The market continues to be fall, as the Sensex is down 221.42 points or 0.8 percent at 27029.68. The Nifty is down 66.05 points or 0.8 percent at 8169.40. About 1188 shares have advanced, 1226 shares declined, and 150 shares are unchanged. Hindalco, Bharti Airtel, Bajaj Auto, Cipla and Hero Motocorp are top gainers in the Sensex. Among the losers are Vedanta, HDFC, ICICI Bank, Infosys and Sun Pharma. India VIX, a gauge of expected volatility in Indian shares, surprisingly rose alongside shares on Wednesday, amid worries about key land and tax reforms, and retrospective taxation of foreign investors. Oil slipped as weak data from the world's top economies raised concern about the outlook for global fuel demand, offsetting data that showed a large drawdown in US crude stockpiles last week. China, the world's top energy consumer, saw its economy losing more steam in April despite easier monetary policy, while Europe's largest economy, Germany, slowed in the first quarter. In the United States, retail sales were flat in April, dampening hopes of a sharp rebound in growth in the second quarter.
Shares of Lupin fell 6 percent on Thursday, extending its loss for second day. Most analysts are concerned after its dismal March quarter results and have reduced target price. Lupin's consolidated net profit fell 1.1 percent to Rs 547 crore in January-March quarter from Rs 553 crore in the corresponding quarter last fiscal.
Only four out of the 12 sectoral indices of BSE are trading higher. BSE Bankex and IT indices down nearly 1% each are the top losers while BSE Oil & Gas index, up 0.2% is the top gainer.
Financials are trading lower except public sector lender SBI that has gained 1%. HDFC Bank and Axis Bank have shed nearly 1%, ICICI Bank and mortgage lander HDFC have declined around 1.3% each.
Volatility in rupee against US Dollar has kept the pressure up on IT stocks. TCS, Wipro and Infosys have declined over 1% each.
Metal stocks are trading mixed. While, Vedanta has declined over 2%, Tata Steel and Hindalco have moved up by 0.9% and 2.2% each.
Among index heavyweight stocks, ITC and RIL have declined nearly 1% each.
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