MC: Mkts fall on fresh selling; all sectoral indices in red
The markets are witnessing fresh waves of selling again after showing a bit of recovery from the day's lows. Technology, banking, telecom, power, metal, and capital goods are down over 4%. The Nifty is hovering around 2,700 while the Sensex is struggling at 9,000. Midcap and smallcap stocks are trading in the red.
The Sensex plunged 336 points to 8,954 and the Nifty fell 104 points to 2,695, at 2:15 hrs IST. BSE Midcap and Small cap indices plunged at around 2% each.
Among the frontliners, NTPC, Wipro, ICICI Bank, ACC, Sterlite Inds, SBI, Tata Power, HDFC, Infosys, Satyam, TCS, Jaiprakash Associates and Reliance Communication tumbled 4-8%.
Nishid Shah, President and CIO, IDFC Investment Advisors, said markets are in consolidation mode as of now and may test October lows, but will not break below that. Though, Shah sees earnings disappointment for next two quarters, but assures that market has priced in this concern.
Total turnover traded, so far, stood at Rs 40,908 crore. This includes Rs 2,219 crore from BSE Cash segment, Rs 6,109 crore from NSE Cash and the balance Rs 32,578 crore from NSE F&O segment.
Market breadth is in favour of declines; about 726 shares have advanced while 1967 shares have declined. Nearly 500 shares are unchanged.
BSE IT, Bankex, Power and TECK indices fell over 4%. Metal, Capital Goods and Realty indices lost 2.5-3.9%. Oil & Gas, Auto, Healthcare and FMCG indices fell 1-1.5%.
Airline stocks are also under pressure. Jet Airways is down over 4%. SpiceJet fell nearly 1% and Kingfisher Airlines lost around 2.3%.
On the global front, European markets are flat. FTSE and CAC are down 0.2-0.5%. However, DAX gained 0.1%.
Dow Jones Futures fell 1.5% and Nasdaq Futures lost 2.5%.
Markets @ 1:35 pm : Mkts off day's low; IT, power, metal, bank, telecom slip
The markets are trading weak but off the day's low. The Sensex and Nifty are trading above their psychological 9,000 and 2,700 mark respectively. All sectoral indices on the BSE are trading in the red. The BSE Bankex is down 4.5%. while IT, power, capital goods and metal indices are down 2-3%. The BSE midcap and smallcap indices are down 1.83% and 2.15% respectively.
At 1.35 hrs IST, the Sensex is down 233 points at 9057.15, and the Nifty down 70 points at 2729.
About 836 shares have advanced, 2151 shares declined, and 206 shares are unchanged.
Index heavyweight Reliance was trading at Rs 1,128.50 down 1.24% from its previous close of Rs 1,142.65.
Tech major Infosys was trading at Rs 1,178.10 down 4.44% from its previous close of Rs 1,232.80.
Cigarette major ITC was trading at Rs 163.65 down 1.15% from its previous close of Rs 165.55.
Refinery major HPCL was trading at Rs 231.60 up 3% from its previous close of Rs 224.85.
Markets are trading sharply lower, as sell-off in banking, technology, power, telecom, metal, capital goods and oil stocks led this fall. Midcap and small cap stocks are also weak. Asian markets went down further.
The Nifty is hovering around 2700, as aggressive put writing is seen. The Sensex is trading below 9,000 level. Incremental flows are negative at FII desk and selling pressure is seen in large cap stocks. Buy/sell ratio stands at 1:2. Rate sensitives like real estate and banking stocks are under pressure.
The Sensex slipped 330 points to 8,960 and the Nifty fell 98 points to 2,701, at 1:02 hrs IST. BSE Midcap and Small Cap indices lost 2-2.5%. All BSE Indices are in red.
NTPC, ONGC, Bharti Airtel, SBI, Infosys, Reliance Industries, ICICI Bank, Wipro, TCS, HDFC, BHEL and HDFC Bank are dragging the benchmark indices lower.
