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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