the Indian market is trading lower mirroring weak global cues after bleak US housing and GDP data disappointed investors. The market is showing significant volatility due to the scheduled expiry of December series derivatives contract on Wednesday.
Stocks across the sectors are trading in negative territory. Realty stocks are the worst hit. Metal, auto, oil/gas and power stocks are the other major losers. On the BSE, the market breadth is extremely negative, with 959 decliners compared to 371 stocks that are gaining.
Satyam Computers, Tata Motors, Jaiprakash Associates, HDFC Bank, DLF, Maruti Suzuki, Grasim Industries, Tata Steel, Reliance Industries, Larsen & Toubro, Reliance Communication, Sterlite Industries and ITC are some of the prominent decliners.
However, Wipro, HDFC, Infosys, TCS, Bharti Airtel, State Bank of India, ACC and Ranbaxy Laboratories are trading firm.
The BSE Sensex opened lower at 9,626 and fell to an intra-day low of 9,572 this morning. However, the index has since then recouped some of its losses and is trading at 9,613, down 73 points or 0.76%. The S&P CNX Nifty is trading at 2,948, down 0.69%.
The small-cap, the mid-cap and the broad-based BSE 500 indexes are also down more than 1.0% each.
Satyam Computers is plunging nearly 18% on reports that the company has been barred from conducting business with the World Bank for eight years. Wipro is gaining around 4.0% after the company bought Citos, the IT arm of Citigroup in India, for around $127 million that assures revenues of at least $500 million over the next six years for the company.
Unitech is down 8.0% on reports that the company is negotiating with a clutch of private equity firms such as Carlyle, TPG Axon, Och-Ziff, Sun Apollo and IL&FS to raise $300-$500 million through an issue of convertible debt instruments.
Mahindra Forgings is up 4.15% after the company said it is aligning the company's production with reduced demand for December and January. Pyramid Saimira is losing nearly 10.0% after the company said that a letter issued by the Sebi about its open offer has been forged and has called for an investigation for the same.
