Share market update: Market mood sombre; these stocks plunged

NEW DELHI: Mirroring the subdued mood of the equity market, shares of Jaiprakash Power Ventures (down 7.41 per cent) and Balmer Lawrie & Company (down 5.68 per cent) plunged up to 7 per cent on NSE in morning trade on Tuesday.

Shares of Tasty Bite Eatables (down 4.51 per cent), Reliance Naval and Engineering (down 4.03 per cent), Godrej Agrovet (down 4.01 per cent), Jaypee Infratech (down 4 per cent), Mukand (down 3.67 per cent), Balkrishna Industries (down 3.61 per cent), HMT (down 3.56 per cent) and IFCI (down 3.47 per cent) declined up to 4 per cent.

Headline indices Nifty and Sensex opened on a volatile note on Tuesday, tracking weak Asian peers in the wake of a simmering trade tussle between the US and China.

Asian shares fell in early trade, amid growing concerns over escalating international trade disputes and as emergency austerity measures in Argentina highlighted turbulence in emerging markets, Reuters reported.

Rupee's unabated fall also hit the sentiment. The rupee fell by another 16 paise to 71.37 against the dollar in early trade on account of some buying in American currency by banks and importers.

Investors also noticed Nikkei India Manufacturing Purchasing Managers’ Index (PMI) that was released on Monday and showed growth in India’s manufacturing sector moderated in August as domestic demand softened. The Nikkei India Manufacturing PMI stood at 51.7 in August against 52.3 in July.

The NSE Nifty index was trading 38 points down at 11,544, while the BSE Sensex was down 88 points at 38,225 around 09:45 am.

Among the 50 stocks in the Nifty index, 10 were in the green and 40 were in the red.

Infosys, HCL Technologies, Tata Consultancy Services, Tech Mahindra and Wipro were among the top gainers, while Vedanta, Hindustan Unilever, Hindalco Industries, Indiabulls Housing Finance and Adani Ports & Special Economic Zone were among the top losers in the Nifty index.