The domestic stock markets remained under pressure in noon trading, seeming on course to snap a four-session rally, on the back of weakness in metal and financial shares. At 1:35 pm, the BSE Sensex was trading at 49,029.65, weaker by 470.31 points or 0.96 per cent and the NSE Nifty was at 14,808.25, down 134.75 points or 0.89 per cent. The broader markets are out-performing their largecap peers, with the BSE Midcap index and BSE Smallcap index gaining 0.1 per cent and 0.6 per cent respectively.
The Nifty Metal index has dropped 3 per cent post a four-day rally to record highs and the Nifty Bank index slid 1.6 per cent.
The Sensex and Nifty had gained about 2.5 per cent and 3 per cent respectively over the last four sessions, amid abundant liquidity and on pandemic relief measures.
Meanwhile, the rupee slumped 18 paise to 73.53 against the US dollar in early trading tracking weak domestic equities and strong American currency. At the interbank foreign exchange, the domestic unit opened lower at 73.47 against the dollar, and lost further ground and touched 73.53, registering a fall of 18 paise over its previous close. On Monday, the rupee had closed at 73.35 against the US dollar.
On the earnings front, Siemens, BASF India and Godrej Consumer Products will declare their earnings during the day.
On the stock-specific front, metal shares are trading weak this afternoon with Hindalco and JSW Steel shedding around 2 per cent each on the BSE. Select financials are also trading weak, with HDFC, Kotak Mahindra Bank and Axis Bank losing between 1 and 2 per Cent each on the BSE.
On the other hand, Coal India, IOC and NTPC have gained 2-4 per cent each on the BSE. Among stocks in the news, Interglobe Aviation has surrendered its early gains and has turned flat at Rs 1675 after the company announced plans to raise Rs 3,000 crore.