1:40 pm European marlet:
European stocks trade lower dragged down by mining and auto stocks as earnings from major banks including UBS and Commerzbank disappointed investors.
European sentiment failed to get a lift from some of Asia’s gains overnight; markets traded mostly higher despite a disappointing manufacturing purchasing manager’s index (PMI) from China.
1:25 pm Market extends losses: The Sensex is down 163.10 points or 0.6 percent at 25273.87, and the Nifty slips 49.20 points or 0.6 percent at 7756.70. About 1192 shares have advanced, 1207 shares declined, and 159 shares are unchanged.
Coal India, Sun Pharma, Lupin, ITC and Infosys are losers in the Sensex.
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The market is struggling under selling pressure as the Sensex is down 41.42 points or 0.2 percent at 25395.55. The Nifty is down 12.75 points or 0.2 percent at 7793.15. About 1314 shares have advanced, 1071 shares declined, and 142 shares are unchanged.
Bharti Airtel, Adani Ports, Tata Motors, L&T and Tata Steel are gainers while Coal India, Sun Pharma, Lupin and Dr Reddy’s Labs were losers in the Sensex.
Sachin Shah, Fund Manager at Emkay Investment Managers feels there are some green shoots visible in urban demand but India’s GDP is heavily dependent on semi-urban and rural demand, where uptick is still awaited, says
Shah sees a pick-up in the pace of execution of infrastructure projects, particularly roads, which in turn will boost demand for cement. Earlier on Tuesday, CNBC-TV18 reported quoting sources, that cement prices in Andhra Pradesh and Telangana have been hiked by Rs 40-50 per bag.