MY: Nifty hovers around 2950 ONGC, RIL, Cairn plunge, OMCs up
The benchmark indices are trading lower with some volatility, as ONGC, Reliance Industries, L&T, HDFC, Bharti Airtel, DLF, Tata Steel and Sterlite Industries are under pressure. However, power, technology, select banking stocks, BHEL, Reliance Communication and ITC have gained. Midcap and small cap stocks are quite in trade. The Nifty is hovering around 2950 level.
The Sensex fell 13 points to 9,702 and the Nifty lost 7.7 points to 2,946, at 10:41 hours IST. BSE Midcap and Small Cap indices are flat.
Market breadth is mixed; about 1353 shares have advanced while 1377 shares have declined. Nearly 471 shares are unchanged.
Satyam Computer Services surged over 6%, after Wednesday's big fall of over 30%.
Maytas Infra is locked at lower circuit of 20% again for the second day. There are pending sell orders of 18,262 shares, with no buyers available and is trading with volumes of 244,293 shares, a jump of 382% compared to its 5-day average of 50,742 shares.
Oil marketing companies moved up further due to fall in crude oil prices. IOC, BPCL and HPCL gained 2.9-3.2%.
Oil exploration majors ONGC and Reliance Industries lost 2.5-3.5%; Crude fell nearly 75% from its all-time high of USD 147/bbl. Cairn India slipped nearly 9%.
Patel Engineering Company shot up by 13.25% to Rs 185 on huge volumes, which jumped nearly 100%.
Markets @ 9:56 am : Mkts choppy; tech stocks up, Satyam bounces back
The markets have opened flat and immediately turned choppy following mixed cues from Asian markets. Satyam Computer rebounded with a gain of 8%, after yesterday's big loss of over 30%. Oil stocks are under pressure while technology and select banking stocks are up.
The Sensex rose 27 points to 9,743 and the Nifty gained just 2.25 points at 2,956, at 9:56 am.
Jaiprakash Associates, Reliance Infrastructure, Reliance Communication, Infosys, Suzlon and TCS are gainers. However, ONGC, Reliance Industries, Tata Steel and ICICI Bank lost ground.
Satyam Computer rebounded with a gain of 8%, after big sell-off and loss of over 30% on Wednesday. Its ADRs gained 50% in New York.
Maytas Infra went down further by 8%, as there were pending sell orders of 7,151 shares on Wednesday.
Patel Engineering consortium bagged irrigation project worth Rs 3,859 crore in Andhra Pradesh; the stock surged 10.5%.
Oil marketing companies like IOC, HPCL and BPCL rose 2.5-2.9% due to fall in crude oil prices.
Asian markets are trading mixed. Shanghai Composite fell 13.14 points or 0.66% at 1,963.68 and Hang Seng down 90.06 points or 0.58% to 15,370.46. Jakarta Composite fell 21.61 points or 1.58% to 1,342.38 and Straits Times down 8.69 points or 0.49% to 1,770.60.
However, Nikkei gained 27.05 points or 0.31% at 8,639.57. Seoul Composite rose 8.25 points or 0.71% to 1,178 and Taiwan Weighted up 8.43 points or 0.18% at 4,656.45.
Nymex January crude declined 8% to 4-year low. It is currently trading at USD 39.85 to a barrel. OPEC cut output by record 9% (2.46 mbpd) from 29.04 mbpd in September and keet a target of 24.84 mbpd. Crude declined on skepticism that OPEC will adhere to new agreement.
In the US markets, stocks ended lower as enthusiasm for the Fed's near-zero target rate and willingness to do whatever it takes waned. Morgan Stanley posted worse-than-expected quarterly loss but the stock recovered in spite of that and ended 2% up.
The Dow Jones industrial average shed 99.80 points or 1.12% to 8,824.34. The Standard & Poor's 500 Index fell 8.76 points or 0.96% to 904.42. The Nasdaq Composite Index lost 10.58 points or 0.67% to 1,579.31.
Market cues:
CNBC TV18 Poll sees inflation for week ended December 6 at 7.46% versus 8% (WoW)
FIIs net buy $6.8 million in equity on December 16: SEBI
F&O Open Interest down by Rs 160 crore to Rs 58,190 crore
F&O cues:
Nifty down 2.8%, Nifty Futures Open Int up 1%
Nifty December Futures trading at 6 points discount versus 7 points premium a day ago
Stock Futures shed nearly 2 crore shares in Open Interest for the first time in last 6-7 trading sessions
Stock Futures added over 11 crore shares in last 6-7 days
Unwinding pressure largely from domestic institutions & traders
Nifty rollover at 14%
Nifty Open Int Put-Call ratio down from 1.43 to 1.34
Nifty Puts add 18.2 lakh shares, Calls shed 6 lakh shares in Open Interest
3000 Put sheds 2 lakh shares in Open Interest, saw huge addition in last 2 days