Market breadth is extremly weak; about 713 shares have advanced while 1952 shares have declined. Nearly 527 shares are unchanged.
BSE Bankex, IT, Power and TECK indices tumbled 4-5.3%. Metal, Capital Goods, Realty and Oil & Gas fell 2.6-3.8%. Auto, FMCG and Healthcare lost 1.8% each.
However, in the small cap space, Hatsun Agro, Kirloskar Pneum and Balmer Invest rose 11.5-12%. Zenith Infotech and Bombay Burmah surged over 5%.
Among the midcap stocks, EIH gained 13.61%. Consolidated Construction, Ashapura Mine, Allcargo Global and IVRCL Infrastructure jumped 3.7-9.5%.
On the global front, Asian markets plunged. Shanghai and Hang Seng tumbled at around 6% each. Straits Times, Kospi, Taiwan and Jakarta fell 3-4.5%. Nikkei lost 2.3%.
The benchmark indices slipped further on the back fall in the Asian markets, which are down 2-5%. Banking, technology, telecom, metal, power, capital goods and oil stocks are under pressure. Midcap and small cap stocks are weak. The Nifty broken 2700 mark and the Sensex is trading below 9,000 level.
The Sensex crashed 409 points to 8,881 and the Nifty plummeted 120 points to 2,678, at 12:18 hrs IST. BSE Midcap and Small Cap indices fell over 2% each.
Among the frontliners, Wipro, NALCO, HCL Tech, Ambuja Cements, ABB, ICICI Bank, ACC, Tata Power and Power Grid Corp lost 6-8%. Reliance Infrastructure, Satyam, Sterlite Industries, Unitech, SBI, HDFC, M&M, Idea Cellular, TCS, ONGC, Bharti Airtel, NTPC, Suzlon Energy, HDFC Bank, Reliance Power, Reliance Petro and Infosys fell 4-5.7%.
Market breadth is negative; about 713 shares have advanced while 1952 shares have declined. Nearly 527 shares are unchanged.
BSE Bankex fell nearly 5%. ICICI Bank, HDFC Bank and SBI lost 4-6%.
BSE IT, TECK Power and Metal indices tumbled over 4%. Capital Goods, Realty, Oil & Gas, Auto and FMCG indices tanked 2-3.5%.
Among the midcap stocks, Apollo Tyres fell 20%. Shoppers Stop, Sintex India and Max India tumbled 10-15%.
In the small cap space, Balkrishna Inds, Kernex Micro, Ahmednagar Forging, Automotive Axle and Classic Diamond fell 9-13%
On the global front, Asian markets are extremely weak. Shanghai and Jakarta tumbled over 5%. Hang Seng, Nikkei, Straits Times, Kospi and Taiwan lost 2-4%.
Markets @ 11:32 am : Sensex struggles @ 9K as Asian mkts extend losses
Relentless selling in banking, power, capital goods, technology, oil and telecom stocks is putting pressure on the benchmark indices. The Nifty is still holding 2700 mark while the Sensex is hovering around 9,000 level. Midcap and small cap stocks are also following the same trend. Asian markets extended losses further.
Major contributors to this fall are Reliance Industries, SBI, Bharti Airtel, ONGC, NTPC, Infosys, ICICI Bank, HDFC Bank, HDFC and BHEL.
The Sensex tumbled 298 points to 8,992 and the Nifty fell 83 points to 2,716, at 11:32 hrs IST. BSE Midcap and Small cap indices lost over 1.5% each.
Clive McDonnell, Head of Equity Strategy at BNP Paribas Securities feels the markets may retest the October 27 lows but it’s unlikely to breach those levels. He believes that markets are still in a bear market environment and said the rally would continue if the October lows hold.
Among the frontliners, Wipro, Reliance Infrastructure, ICICI Bank, ACC, HDFC, Satyam, ABB, NALCO and Power Grid Corp slipped over 5%.
BSE Bankex fell over 4%. Power, IT, TECK, Capital Goods, Oil & Gas and Metal indices lost 2-3%.
