According to our sharetipsexpert, The market continued to trade lower amid volatility, led by fall in oil & gas, metals and auto (barring Maruti) stocks. SBI, HDFC Bank and L&T too were under pressure.
Asian markets were down 0.5-1.5%, following a series of downgrades in eurozone by the rating agency S&P. Back home, the Sensex was down 105 points at 16,050.12 and the Nifty dropped 36 points to 4,829.85.
Index heavyweights Reliance Industries and L&T were down over 1.5%; ONGC slipped 0.6%. Among banks and financials, SBI, HDFC and HDFC Bank fell 1-2% while ICICI Bank gained 0.4%.
In the auto space, Tata Motors, M&M, Bajaj Auto and Hero Motocorp went down 0.7-1.8% while Maruti rallied 1.5%.
Among metals, Jindal Steel, Hindalco, Tata Steel and Sterlite Industries declined 0.7-1.6%.
However, technology stocks bucked the trend; Infosys and TCS were up around 1%. Shares of telecom major Bharti Airtel rose 1.2% and Cigarette major ITC went up 0.5%.
Our sharetipsexpert say's the market breadth was neutral.
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