Bears are not giving any single chance to comeback and have weighed on the benchmark indices. The Sensex and the Nifty are struggling at the 9000 and 2700 levels, respectively. Banking, realty, metal, auto, oil and power stocks are taking huge beating on the bourses. Midcap and small cap stocks also plunged in line with other indices.
The negative flows has been continued at the FII desk. The long only funds are sellers across the Asia. Bank stocks are under pressure post the credit policy announcement, wherein the RBI has kept all key rates unchanged. Local players are selling their stocks desperately.
At 1:31 pm, the Sensex fell 822 points to 8,949 and the Nifty slipped 266 points to 2,676. The BSE Midcap and Small Cap indices fell nearly 6% each.
The BSE Bankex, Metal and Realty indices plunged 11-13%. Oil & Gas, Auto and Power fell over 8.5%. Healthcare and Capital Goods lost over 6% each.
Reliance Industries, HDFC Bank, SBI, ICICI Bank, HDFC, Bharti Airtel, ONGC, ITC, L&T, Reliance Communication and ONGC are top contributors to this fall.
Among the Asian markets; Kospi plunged 10.57% and Nikkei lost 9.6%. Straits Times and Jakarta fell over 7%. Hang Seng crashed nearly 6%. Shanghai and Taiwan fell 1.92% and 3.19%, respectively.
Sony Corporation and Amazon.com have cut their earning guidance due to lower consumer demand. The Japanese Yen rose 13-year high as against the US dollar.
European markets are trading sharply lower; CAC, DAX and FTSE lost 4-5%. Dow Jones and Nasdaq Futures slipped over 4% each.
The market shattered after the RBI credit pollcy announcement. The Sensex has broken 9000 mark for the first times since June 14, 2006 and the Nifty also slipped below 2700. Metal, banking, realty, power, oil and auto stocks are extremely under pressure.
The market has disappointed with no rate cut in the credit policy. Banking stocks are reeling under selling pressure. The long only funds are selling across the region. The desperate sell off has been seen from local players. Domestic funds are nibbling at the lower levels. The sentiment is extremely weak on Asia sell off.
The Reserve Bank of India has announced the credit policy. It has kept all key rates unchanged. The GDP growth forecast has lowered to 7.5-7.8% as against 8% earlier. Inflation target remained unchanged at 7% by March end. The credit growth stood at 29% currently but the RBI has kept target of 20%.
At 12:24 pm, the Sensex declined 731 points to 9,032 and the Nifty slipped 242 points to 2,700. The BSE Midcap and Small Cap indices fell at around 5% each.
BSE Metal, Realty, Bankex, Power, Oil & Gas, Auto and FMCG indices tumbled 7-10%. Capital Goods plunged nearly 6% and IT lost 4%.
Among the frontliners, Hindalco, Nalco and Suzlon Energy fell 20-23%. M&M, Tata Steel, Ranbaxy Labs, Tata Motors, Reliance Infrastructure, ONGC, Sterlite Industries, Reliance Communication, Zee Entertainment, Unitech, Power Grid Corp and Idea Cellular lost 11-17%.
European markets are down 4-5.5% in opening trade. Asian markets lost 3-9%.
Mkts @ 11:08 am : Nifty tests 2800; metal, realty, power, auto stocks plunge
The market is reeling extremely under pressure. The BSE Sensex is trading below 9500 mark and the Nifty has tested 2800 level. Asian markets have plunged further, down 3-9%, which is putting presure on our markets.
The selling is seen in metal, realty, power, pharma, auto, oil & gas and midcap stocks. Not a single stock is in the green in both indices.
The Reserve bank of India (RBI) has kept repo rate and SLR unchaged.
At 11:08 am, the Sensex slipped 347 points to 9,424 and the Nifty fell 124 points to 2,818. The BSE Midcap and Small Cap indices lost over 2-3%.
The market breadth is extremely weak; about 721 shares have advanced while 2255 shares have declined. Nearly 214 shares are unchanged.
Among the frontliners, Suzlon Energy, Hindalco, NALCO, Unitech and Sterlite Industries fell 10-19%. Power Grid Corp, M&M, Ranbaxy Labs, HDFC and Tata Motors lost 7-9%.
