The bears have latched on to the markets heavily in second half of session and forced benchmark indices to hit new-2008 low on the back of negative global cues. The Sensex closed below 10,000 mark for the first time since July 2006 and the Nifty below 3100 level.
Biggest contributors to this fall were Reliance Industries, Bharti Airtel, Infosys, SBI, ICICI Bank, HDFC Bank, BHEL, NTPC, Reliance Communication, L&T, Reliance Infrastructure, TCS and ONGC.
The Sensex closed down by 669 points at 3,312 and the Nifty fell 215 points to 3,054 (provisional).
Markets @ 3:15 pm : SENSEX breaks 10000 for 1st time since July 2006
Markets are extremely under pressure. Finally, the Sensex has broken 10,000 mark, which is the first time since July 2006. The Nifty is trading below 3100 level. Realty, power, telecom, metal, capital goods, banking, oil and technology stocks are taking huge beating on the bourses. Midcap and small cap stocks are also under pressure.
The Sensex has touched a low 9,998.73 and the Nifty hit a low of 3072.95. The Sensex fell 639 points to 9,933 and the Nifty lost 206 points to 3,062, at 3:15 pm.
Reliance Industries, Bharti Airtel, Infosys, ICICI Bank, SBI, BHEL, NTPC, Reliance Communication, HDFC Bank, ONGC and L&T are biggest contributors to this fall.
European markets are trading off day's high; FTSE, DAX and CAC are up just 0.5-1%. Dow Jones and Nasdaq Futures fell nearly 3%.
Contribution from 21,207 to 10000
2 stocks contributed to 30% fall in the Sensex. Reliance Industries contributed to 15.5% and ICICI Bank 14% to the fall.
6 stocks contribute to 50% fall in the Sensex
Markets have slipped further on the back of selling in realty, power, telecom, metal, banking, capital goods, technology and auto stocks. Midcap and small cap stocks are following the same. Dow Jones and Nasdaq Futures are down 1.5-2%. European markets were up over 4%, but they have also lost some gain and are up around 2-3%.
NTPC, Bharti Airtel, Reliance Industries, Unitech, DLF, Reliance Communication, ICICI Bank, SBI, BHEL, Sterlite Industries, Reliance Infrastructure, Maruti Suzuki and HDFC Bank are top draggers.
Nirmal Jain of India Infoline said that market is likely to take longer time to recover. He would not be surprised if markets fall another 10%.
The Sensex tumbled 406 points to 10,175 and the Nifty fell 134 points to 3,134, at 2:28 pm. BSE Midcap lost nearly 2% and Small Cap Index fell 1.4%.
BSE Realty Index plunged 7.5%. Power Index lost 6%. TECK, Metal, Bankex, Capital Goods and IT indices fell 3-4%.
Among the midcap stocks, S Kumars Nationwide, ESS DEE and Orbit Corporation fell 19-20%. Provogue, Kirloskar Bros, Shree Renuka, Chambal Fert and Welspun Gujarat lost 10-11%.
In the small cap space, Unity Infraprojects, Ganesh Housing and ABG Infralogistics lost 16-20%. Khaitan Electricals, Bannariamman, Temptation Food and Kernex Micro fell 11-12.5%.
Markets have tumbled after witnessing choppiness in first half of session, due to sell off in realty, power, banking, capital goods, metal and auto stocks. Bharti Airtel, NTPC, Reliance Industries, ICICI Bank, BHEL, Reliance Infrastructure, Siemens SBI, DLF, Reliance Communication, SAIL and Unitech are under pressure.
The Sensex fell 260 points to 10,320 and the Nifty lost 80 points to 3,188, at 1:24 pm. BSE Midcap and Small Cap indices fell over half a percent.
Vineet Bhatnagar of MF Global feels that the high volatility numbers indicate that markets have not stabilised. The volatility percentile band has gone above 90% three weeks ago, he added. He sees Nifty support at 3050-3100 levels. The volumes may peak there, he added.
Breadth is weak; about 1253 shares have advanced while 1717 shares have declined. Nearly 218 shares are unchanged.
BSE Power Index fell over 4%, as Reliance Infrastructure lost nearly 9%. Suzlon Energy, NTPC and CESC fell 4-6%. Tata Power, Reliance Power and GMR Infra also lost ground.
Realty stocks like Unitech tumbled nearly 11%. Indiabulls Real, Anant Raj Ind, Parsvnath, Akruti City, Ansal Properties and DLF fell 4-7%. Realty index plunged 4.8%.
Capital Goods Index slipped 2.4%. Punj Lloyd, Siemens, BHEL, Crompton Greaves, Kirloskar Bross, Bharat Electronics and Praj Industries fell 3-7%.
Bankex lost 2.5%. ICICI Bank tumbled 7.5%. Kotak Mahindra, SBI, Union Bank and Yes Bank fell 3-6.5%.
Metal stocks like JSW Steel, Sterlite Industries and Sesa Goa fell 4.5-7%. SAIL, Welspun Gujarat and Tata Steel lost 2-3%. Metal Index went down 2.5%.
