Indian equity markets continue to trade lower in late morning session as Brent crude was trading above $ 115 weighing the sentiments on the domestic markets. Meanwhile, Index biggie RIL slipped more than 3 percent dragging the markets lower as it has said that gas sales from KG-D6 may be as low as 38 mmscmd during Financial Year 2013. However, all other Asian markets were trading higher and US index future was also in green. Back home, with an exception of Metal stocks, all other BSE sectoral indices were trading in red, Oil & Gas sector was the major loser. Banking stocks too witnessing selling pressure as yesterday RBI had raised its key short term lending and borrowing rates. It had also raised its inflation forecast for March to 8 per cent from 7 per cent. The broader indices too were trading lower; the BSE Mid cap and Small cap indices were down by 0.20% and 0.17% respectively .The market breadth on the BSE was negative; there were 1402 shares on the losing side against 1017 shares on the gaining side while 111 shares remained unchanged.
Airlines stocks declined in trade today, Kingfisher Airlines down by 2.33%, Jet Airways (India) down by 1.91% and Spicejet down by 2.86% as oil firms have hiked jet fuel prices by over 6 per cent and increase in international crude prices also weighed on the sentiments.
Subex surged 2.74% on wining multi-million dollar deal from Middle East operator.
The BSE Sensex declined 202.11 points or 1.11% at 17947.85.The index has touched a high and low of 18,259.61 and 17,945.85 respectively.
The BSE Mid cap and Small cap indices were down by 0.20% and 0.17% respectively.
All the sectoral indices on the BSE barring Metal up 0.24% were trading in red, Oil & Gas down by 2.44%, IT down by 1.22%, Realty up 0.96%, TECk down by 0.88% and Power down by 0.84% were the top losers.
The top gainers on the Sensex were Maruti Suzuki up by 1.09%, Bajaj Auto up by 0.47%,Tata Steel up 0.37% , Bharti Airtel up by 0.31% and L&T down 0.28%.
The top losers of the index were RIL down by 3.38%, HDFC down by 2.41%, Cipla down by 2.22%, BHEL down by 2.02% and M&M was down by 1.73%.
As rate domestic cost of borrowing begins to rise amidst continued monetary tightening by the central bank, India Inc is increasingly looking to overseas sources of funds. In the month of January, Indian companies raised over $2.7 billion through External Commercial Borrowings (ECBs) and Foreign Currency Convertible Bonds, showed the data compiled by the Reserve Bank of India (RBI).
Out of the total amount, around $1.93 billion were raised through the automatic route, which does not require the approval of either the central bank of government. A total of 35 companies availed foreign borrowings under automatic route. The remaining sum of around $773 million was raised by four companies under the approval route.
The biggest funding was availed by the government controlled Hindustan Petroleum Corporation (HPCL) that raised $400 million through the ECBs for modernizing its plants in India. Another major borrowing came from the construction and Infrastructure company SP Jammu Udhampur Highway that brought in $ 350 million via ECBs for various road projects being undertaken by it.
Indian companies are allowed to raise up to $500 million from overseas sources in a financial year under the automatic route for specified purposes. In case the objective for raising loans is not covered explicitly under the automatic route, the central bank takes a decision under the approval route. Often when the domestic rate cycle is on the uphill journey, as is the case presently, the foreign borrowings of India Inc increase as foreign funds become cheaper in many cases.
The S&P CNX Nifty tumbled 56.75 points or 1.04% at 5,389.90. The index has touched a high of 5,483.05 and a low of 5,383.35.
The top gainers of the Nifty were SAIL up by 1.45%, Maruti Suzuki up by 1.19%, Ambuja Cements 0.87%, Bajaj Auto up by 0.70% and Tata Steel was up by 0.59%.
The top losers of the index were Reliance Industries down by 3.43%, BHEL down by 2.74%,HDFC down by 2.53%, Cipla down by 2.35% and BPCL was down by 1.93%.
All other Asian markets were trading in the green; Shanghai Composite climbed 0.49%, Hang Seng has gained 0.43%, Jakarta Composite advanced by 0.45%, KLSE Composite higher by 0.31%, Nikkei 225 surged by 2.72%, Straits Times moved up by 0.21%, Seoul Composite inched higher by 1.14% and Taiwan Weighted has gained 1.35% 
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