns over Europe's debt crisis.
Also, Fitch cut Greece's rating by one notch, citing political uncertainty as leaders began campaigning ahead of the second round of elections on June 17.
Recouping some early losses, the benchmark 30-share Sensex is currently trading down 170 points or 1.06 percent at 15,899, while the broader Nifty index is down 53 points or 1.08 percent at 4,817. Elsewhere across Asia, Australia's All Ordinaries index, Hong Kong's Hang Seng, Japan's Nikkei and South Korea's Kospi are declining 2-3 percent.
Commodity-sensitive metal stocks are bearing the brunt of the selling, with Hindalco, Hindustan Zinc, JSW Steel, Sesa Goa, Sterlite and Jindal Steel falling around 2 percent each. Coal India is edging down 0.3 percent and Tata Steel is down 1.2 percent, but SBI is rising 1.5 percent as they unveil their FY12 results today.
DLF is moving down 0.4 percent amid reports that it has received offers of Rs 2,900 crore for a plot of land in Mumbai. Bharti Airtel is declining 1.2 percent after the telecom major slashed mobile broadband rates on its 3G data services by about 70 percent under some plans.
Aviation stocks are gaining ground after reports said the government is likely to announce a decision on allowing 49 percent FDI in aviation in three weeks. Kingfisher is adding 2.8 percent, Jet Airways is up 1.9 percent and SpiceJet is up nearly 4 percent. BOC India is climbing 5.3 percent on delisting reports.
Texmaco Rail & Engineering is gaining 0.9 percent as it singed a JV pact with a French group Touax Rail for entering into the business of wagon leasing. Akzo Nobel India is up 2.7 percent after it proposed to consider a share buyback. Mahindra Satyam is moving up 2.5 percent after reporting solid quarterly results for the fourth quarter.
Koutons Retail is climbing 12 percent after its board approved a proposal to raise up to $200 million via a preferential share issue to promoters and others.
India's benchmark indexes Sensex and the Nifty ended up about 0.25 percent each on Thursday, giving up most of their early gains, as a further slide in European stocks on fears over Greek banks and a fall in rupee to a new record low against the dollar, reversing initial gains, prompted traders to take some profits off the table.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.