The selling pressure though has been arrested on Dalal Street, however, the benchmark indices have sustained their Achilles' heel on concerns the nation's central bank may tighten rates for the tenth time this week to control accelerating inflation, thereby curbing growth. Worsening global cues have also taken a toll on market sentiments as the US markets closed out their sixth week of losses on Friday on the back of disappointing economic data. Meanwhile, the Asian markets too were caught in the deep sea of red with investor sentiment weakening in the region due to the sign of slow global economic growth. However, the US future indices were showing an uptick on the screen trade. Back home, active bears triggered selling across the index pivotals, however, languishing at the bottom were the stocks belonging to the Metal, Realty and Bankex counter. Metal stocks were down tracking the plunge in international commodity stocks, as Britain's leading share index succumbed to risk aversion. While rate sensitive plunged on the fears the rate hike may dent their margins. The 30 scrip sensitive Sensex was trading lower around the 18100 mark, while the 50 share broadly followed Nifty was sub 5500 level. The broader indices too were fading away with the selling pressure. Overall market breadth on BSE was in the favour of declines which outpaced advances in the ratio of 1323:888, while 78 shares remained unchanged.
The BSE Sensex is currently trading at 18,157.14, down by 111.40 points or 0.61%. The index has touched a high and low of 18,242.25 and 18,120.76 respectively. There were 7stocks advancing against 23 declines on the index.
The broader indices too were trading in the red; the BSE Mid cap and Small cap indices lost 0.49% and 0.34% respectively.
All sectoral indices on the BSE were trading down; Metal down by 1.35%, Realty down by 1.20%, Oil & Gas down by 0.99%, Bankex down by 0.69% and Capital Goods (CG) down by 0.60% were the major losers on the index.
Cipla up by 1.29%, RCom up by 1.03%, HUL up by 0.85%, ONGC up by 0.73% and Bharti Airtel up by 0.56% were the only gainers on the BSE.
On the flip side, Hindalco Industries down by 2.20%, RIL down by 2.01%, DLF down by 1.69%, Tata Power down by 1.65% and Tata Steel down by 1.34% were the top losers on the index.
Meanwhile, the finance ministry has agreed to extend the Duty Entitlement Pass Book (DEPB) scheme beyond the June 30 deadline on the condition that this would be the last extension and a new scheme would replace DEPB scheme by that period. This extension in the DEPB has been approved to ensure a smooth transition to the new scheme and allow exporters extra time to work out their business modalities accordingly.
The Commerce & Industry Minister Anand Sharma said that "North Block had decided to extend the plan once more but this would be the final extension". The decision to extend DEPB was taken at a meeting early this week between Finance Minister Pranab Mukherjee and Commerce Minister Anand Sharma. The two departments (commerce and finance) will now finalize a new scheme to replace DEPB.
The commerce ministry and industrial bodies where lobbying hard to get the extension in 14-year-old DEPB scheme. However, there is no clarity on the extension period of the tax refund scheme, on the other hand the finance minister was opposing the extension of the DEPB scheme, because of revenue loss of $ 1.8 billion and saying that the scheme is inappropriate with the World Trade Organization's (WTO) principles.
In the DEPB scheme, exporters get duty free entitlements, which they can use to pay import duties. The entitlements are based on the value of goods exported and can be trade freely. The government fixes the rates of incentives. Exports are also allowed to claim for the excise duty they pay on these domestic inputs. Last year, the tax refund scheme cost the exchequer Rs 8520 crore in 2010-11, over 60 % of which was enjoyed by the large engineering and chemical exports. The S&P CNX Nifty is currently trading at 5,446.80, down by 39.00 points or 0.71%. The index has touched a high and low of 5,470.85 and 5,436.95 respectively. There were 10 stocks advancing against 40 declines on the index.
The top gainers of the Nifty were RCom up by 1.13%, Cipla up by 1.08%, BPCL up by 1.03%, Bajaj Auto up by 0.67% and ONGC up by 0.67%.
