The market is getting weaker as the rupee hit one-year low at 57/USD. edged to below USD 1,400 an ounce. Jewellery stocks are in focus today. Bharti Airtel, Hindalco, Infosys are major losers in the indices Banking, oil & gas, metals and realty stocks are dragging the market.

Losing stocks: Bharti Airtel (down 2.05 percent), Hindalco , Infosys , hero MotoCorp and Tata Steel are major losers in the indices. Jewellery stocks are in focus today as government hiked gold import duty to 8 percent from current 6 percent in order to curb extremely high demand for the yellow metal. The government also hiked platinum import duty to 8 percent from 6 percent. Shree Ganesha is up 5.2 percent, Titan Industries is down 1 percent, Tribhovandas Bhimji Zaveri is down 1.17 percent among others.

Rupee hits 57 per dollar for the first time since June 27, 2012.  Market update: The Sensex is down 127.11 points at 19441.11 while the Nifty slips 41.25 points to 5882.60. Yellow metal update: Gold edged to below USD 1,400 an ounce on Thursday as India, the world’s biggest bullion consumer, raised import duty on the metal by a third to reduce its current account deficit.

Spot gold had dropped 0.25 percent to USD 1,399.36 an ounce by 0016 GMT, after gaining slightly on Wednesday as investors looked for safer assets after a private US jobs reading fell short of expectations.

Mahesh Nandurkar, CLSA: Investment upcycle is not visible just as yet, but the confluence of better policy environment, expected corporate recovery, lower inflation and interest rate should drive an improvement. We build in cyclical recovery by FY14-end and our top ideas are ICICI Bank , Axis Bank , L&T, Maruti, Tata Motors and Zee.

Indian stock market has opened in the red terrain. The Sensex is down 85.30 points at 19482.92, and the Nifty has slipped 28.40 points or 0.48% at 5895.45.  About 93 shares have advanced, 200 shares declined, and 28 shares are unchanged.

Wall Street saw sharp losses on Wednesday with major indices closing down over a percent. Dow closed below the 15,000 mark. Asian markets were mixed in morning trade on Thursday. European Central Bank & Bank of England will announce their monetary policy decisions today, which global markets will be closely watching. Stock specifically, Bharti Airtel, Sun Pharma , Reliance, Tata Power and Cipla are gainers in the Sensex. Meanwhile, Hindalco, Tata Motors, TCS , Sterlite Industries and HDFC are major losers.