Market breadth is in favour of declines; about 790 shares have advanced while 1874 shares have declined. Nearly 528 shares are unchanged.
Sugar stocks gained ahead of Allahabad court hearing on cane pricing. Balrampur Chini rose over 5% and Bajaj Hindustan gained 2%. Shree Renuka Sugars gained half a percent.
Gati Head said that the company is going to hike prices by 5-10% by January. The stock is down at around 2%.
On the global front, Asian markets are trading weak. Shanghai, Hang Seng, Kospi and Taiwan fell 3% each. Nikkei and Straits Times lost nearly 2%. Jakarta tumbled 5.4%.
The markets are still reeling under selling pressure, despite showing some recovery from lows of the day. The Sensex has bounced back above 9000 level and the Nifty still holds 2700 mark. Selling is seen in banking, technology, power, capital goods, oil and metal stocks.
The Sensex tumbled 152 points to 9,138 and the Nifty fell 38 points to 2,761, at 10:39 hrs IST. BSE Midcap and Small Cap indices lost half a percent each.
Reliance Industries, ONGC, SBI, Bharti Airtel, ICICI Bank, Wipro, Infosys, HDFC, TCS, HDFC Bank, Tata Power, Sterlite Industries and Reliance Power are under pressure. However, SAIL, GAIL, Hero Honda, Tata Steel, Maruti, Tata Motors and Zee Entertainment are in green.
Market breadth is weak; about 755 shares have advanced while 1888 shares declined. Nearly 549 shares are unchanged.
Shree Cements received 1 lakh carbon credits worth Rs 10.3 crore. The stock jumped 1.7%.
Unitech is down over 4%. There are reports that the company is planning to sell its hotel properties and is in talks with private equity players.
GVK power tumbled 1%%, as there are reports that it is planning to sell 25% stake in its energy arm.
UTV fell close to 2.3%, as the company is going to shut Delhi office and 60 employees will have to quit, reports say.
Everest Kanto in its board meeting yesterday deferred proposal for buyback. The stock lost 2.3%. The company will invest Rs 100 crore in a 50:50 JV with a S.A and Argentina company for business related to CNG kits.
Markets @ 9:56 am : Sensex tests 9K on weak global cues
The markets started the day on a weak note following downtrend across the globe. US markets have fallen on economic concerns and weak jobs data. Asian markets are trading lower. It is the fifth session that the markets are falling. Selling is seen in metal, power, capital goods, realty, oil and banking stocks. The Nifty is near to 2700 mark while the Sensex has tested 9,000 level.
At 9:56 am, the Sensex lost 321 points to 8,969 and the Nifty fell 84 points to 2,714. CNX Midcap 100 tumbled 72 points to 3,421.
Among the frontliners, Suzlon Energy, Jaiprakash Associates, Siemens, ICICI Bank, Zee Entertainment, DLF, Grasim, Cairn, HDFC, Hindalco, Reliance Industries, Tata Steel, L&T, Unitech, Sterlite Industries, HDFC Bank, Reliance Infrastructure and SAIL are losers.
Asian markets are trading weak. Shanghai Composite fell 47.62 points or 2.35% to 1,982.87. Hang Seng lost 401.55 points or 2.97% to 13,127.98.
Nikkei 225 went down 172.26 points or 2.02% to 8,350.32 and Straits Times fell 24.55 points or 1.40% to 1,725.12. Kospi lost 30.69 points or 2.85% to 1,047.63. Taiwan Weighted tumbled 153.73 points or 3.46% to 4,286.07. Jakarta Composite lost 63.47 points or 5.13% to 1,173.46.
US markets tumbled on dismal news extending a two- week drop as retailers reported profit declines, big banks prepared for job cuts and Japan officially declared itself in a recession. The Dow plunged 223.73 points, or 2.63%, to 8,273.58. S&P 500 index shed 22.54 points, or 2.58%, to 850.75, while the Nasdaq composite index slipped 34.80 points, or 2.29%, to 1,482.05.