BSE Metal Index fell over 7%. Healthcare, Auto, Realty, Power, Capital Goods, Oil and TECK indices lost 3-5%.
Markets @ 10:24 am : Sensex below 9500; Hindalco, Sterlite, Bharti top losers
The market has extended losses further on account of huge selling in metal, realty, auto, pharma and banking stocks. Asian markets are extremely under pressure. Midcap and small cap stocks are also down.
The Sensex tumbled 320 points to 9,451 and the Nifty lost 115 points to 2,828, at 10:24 am. The BSE Midcap Index fell 2% to 3,311 and the Small Cap Index lost 1.23% to 3,917.
After months of the financial crisis gripping the developed countries, the fear is now spreading to emerging markets. Countries in Eastern Europe as well as Pakistan are reeling under the possibility of sovereign defaults. Bhanu Baweja, Head - Global Emerging Market Research of UBS feels our capital markets are globalised, and even economy to a very large extent is more globalised today, than it was ten years back. Thus emerging markets will come down with the global economy, just as they went up with it.
Market breadth is very weak; about 835 shares have advanced while 2136 shares declined. Nearly 219 shares are unchanged.
Among the fronliners, Suzlon Energy fell 19.26%. NALCO, Hindalco, Unitech and Sterlite Industries lost 10-16%. Power Grid Corp, Idea Cellular, Bharti Airtel, HDFC Bank, Tata Motors and Tata Steel plunged 5-9%. Not a single stock is in the green on the Sensex and the Nifty.
The BSE Metal Index slipped nearly 7%. Realty Index plunged 5%. Healthcare, Auto, Bankex, Power, Oil & Gas and TECK fell 3-4%.
Markets @ 10:04 am : Mkts plunge on weak Asian cues; Sensex tests 9500
The market has been continued to trade sharply lower and has opened with sharp cut in the early trade. This fall is due to the weak trend in the Asian markets. Selling is seen metal, realty, banking, telecom, capital goods, oil and auto stocks.
At 10:04 am, the Sensex fell 216 points to 9,555 and the Nifty tumbled 74 points to 2,868. The BSE Midcap index lost 1.4% to 3,332.
ONGC, Bharti Airtel, Reliance Industries, SBI, HDFC Bank, Power, Grid Corp, DLF, TCS, NTPC, HDFC Bank, ICICI Bank, Reliance Communication and Infosys are major contributors to this fall.
Tata Steel fell another 6%, as the S&P has downgraded its UK outlook to stable from positive.
Glenmark Pharma tumbled over 12%. Glenmark and Eli Lily suspended Osteoarthritis Molecule development.
Asian markets are trading sharply lower. Nikkei, Kospi, Straits Times, Hang Seng and Jakarta tumbled 5-9%. Taiwan and Shanghai lost 3% and 0.68%, respectively.
After three attempts at a rally the Dow finally managed to eke out 2% gains in late trade.The Nasdaq though shed 11 points as some of the biggest names on the index were pummeled by a weak outlook for the consumer. The S&P 500 meanwhile closed with gains of a percent and a half. The Dow advanced 172.04 points, or 2.02%, to 8,691.25. The S&P 500 index gained 11.33 points, or 1.26%, to 908.11, and the Nasdaq slipped 11.84 points, or 0.73%, to 1,603.91.
Market cues:
FIIs net sell USD 67.7 million in equity
MFs net buy Rs 17.5 crore in equity
RBI monetary policy today, street expects SLR cut
SEBI didn't issue directive to FIIs to unwind existing positions: Sources
SEBI doesn't want fresh positions, still collating data: Sources
Finmin sources say FIIs must unwind positions taken after Oct 20
F&O cues:
NSE F&O Open Int down by Rs 1618 crore at Rs 69806 crore
Futures Open Int down by Rs 3259 crore, Options Open Int up by Rs 1641 crore
Stock futures shed 40 lakh shares in Open Int
Nifty Oct at 9-point discount, Nov at 5-point discount
Nifty futures net add 3 lakh shares in Open Int, rollover at 37%
Nifty Open Int PCR at 0.71 vs 0.73
Nifty Puts add 1.3 lakh, Calls add 24 lakh shares in Open Int
