The benchmark indices are trading in the red on Wednesday afternoon due to losses in auto and information technology shares. The BSE Sensex is trading at 58,094.55, lower by 187 points or 0.33 per cent and the NSE Nifty is at 17,302.70, down 59 points or 0.33 per cent. Heavyweights such Tata Consultancy Services, Maruti Suzuki, Infosys and Reliance Industries are dragging the markets. The broader markets are, however, outperforming their largecap peers, with the BSE Midcap index and BSE Smallcap index gaining 0.33 per cent each.
In the currency market, the rupee plunged 23 paise to 73.65 against the US dollar in early trade on Wednesday, tracking a strong dollar an d muted trend in domestic equities. At the interbank foreign exchange, the rupee opened at 73.48 against the dollar, then fell to 73.65, registering a decline of 23 paise from the last close.
Among stocks in the news, EID Parry India has gained nearly 1 per cent on the news that it will set up a 120 KLPD grain/sugar syrup/molasses-based distillery at Andhra Pradesh to manufacture ethanol by utilizing sugarcane juice or syrup as its principal feedstock during the cane crushing season, and grains such as broken rice, maize and bajra during the off-season.
Wipro has joined hands with Securonix, a Gartner Magic Quadrant Leader SIEM (Security Information and Event Management) vendor to “deliver managed security services; the shares have slipped 1 per cent on the BSE.
On the stock-specific front, auto and information technology shares are witnessing some selling pressure in afternoon trading. TCS, Maruti Suzuki, Bajaj Auto and Infosys have lost around a per cent each on the BSE.
On the other hand, select banking shares are trading firm, with Kotak Mahindra Bank, Axis Bank, IndusInd Bank, SBI and ICICI Bank gaining 1-2 per cent each.
The market breadth is marginally positive. Out of 3,214 stocks traded on the BSE, there are 1,615 advancing stocks as against 1,426 declines.