The market opens in negative terrain on weak macro data. The Sensex is down 40.78 points at 19917.69 and the Nifty slips 17.80 points to 5991.20. About 168 share markets have advanced, 143 shares declined, and 30 shares are unchanged. Neyveli Lignite rallies around 3 percent as the Tamil Nadu Chief Minister has appointed a team to discuss modalities of divestment in the company. Further discussion on NLC divestment will be held today.

Axis Capital feels if quantitative easing (qe) continues that it will lot of international markets including India. In an interview to CNBC-TV18, he warned that earnings for FMCG, consumer discretionary, autos are likely to be weak. Talking specifically on rupee, Chakraborty that the domestic currency may be at 60/dollar by 2013-end and even touch 62 per dollar in 2014.

Tata Steel falls around 3.5 percent on the BSE as the steel giant’s European arm has reported a record loss of 1.2 billion pounds for the year. Tata Steel Europe, Britain’s largest steel producer, reported the losses for the year until March 31 as part of its latest results filed at Companies House in the UK. It marked a massive rise from 846 million pounds the previous year. As per the company’s filing, revenues fell 14 per cent to 8.7 billion pounds due to a “deterioration to market conditions in the second half”.

According to reports, Kuwait Airways is likely to buy stake in SpiceJet. It is likely to pick stake short of the 25 percent mark. The deal value is pegged around Rs 1000 crore. The aviation company jumps around 9 percent at Rs at Rs 30.10 on the BSE.

M&M, Dr Reddys Labs , Sterlite Industries, Wipro and TCS are top gainers in the Sensex. Also read what Udayan Mukherjee says about the market ? The market opens in negative terrain on weak macro data. The Sensex is down 40.78 points at 19917.69 and the Nifty slips 17.80 points to 5991.20. About 168 shares have advanced, 143 shares declined, and 30 shares are unchanged.

Industrial production data released on Friday delivered a rude shock as it contracts 1.6 percent in May and retail inflation for June rises to 9.87 percent. Meanwhile, the June wholesale price index (WPI) is expected today.

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