Weak global sentiment continued to consider on domestic equity benchmarks, Sensex and Nifty, as both treaded irregular waters among quick promotion in several pockets, while IT and telecom stocks logged gains.
Infosys, TCS, Wipro's 1.43 % and Tech Mahindra NSE 0.31 % traded with gains even as the rupee rose beside the US dollar amid a sharp fall in crude oil prices due to oversupply concerns. Telecom players Bharti Airtel, Bharti Infratel and Tata Communications led the BSE Telecom index higher.
Among the laggards, realty, customer durables, metals and auto sectors were the most terrible hit.
The 30-share index was trading 215 points down at 35,527, with only seven stocks in the green.
The NSE Nifty index was 72 points down at 10,682, with 14 stocks in the green and 36 in the red.
Most of tyre stocks were in lower terrtain after the GST council kept the tax rate unchanged on new tyres at 28 per cent. GST on retreated tyres was cut to 18 per cent. Govind Rubber (down 3.84 per cent), J K Tyre & Industries (down 3.46 per cent), CEAT (down 2.43 per cent), TVS Srichakra (down 2.39 per cent), Balkrishna Industries (down 1.51 per cent), Phillips Carbon (down 1.08 per cent), Apollo Tyres (down 0.49 per cent), Goodyear India (down 0.43 per cent) and MRF (down 0.23 per cent) were suffering losses.
Most cement stocks suffered losses, as the GST Council quashed hopes of a tax cut. The product remains in the 28 per cent tax slab. GPT Infra projects (down 4.98 per cent), Keerthi Industries (down 4.87 per cent), SKCIL (down 4.63 per cent), Gujarat Sidhee Cement (down 4.40 per cent) and Burnpur Cement NSE -2.35 % (down 4.16 per cent) were among the top losers in this segment.
The stock gained 1.09 per cent to Rs 1,264 and saw a break on the weekly charts. Independent analyst Kunal Bothra has a buy call on the stock for a objective price of Rs 1,350 with a stop loss at Rs 1,220.
The stock traded around 4 per cent down at Rs 3,186 as global brokerage Goldman Sachs downgraded it to "sell" from "neutral", cutting the target price to Rs 2,773. The brokerage said the company's aggressive strategy will have comportment on its approaching growth.
The stock traded 2.55 per cent higher at Rs 245.10 in the wake of a decrease in tax on movie tickets. GST Council reduced the tax on movie tickets of more than Rs 100 from 28 per cent to 18 per cent and on movie tickets of less than Rs 100 to 12 per cent from 18 per cent. However, shares of PVR erased all gains of the early session and traded 1 per cent down at Rs 1,546.
BSE real estate pack was the worst hit among the sectoral index. The index fell over 2 per cent with DLF (down 4.90 per cent) and India bulls Real Estate (down 3.61 per cent) as the top losers in the pack. Eight stocks, out of total 10 stocks in the index, were in the red.
