The Indian market is trading sharply lower in early trading on Friday, hit by weak global cues on concerns about Dubai's debt rescheduling. State-run Dubai World, the conglomerate that spearheaded the emirate's breakneck growth, has sought a six-month "standstill" on its $60 billion debts with all lenders.
Currently, the BSE Sensex is trading near the day's lows at 16,455, down over 400 points or 2.37% and the S&P CNX Nifty is at 4,884, down 2.43%.
The BSE mid-cap index is moving down 2.63% and the small-cap index by 2.74%.The market breadth on the BSE is extremely negative, with 1862 decliners versus 295 gainers. Sector-wise, realty, metal, banking, capital goods and oil/gas stocks are bearing the brunt of the selling.
Among the major decliners, DLF, Hindalco Industries, Jaiprakash Associates, ICICI Bank, Larsen & Toubro, Sterlite Industries and Maruti Suzuki are losing between 3-4% each. SBI, Tata Steel, Reliance Industries, Tata Motors, Reliance Infrastructure, HDFC, HDFC Bank and Hero Honda Motors are the other prominent losers.
Jayshree Tea & Industries and McLeod Russel India are losing around 3% each on reports they are competing with each other to acquire four tea gardens in Uganda from a British firm. ONGC is down 0.83% on reports it is eyeing a 20-25% stake in an Iranian gas field.
Patni Computer Systems is losing 1.75% after its founders sold 3,83,000 shares in the company through open market sales. SEL Manufacturing Company said its board will meet on Dec 1 to consider and decide the opening date and pricing of a GDR issue. The stock is down 2%.
Sun Pharmaceutical Industries is up 0.74% on receiving a tentative approval for its generic strattera capsules from the U.S drug regulator. Ranbaxy Laboratories is rising 2.43% on reports it has launched its blockbuster anti-viral drug Valaciclovir in the U.S.
Tata Power is down 1.48% after its second-quarter group profit fell 30% from a year earlier. Tata Steel is losing over 3% after its second-quarter group results failed to meet expectations. Tata Motors is down 2.22% ahead of the announcement of its second-quarter consolidated results.
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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.