Nifty slips below 7,500; Tata Power, L&T top losers
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Benchmark indices have extended losses and are trading lower by over 0.5% weighed down by capital goods and financial shares.
By 10:10, the Sensex was lower by 103 points at 25,125 levels and the Nifty declined 43 points at 7,499.
The broader markets are under performing the benchmark indices- BSE Midcap and Smallcap indices have declined by nearly 2%.
The market breadth on BSE remains dismal with 1,457 shares declining and 529 shares advancing.
On the macro front, the government will announce data on inflation based on the wholesale price index (WPI) for May 2014 at 12:00 noon today.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 1,099.92 crore on Friday, as per provisional data from the stock exchanges.
Asian shares got off on the back foot on Monday, as crude extended gains and tested nine-month highs on fears the insurgency in Iraq could worsen and affect oil exports.
Sunni insurgents seized a mainly ethnic Turkmen city in northwestern Iraq on Sunday, while the United States boosted security for its diplomatic staff in Baghdad said some staff had evacuated the embassy.
Brent rose about 0.6% to $113.20 per barrel, after touching $114.69 on Friday, its highest since September. Brent added more than $4 last week. U.S. crude rose about 0.5 percent to $107.43, approaching Friday's nine-month high of $107.68.
On Wall Street on Friday, stocks edged higher, but ended with modest losses for the week.
MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower in early trade, moving away from a three-year high hit a week ago.
Japan's Nikkei stock average dipped 0.4%, as the yen crept slightly higher, getting a safe-haven lift from investors' rising risk aversion.
Other Latest News
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At least nine people were burnt alive and 15 injured when a moving bus caught fire near Tauru in Haryana's Nuh district in the early hours of Saturday, police said.
The incident occurred around 2 am on the Kundli-Manesar-Palwal (KMP) Expressway. The bus was carrying around 60 people, all residents of Punjab's Hoshiarpur and Ludhiana, who were returning from pilgrim towns of Mathura and Vrindavan. All of them are relatives, police said.
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Softbank-backed OYO is set to refile its much-awaited IPO as the global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources said.
JP Morgan is the likely lead banker for the refinancing through the sale of dollar bonds at an estimated interest rate of 9 to 10 per cent per annum, a source said.
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The national capital on Saturday morning recorded a minimum temperature of 27.1 degrees Celsius, 0.6 notch above the season's average, according to the India Meteorological Department (IMD).
On Friday, Delhi witnessed 47.4 degrees Celsius in Najafgarh, making it the hottest place in the country.
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Shareholders in Nestle India have rejected a company proposal to increase royalty payments to its Swiss parent Nestle, the company said late on Friday.
The motion called for the royalty paid to its parent to climb to 5.25 per cent of net sales, net of taxes, compared to the current level of 4.5 per cent. The increase was proposed at a rate of 0.15 per cent per annum.
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Shares of Zee Entertainment soared up to 5.2 per cent at Rs 141.65 per share on the BSE in Saturday’s intraday trade. The hike in the stock prices came after the company delivered a turnaround in quarterly growth for the January-March quarter of fiscal year 2023-24 (Q4FY24).
In the March quarter, the company reported a consolidated net profit of Rs 13.35 crore, marking a reversal from a consolidated net loss of Rs 196.03 crore in the same period of the previous fiscal year.
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