SENSEX SLIPS INTO RED; HINDALCO, AXIS BANK DOWN 2%

The market slips into red. The Sensex is down 62.75 points or at 28867.60 and the Nifty is down 23.10 points at 8752.90. About 1035 shares have advanced, 837 shares declined, and 158 shares are unchanged.
HDFC, ICICI Bank, Cipla, Sesa Sterlite and Tata Power are top gainers in the Sensex. Among the losers are Sun Pharma, Hindalco, Maruti, Hero and GAIL are laggards.
The rupee is trading at 62.46 per dollar vs previous close of 62.50
The Nikkei share average rose 1.3% to 19,242.17 points by late morning, a level last seen in 2000, while the broader Topix rose 0.9% to 1,560.52, a seven-year high.
Back home, BSE IT, Metal and TECk indices are down nearly 1% each. Sectors like Auto, Banks, Consumer Durables, Capital Goods, FMCG, Oil & Gas and Realty are trading marginally in negative zone.
Hindalco and Axis Bank have slumped nearly 2% each.
On the gaining side, HDFC, ICICI Bank, NTPC, Cipla and ONGC have gained between 1-2%.
Shares of companies having insurance subsidiaries were trading higher on the bourses after the Upper house of parliament passes insurance bill that proposes increase in insurance FDI limit to 49%.
Max India, Reliance Capital, Aditya Birla Nuvo, Exide Industries, Bajaj Finserv and Edelweiss Financial Services are up 2-6% on the National Stock Exchange (NSE).
Shares of INOX Leisure were trading higher by 4% at Rs 182 on the BSE after the foreign institutional investors (FIIs) bought the company’s equity shares through open market.
Benchmark indices have erased early gains and are trading in a negative zone weighed down by auto, IT and select bank shares.
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