The top losers of the index were Hindalco down by 2.52%, RIL down by 2.13%, SAIL down by 2.00%, Ambuja Cement down by 1.98% and Tata Power down 1.95%.
All the Asian markets were trading in the red; Shanghai Composite declined 1.11%, Hang Seng dipped 0.78%, Jakarta Composite plunged 1.47%, KLSE Composite trimmed 0.51%, Nikkei 225 slid 0.82%, Straits Times descended 0.66%, Seoul Composite shed 0.65% and Taiwan Weighted fell 1.19%.
The BSE Sensex is currently trading at 18,157.14, down by 111.40 points or 0.61%. The index has touched a high and low of 18,242.25 and 18,120.76 respectively. There were 7stocks advancing against 23 declines on the index.
The broader indices too were trading in the red; the BSE Mid cap and Small cap indices lost 0.49% and 0.34% respectively.
All sectoral indices on the BSE were trading down; Metal down by 1.35%, Realty down by 1.20%, Oil & Gas down by 0.99%, Bankex down by 0.69% and Capital Goods (CG) down by 0.60% were the major losers on the index.
Cipla up by 1.29%, RCom up by 1.03%, HUL up by 0.85%, ONGC up by 0.73% and Bharti Airtel up by 0.56% were the only gainers on the BSE.
On the flip side, Hindalco Industries down by 2.20%, RIL down by 2.01%, DLF down by 1.69%, Tata Power down by 1.65% and Tata Steel down by 1.34% were the top losers on the index.
Meanwhile, the finance ministry has agreed to extend the Duty Entitlement Pass Book (DEPB) scheme beyond the June 30 deadline on the condition that this would be the last extension and a new scheme would replace DEPB scheme by that period. This extension in the DEPB has been approved to ensure a smooth transition to the new scheme and allow exporters extra time to work out their business modalities accordingly.
The Commerce & Industry Minister Anand Sharma said that "North Block had decided to extend the plan once more but this would be the final extension". The decision to extend DEPB was taken at a meeting early this week between Finance Minister Pranab Mukherjee and Commerce Minister Anand Sharma. The two departments (commerce and finance) will now finalize a new scheme to replace DEPB.
The commerce ministry and industrial bodies where lobbying hard to get the extension in 14-year-old DEPB scheme. However, there is no clarity on the extension period of the tax refund scheme, on the other hand the finance minister was opposing the extension of the DEPB scheme, because of revenue loss of $ 1.8 billion and saying that the scheme is inappropriate with the World Trade Organization's (WTO) principles.
In the DEPB scheme, exporters get duty free entitlements, which they can use to pay import duties. The entitlements are based on the value of goods exported and can be trade freely. The government fixes the rates of incentives. Exports are also allowed to claim for the excise duty they pay on these domestic inputs. Last year, the tax refund scheme cost the exchequer Rs 8520 crore in 2010-11, over 60 % of which was enjoyed by the large engineering and chemical exports. The S&P CNX Nifty is currently trading at 5,446.80, down by 39.00 points or 0.71%. The index has touched a high and low of 5,470.85 and 5,436.95 respectively. There were 10 stocks advancing against 40 declines on the index.
The top gainers of the Nifty were RCom up by 1.13%, Cipla up by 1.08%, BPCL up by 1.03%, Bajaj Auto up by 0.67% and ONGC up by 0.67%.
The top losers of the index were Hindalco down by 2.52%, RIL down by 2.13%, SAIL down by 2.00%, Ambuja Cement down by 1.98% and Tata Power down 1.95%.
All the Asian markets were trading in the red; Shanghai Composite declined 1.11%, Hang Seng dipped 0.78%, Jakarta Composite plunged 1.47%, KLSE Composite trimmed 0.51%, Nikkei 225 slid 0.82%, Straits Times descended 0.66%, Seoul Composite shed 0.65% and Taiwan Weighted fell 1.19%.
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