Markets are consolidating at current levels, due to which they are witnessing less volatility. Selling is seen in ICICI Bank, SBI, BHEL, NTPC, Reliance Communication, Reliance Infrastructure, Maruti Suzuki, Unitech, Grasim, Sterlite Industries, DLF and Bharti Airtel. However, buying continues in ONGC, Reliance Industries, TCS, Cairn India, Wipro, ITC, SAIL, Infosys, HCL Tech, Satyam and L&T.
At 12:32 pm, the Sensex rose 2.4 points to 10,583 and the Nifty gained 3.5 points at 3,272. BSE Midcap and Small cap indices up half a percent.
Market breadth is slightly weak; about 1365 shares have advanced while 1589 shares have declined. Nearly 234 shares are unchanged.
Oil marketing companies have gained; BPCL, HPCL and IOC shot up 6-9%. Cairn India, ONGC and Reliance Industries rose 1-5%. Crude is hovering around USD 72-73 to a barrel on the NYMEX.
European markets have opened sharply higher following surge in US markets; FTSE, DAX and CAC gained over 4%.
Benchmark indices are witnessing choppiness, as selling is seen in ICICI Bank, Infosys, SBI, BHEL, HUL, HDFC, Sterlite Industries, Grasim, HDFC Bank, Reliance Communication, DLF and Maruti Suzuki. However, buying is seen in ITC, Satyam, Reliance Industries, ONGC, Wipro, NTPC, Ranbaxy Labs, L&T and ACC.
The Sensex declined 28 points to 10,553 while the Nifty rose 3.05 points to 3,272, at 11:24 am. BSE Midcap and Small Cap indices gained 0.4% each.
Market breadth is in favour of declines; about 1398 shares have advanced while 1552 shares have declined. About 238 shares are unchanged.
Macquarie and Credit Suisse have cut earning estimates of HDFC Bank after its Q2 numbers. Macquarie maintained outperform rating on the bank, but has cut target to Rs 1,287 and cut FY09 & FY10 estimates by 16% & 24% respectively.
Credit Suisse has downgraded to neutral. It has cut target to Rs 1,209 from Rs 1,275 and cut earnings estimate by 4-10%FY09-10. HDFC Bank lost around 1%.
Markets @ 10:22 am : Mkts choppy; Sterlite, ICICI Bank, HDFC Bank top losers
Markets have turned into volatility after bouncing back in early trade. Buying is seen in technology, capital goods and oil stocks, while selling in banking, few metal, pharma and FMCG stocks.
At 10:22 am, the Sensex rose 5.90 points to 10,587 and the Nifty gained 16 points to 3,285. BSE Midcap and Small Cap indices rose 0.8% each.
Top losers are ICICI Bank, HDFC Bank, Sterlite Industries, Tata Communication, SBI, DLF, Reliance Communication, HDFC, Tata Power and HUL. However, gainers are Wipro, ONGC, L&T, HCL Tech, Cairn India, TCS, Reliance Industries and ITC.
Breadth is negative; about 1363 shares have advanced while 1583 shares have declined. Nearly 242 shares are unchanged.
Markets @ 9:56 am : Nifty stands above 3300; Cap Goods, IT, Realty stocks up
Markets have bounce back in early trade after sharp cut seen in previous trade, as US markets rebounded sharply in yesterday's trade. Buying is seen in capital goods, auto, technology, banking, technology and power stocks.
At 9:56 am, the Sensex rose 111 points to 10,692 and the Nifty gained 35 points at 3,304. BSE Midcap and Small cap indices rose over 1%.
Satyam, Tata Motors, Zee Entertainment, Reliance Infrastructure, L&T, BHEL, Siemens, Suzlon, HDFC Bank, TCS and Tata Steel have gained.
Satyam Computer is witnessing volatility after gaining nearly 5% in opening trade, after its Q2 numbers. The company has reported growth of 6.05% in net profit of Rs 580.85 crore as against Rs 547.70 crore, QoQ. Net sales stood at Rs 2819.29 crore versus Rs 2620.83 crore.
Asian markets are trading mixed. The Nikkei and Shanghai rose 2% and 1%, respectively. However, Kospi, Taiwan and Jakarta tumbled 1-3%. Hang Seng and Straits Times fell marginally.
US markets closed firm after a hugely volatile session. A late-day rally gave the Dow a triple-digit boost after a 700 point intra-day swing. Unwinding of hedged options on the S&P 500 ahead of October options expiry was one of the factors for the volatility in the market. The expirations triggered several big buys at the end of the day. Dow gained 401.35 points, or 4.68%, to 8,979.26. The S&P 500 index advanced 38.59 points, or 4.25%, to 946.43, and the Nasdaq composite index added 89.38 points, or 5.49%, to 1,717.71.
Market cues:
FIIs net sell USD 208.4 million in equity on October 15
MFs net sell Rs 382.9 crore in equity on October 15
NSE F&O Open Interest up by Rs 273 crore at Rs 69,417 crore
F&O cues:
Futures Open Int down by Rs 187 crore, Options Open Int up by Rs 459 crore at Rs 39,512 crore
Nifty Oct futures shed 4 lakh shares, Nov futures add 7.7 lakh shares in Open Int
Nifty Oct at 21-point premium, Nov at 41-point premium
Nifty Open Int PCR at 0.73 vs 0.74
Nifty Puts add 3 lakh, Calls add 12 lakh shares in Open Int
Nifty Oct 3100 Put adds 12 lakh shares in Open Int
