Tata Steel, Hindalco and JSW Steel have shed more than 2 percent on the BSEThe domestic stock exchange have crashed almost a percent in early trading, snapping a 4-day winning spree, on the back of unfavorable global hints.
At 9:17 am, the BSE Sensex was trading at 49,043.65, weaker by 440.31 points or 0.90 per cent and the NSE Nifty was at 14,798.55, down 124.75 points or 0.96 percent.
The more comprehensive markets are out-performing their largecap peers, with the BSE Midcap index and BSE Smallcap index edging greater.
Asian markets are trading lower following a sell-off in tech stocks that weighed down major United States indexes over night.
Japan's Nikkei 225 led declines in early trade, shedding around 2.2 percent and Topix moved 1.7 percent lower.Overnight, the Dow Jones hit a record high on hopes that rate of interest would stay lower for longer, while the S-P 500 was controlled as a slide in technology shares offset a surge in commodity-linked energy and product stocks.
The Dow Jones was up 0.86 percent, while the S-P 500 was down 0.01 per cent and Nasdaq Composite was down 1.50 per cent.Meanwhile, oil prices settled higher on Monday after a significant United States fuel pipeline said it could largely restart within the week after a cyber-attack required its shutdown.Brent crude settled up 4 cents, or 0.1 per cent, at $68.32 a barrel.
United States West Texas Intermediate (WTI) unrefined settled up 2 cents, or 0.03 per cent at $64.92.
Both criteria rose more than 1 percent recently, their second consecutive weekly gain.On the profits front, Siemens, BASF India and Godrej Customer Products will declare their revenues during the day.On the stock-specific front, metal shares are trading weak this morning.
Tata Steel, Hindalco and JSW Steel have shed more than 2 percent on the BSE.
Select financials are likewise trading weak, with HDFC, IndusInd Bank and Kotak Mahindra Bank losing between 1 and 2 percent each on the BSE.On the other hand, Coal India, UPL and Sun Pharma have gained around one percent each on the BSE.The BSE market breadth is strong.
Out of 2,299 stocks traded on the BSE, there are 1250 advancing stocks as against 956 declines.