Market update: Sensex corrects 80 points on Asian weakness, Rupee strength

Frontline Indian indexes have come under selling pressure in early trading, triggered by weakness in other markets in the region. Technology stocks are among the worst hit, mostly because of the sustained rise of Rupee against the US Dollar, followed by metals.

Sensex opened at 14142 and declined to a low of 14053. The index is trading lower by 80 points at 14057 at 11.10 AM IST.

Nifty opened at 4134 before declining to a low of 4114 and is now trading lower by 24 points at 4117.

Technology stocks have come under pressure today. HCL Tech has lost nearly 3.5 per cent while Satyam is down nearly 2.5 per cent. Infosys has lost over a per cent while Wipro is trading 1.5 per cent lower.

Zee Entertainment has corrected after the recent surge and is the worst performer among Nifty stocks with losses of over 3.5 per cent.

Among metals, Sterlite Industries has slipped close to 2.5 per cent while Nalco and Tata Steel have lost around 1.5 per cent each.

MTNL has declined another 2 per cent.

Dabur is the other loser among Nifty stocks, down 1.5 per cent.

Among smaller banks, Corporation Bank, IDBI, Canara Bank, Union Bank and Bank of India have gained ground.

Auto stocks are continuing the rally from yesterday. Tata Motors has added more than 2.5 per cent while M&M has gained nearly 2 per cent.

Among banks, HDFC Bank has rallied over 1.5 per cent while SBI has gained another per cent to yesterday's 6 per cent surge.

Ranbaxy is the best performer among Nifty stocks with gains of over 3 per cent.

Among cement stocks, ACC has gained nearly 1.5 per cent and Grasim has gained close to a per cent.

HPCL, ABB and Tata Power are the other major gainers among Nifty constituents.

Among other large caps, Shipping Corporation has surged more than 16 per cent in early trading.

Mid-caps and small caps are continuing their up trend, despite the weakness in large caps. The NSE mid-cap index is now trading with gains of over 0.65 per cent. BSE mid-cap index has also added over 0.65 per cent and the BSE small-cap index is trading close to 0.6 per cent higher.

Among mid-cap banks, Indian Bank is continuing its rally and has added more than 9 per cent.

Trigyn and STI India are locked in 10 per cent upper circuits for the second successive session.

Ramco Systems is also sustaining the up trend with gains of over 9.6 per cent.

Prakash Industries, Lokesh Machines, Eicher Motors and Hyderabad Industries are the other major gainers among mid-caps and small caps.

Among mid-cap tech stocks, Patni has lost 3.5 per cent while Polaris has slipped over a per cent.

ARO Granite, NRB Bearing, HOV Services, ETC Networks, Ruchi Infrastructure and Kanoria Chemicals are the major losers among mid-caps and small-caps.

Thomas White Global Research, part of the Thomas White International Group, publishes capital market research for global institutions and investment banks, and is headed by Thomas White, a former managing director of Morgan Stanley Asset Management.

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