The Indian equities trimmed early losses in noon session of day"s trade as strong gains in the consumer durables and PSU stocks capped losses in the oil & gas and realty stocks. The banking stocks were in upbeat mood, with index heavyweight State Bank of India surging over 4 per cent, after the government unveiled plan to revive the fortunes of public sector banks.
At 12:30 hours, the BSE SENSEX was trading at 27942.75, down by 124.56 points or by 0.44 per cent and then NSE Nifty was quoting 27.5 points lower at 8491.05.
The investors took some breathe after strong rally on Friday and indulged in selling activity after data showed that exports contracted for the eighth straight month by 10.3 per cent in July to USD 23.13 billion. In the bearish trade, the BSE Sensex touched an intraday high of 28095.97 and intraday low of 27739.13, while the NSE Nifty touched intraday high of 8530.6 and intraday low of 8428.05, during the day"s trade so far.
Leading the decline on the D-Street were Cipla Ltd. (Rs. 714.40,-3.52%), Oil And Natural Gas Corporation Ltd. (Rs. 264.25,-2.33%), Hindalco Industries Ltd. (Rs. 91.50,-1.93%), Vedanta Ltd. (Rs. 105.80,-1.31%), Reliance Industries Ltd. (Rs. 955.00,-1.25%), among others.
However, some buying were witnessed in stocks of State Bank of India (Rs. 279.60,+4.15%), Tata Steel Ltd. (Rs. 242.50,+2.28%), Sun Pharmaceutical Industries Ltd. (Rs. 917.80,+2.10%), GAIL (India) Ltd. (Rs. 342.30,+1.23%), Coal India Ltd. (Rs. 379.90,+0.65%), among others.
On the sectoral front, oil and gas and realty indices were among top losers on BSE, shedding 0.86 per cent and 0.65 per cent, respectively.
The Market breadth, indicating the overall strength of the market, was flat. On BSE out of total shares traded 2557, shares advanced were 1260 while 1207 shares declined and 90 were unchanged.
On the global front, the Asian equities were trading mostly lower, with mainland China retreated led by a drop in energy and financial companies, while Hang Seng declined but Japan"s Nikkei 225 climbed as the world"s third biggest economy contracted less than expected in Q2. Japan"s economy shrank 1.6 per cent annualized pace in the June-August quarter, beating expectations for a 1.8 per cent contraction.