The BSE Sensex dropped over 70 points and the Nifty slipped below the key 5,350 mark tracking weak global cues Tuesday. Markets in Asia traded lower ahead of the German constitutional court's ruling over the legality of the European bailout fund on Wednesday and the U.S. Federal Reserve policy meeting this week.
At 09.40 a.m., the Sensex traded off the day's low, down 21 points or 0.12 per cent at 17,746 while the Nifty traded 13 points lower at 5,350. The rupee was flat against the dollar at 55.44.
Metal stocks were the biggest underperformers as the Goa mining ban adversely affected companies like Sesa Goa, which is country's biggest iron ore producer in the private sector.
Sesa Goa shares plunged 5 per cent at Rs 161.30 and traded at the bottom of the Nifty. Shares in Sterlite Industries, another Vedanta Group firm that will soon merge with Sesa Goa, traded 4.3 per cent lower at Rs 94.25 on the NSE.
Global investment bank JP Morgan said Sesa Goa would likely turn nearly loss making on suspension of mining in Goa. That's because exports from Goa account for nearly 90 per cent of the company's earnings before income, tax, depreciation, and amortization (ebitda), which is a key measure of profitability.
Private steel maker JSPL extended losses and traded 1.6 per cent lower. State-run steel maker SAIL traded 1.5 per cent lower.
Only 18 stocks gained on the Nifty, led by oil refiner BPCL, which jumped 2.5 per cent on hopes of a fuel price hike today. Drug makers Sun Pharma and Cipla were among the biggest gainers on the Nifty.
The market breadth was even with nearly 50 per cent stocks rising on the broader BSE 500.
(With inputs from Thomson Reuters)
The BSE Sensex dropped over 70 points and the Nifty slipped below the key 5,350 mark tracking weak global cues Tuesday. Markets in Asia traded lower ahead of the German constitutional court's ruling over the legality of the European bailout fund on Wednesday and the U.S. Federal Reserve policy meeting this week.
At 09.40 a.m., the Sensex traded off the day's low, down 21 points or 0.12 per cent at 17,746 while the Nifty traded 13 points lower at 5,350. The rupee was flat against the dollar at 55.44.
Metal stocks were the biggest underperformers as the Goa mining ban adversely affected companies like Sesa Goa, which is country's biggest iron ore producer in the private sector.
Sesa Goa shares plunged 5 per cent at Rs 161.30 and traded at the bottom of the Nifty. Shares in Sterlite Industries, another Vedanta Group firm that will soon merge with Sesa Goa, traded 4.3 per cent lower at Rs 94.25 on the NSE.
Global investment bank JP Morgan said Sesa Goa would likely turn nearly loss making on suspension of mining in Goa. That's because exports from Goa account for nearly 90 per cent of the company's earnings before income, tax, depreciation, and amortization (ebitda), which is a key measure of profitability.
Private steel maker JSPL extended losses and traded 1.6 per cent lower. State-run steel maker SAIL traded 1.5 per cent lower.
Only 18 stocks gained on the Nifty, led by oil refiner BPCL, which jumped 2.5 per cent on hopes of a fuel price hike today. Drug makers Sun Pharma and Cipla were among the biggest gainers on the Nifty.
The market breadth was even with nearly 50 per cent stocks rising on the broader BSE 500.
(With inputs from Thomson Reuters)
The BSE Sensex dropped over 70 points and the Nifty slipped below the key 5,350 mark tracking weak global cues Tuesday. Markets in Asia traded lower ahead of the German constitutional court's ruling over the legality of the European bailout fund on Wednesday and the U.S. Federal Reserve policy meeting this week.
At 09.40 a.m., the Sensex traded off the day's low, down 21 points or 0.12 per cent at 17,746 while the Nifty traded 13 points lower at 5,350. The rupee was flat against the dollar at 55.44.
Metal stocks were the biggest underperformers as the Goa mining ban adversely affected companies like Sesa Goa, which is country's biggest iron ore producer in the private sector.
Sesa Goa shares plunged 5 per cent at Rs 161.30 and traded at the bottom of the Nifty. Shares in Sterlite Industries, another Vedanta Group firm that will soon merge with Sesa Goa, traded 4.3 per cent lower at Rs 94.25 on the NSE.
Global investment bank JP Morgan said Sesa Goa would likely turn nearly loss making on suspension of mining in Goa. That's because exports from Goa account for nearly 90 per cent of the company's earnings before income, tax, depreciation, and amortization (ebitda), which is a key measure of profitability.
Private steel maker JSPL extended losses and traded 1.6 per cent lower. State-run steel maker SAIL traded 1.5 per cent lower.
Only 18 stocks gained on the Nifty, led by oil refiner BPCL, which jumped 2.5 per cent on hopes of a fuel price hike today. Drug makers Sun Pharma and Cipla were among the biggest gainers on the Nifty.
The market breadth was even with nearly 50 per cent stocks rising on the broader BSE 500.
(With inputs from Thomson Reuters)
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