Indian stocks remained weak for the second day on Tuesday as traders remained net sellers during expiry weak and major earnings continued to disappoint investors. Selling was seen on capital goods, metals, realty and textile stocks.
The Nifty fell 28 points to trade at 8,232 in early deals. ONGC, HDFC, Lupin, Hindalco and Vedanta were the major gainers on the index while Asian Paints, Maruti, Larsen, BPCl and Tata Power gained ground. The Nifty enjoyed an Advance-Decline Ratio of 17/29 and HDFC, Lupin and Axis Bank were the top traded stocks on the Index.
Lupin and Axis Bank are set to report their second quarter earnings today.
Broader markets were under pressure with the CNX 100, CNX 200 and CNX 500 benchmarks slipping in trade. The trend was weak in the sectoral space as well. Losses were seen on benchmarks tracking the metals, Finance and realty spaces. Bit gains were observed on the Auto and PSU banking sectors.
The mood was bearish on the Bombay Stock Exchange too with the Sensex dropping 91 points, or 0.3 percent, to 27,270 points. ONGC and HDFC were top losers while Sun Pharma, M&M, GAIL and Tata Motors gained ground.
Lupin, HDFC and Axis Bank were the top traded stocks on the Sensex as well. Trader interest was also seen on Maruti and Tata Steel.
Mid caps were in demand in the derivatives space where the monthly expiry of futures contracts ends this Thursday. Futures of Jindal Steel, BEML and Voltas were down in trade.
Den Networks, Hitachi Home and Usha Martin were some stocks figuring on the volume buzzers list on the National Stock Exchange.
Karur Vysya Bank was among the few stocks that hit a fresh low today.
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