The market continues to trade in negative territory due to the continual selling pressure, following huge sell off in its global counterparts. Indian markets opened downbeat due to the weak global cues and is continuing the downward trend to extend the losses on the back of investors’ negative sentiment. Only pharma stock is in good turn today as it is witnessing buying while all other stocks are trading in red and main sufferers are metal, banking, reality and IT stocks. Among the Sensex pack,7 stocks are trading in green and 23 stocks are trading in red.

At 1.35PM, the BSE Sensex is trading down by 284.65 points at 114,781.45 and NSE Nifty is also down by 92.10 points at 4,408.85.

The BSE Mid Cap and Small Cap are also trading lower by 76.30 points and 75.45 points at 6,094.03 and 7,341.09.

Losers from the BSE are ONGC trading up by (6.83%) at Rs812.00 followed by HDFC Bank by (5.04%) at Rs1,119.00, HDFC by (4.86%) at Rs2,064.00, Infosys Tech by (4.57%) at 1,795.35, and TCS Ltd by (4.34%) at Rs867.20.

The Metal index is trading down by 236.34 points at 15,153.27. Contributed by Welspan Guj Sr trading lower by (6.40%) at Rs333.20 along with Sterlite Indus by (5.11%) at Rs802.70 Sh Precoated by (3.53%) at Rs135.25, Nat Alum Co by (2.85%) at Rs496.00, and Maharashtra Sea (1.72%) at Rs302.00.

The Banking index is trading lower by 202.44 points at 6,830.88 as Canara bank is trading down by (7.64%) at Rs185.00 followed by HDFC Bank by (4.89%) at Rs1,125.80, Federal bank (4.04%) at Rs197.40, Kotak bank by (3.73%) at Rs612.50, and Bank of India by (3.50%) at Rs247.00.

From the telecommunication sector, Tata Communications is trading lower by (2.87%) at Rs460.05 along with Reliance Communications by (2.32%) at Rs541.05, Bharti Airtel is by (1.95%) at Rs766.05 and Idea Cellular Ltd by (1.72%) at Rs100.10.

In Pharma sector Ranbaxy Lab Is trading higher by (4.40%) at Rs549.00 along with Cipla Ltd by (2.20%) at Rs211.00, Sun Pharma by (1.61%) at Rs1479.60 and Dr Reddy’s Lab by (0.99%) at Rs699.50.

From the Cement sector Ambuja Cement is trading higher by (0.12%) at Rs82.00 while Grasim industry is trading down by (0.62%) at Rs2,215.00 along with ACC Ltd trading down by 0.26%) at Rs612.10.

ONGC is trading down by (6.83%) at Rs812.00. ONGC will cover Rs 38,000 crore ($8.8 billion) as revenue losses incurred by the government owned oil marketing and refining companies during the current financial year. Last year it had covered Rs 22,000 crore losses. Firther ONGC have to close its oil hunt at Bengal offshore block in which it has 85% operating stake.

Ranbaxy Lab is trading higher by (5.24%) at Rs554.00. The company is going to enter into a R&D deal with foreign company Merck. It may get USD 100 million as milestone payment from Merck.