Markets extend losses on monsoon worries, SBI down 4%

Benchmark indices have pared early gains are moving towards the sixth straight session of losses, amid a weak monsoon forecast, dragged primarily by the selling-pressure on banks, information technology and auto stocks.  
 
The first forecast of Monsoon rains, released today by Indian Meteorological Department (IMD), predicting a probability of 35% that the rainfall during the season may fall below normal has added to the worries over the possible build-up of an El Nino condition in South Asian region threatening severe to moderate disruption of rains Stock Market Trading Tips
 
In addition, government's combative stance on retrospective taxation and the reiteration of taxation dues worth Rs 40,000 crore on Foreign Institutional Investors has added to the nervousness over weak corporate earnings, delay in passing reform centric legislative proposals and erosion in rural demand.
 
At 2:09PM, the 30-share Sensex was down 190 points at 27,485 and the 50-share Nifty was down 66 points at 8,311.  
 
In the broader market, both the BSE Midcap index, down 0.9% and Smallcap index, down 1% have underperformed the front-liners. Market breadth in BSE is negative with 1,631 declines against 966 declines Free Stock Share Tips
 
Proceedings of the Parliament will be keenly watched as the government gears up to pass the Constitution Amendment Bill for the levy of Goods and Services Tax (GST) in the country which promises to integrate state economies and boost national growth. The bill was introduced in Lok Sabha in December.
 
Buzzing Stocks
 
All but one out of the 12 sectoral indices of BSE is in green. BSE IT index down 1.6% is the top loser followed by BSE Auto index and Bankex, down 1.5% each.
 
Shares of IT companies trading weak for the sixth straight session on discouraging earnings reports posted by most of the IT majors for the quarter ended March 2015 Intraday Trading Tips
 
Wipro, the largest loser from IT pack, has dipped nearly 5%, after the company said its IT Services revenue in dollar terms declined by 1.2% at $1.774.50 million for the quarter ended March 2015 (Q4FY16), on sequential basis. Wipro has appointed Rishad Premji, son of founder Azim Premji to the company's board.  Infosys and TCS have lost 1.6% and 0.2% each.
 
Sesa Sterlite has changed its name to Vedanta Limited post securing all the requisite approvals from shareholders and regulatory authorities. The stock is down 1.3%. Tata Steel and Hindalcohave lost 1.4% and 0.4% each Nifty Trading Tips
 
The government has confirmed the appointment of Dinesh K Sarraf as the chairman and managing director of India's biggest oil and gas producer, ONGC.  The stock is down nearly 3%. RIL is down 0.6% and GAIL is down 1%.
 
According to media reports, ITC, trading lower by 0.5%, is in talks with Century Textile and Industries Ltd to buy its paper division in a bid to diversify revenue to non-tobacco businesses.
 
The Reserve Bank of India has prohibited further FII purchases in the Kotak Mahindra Bank's shares, as aggregate foreign shareholding in the bank has reached the threshold limit after the acquisition of ING Vysya Bank. The stock is down 3.4% Financial Astrology Trading Tips
 
Recovering from the thrashing it witnessed yesterday, Sun Pharma is trading higher by 0.4% after foreign investors bought shares of the drug maker via open market on Tuesday.
 
M&M has opened its extended automobile manufacturing facility at Zaheerabad in Telangana on Wednesday. The stock is up 0.4% Intraday Trading Tips
 
Global Markets
 
Expectations of positive corporate earnings pushed Japanese shares to a 15-year high. Nikkei gained over 1%. Asian equities were mostly firmer on Wednesday with stimulus-fueled Chinese shares taking the lead. Shanghai Composite gained 2.4% and Hang Seng index gained 0.3%.
 
European markets have opened lower. FTSE 100 index is the top loser and is down 0.5% while CAC 40 and DAX indices have shed 0.2% and 0.1% each Jackpot Trading Tips