Friday, the Indian market is trading sharply lower as a spate of bad economic news pulled down markets across the world. Domestic issues such as weak corporate outlook and impending elections are also weighing on sentiment.
After opening lower at 8,944, the BSE Sensex is showing range-bound movement. The index is now trading near the day's lows at 8,841, down 201 points or 2.23% and the S&P CNX Nifty is trading at 2,728, down 2.20%.
The small-cap and the mid-cap indexes are down over 1% each, while the broad-based BSE index is losing nearly 2%. On the BSE, the market breadth is extremely negative, with 967 decliners compared to 368 stocks that are gaining.
Among the major decliners, Mahindra & Mahindra is plunging 5.26%, DLF is plummeting 4.57%, ICICI Bank is tumbling 3.68%, HDFC is losing 3.28% and Wipro is moving down 3.18%.
Reliance Communication, HDFC Bank, TCS, Sterlite Industries, Reliance Infrastructure, Jaiparakash Associates, Tata Motors, Infosys and Reliance Industries are the other prominent losers. All 30 Sensex stocks are currently trading in the red. Realty, banking, IT and metal stocks are the worst hit.
Kingfisher Airlines is moving down 0.76% on reports that the airport regulator has asked the company to bring down its overall dues for use of airports by the end of March. IOL Netcom is losing 4.13% after its board approved a resolution to raise Rs.150 crore via convertible bonds.
GMR Infrastructure is declining 2.46% on reports that aircraft maintenance, repair and overhaul venture between the company and Malaysian Airlines would be finalized by the end of the month. On the other hand, Jet Airways, which is expected to pick up equity in the venture, is also losing 1.83%.
Maytas Infra is trading in the 5% lower circuit limit despite reports that IFCI, which holds a 17.44 stake in the troubled firm, has shown some interest in running the company. Reliance Communication is moving down 3.66% after the government said that it would do a special audit on the books of the company and its subsidiaries.
HDFC Bank is declining 3.13% after the bank issued unsecured, non-convertible, redeemable subordinated bonds for an amount aggregating Rs.350 crore on a private placement basis.
Vishal Information Technologies is rising 2.14% to Rs.336 after its board decided to raise resources through the issue of global depository receipts at a price of Rs.320 per share.
