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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.