Mumbai: Markets are drifting lower as oil, metal, telecom, realty and select financial stocks are dragging them down. Major contribution in this sell off is by Reliance Ind, ONGC, NTPC, Sterlite Ind, HDFC, SAIL and DLF. On the global front, Europe is trading weak.
The Sensex tumbled 190 points to 14,859 and Nifty lost 62 points to 4441, at 13:23 hrs IST. BSE Midcap and Small Cap indices are flat.
HDFC Bank, ONGC, Sterlite Industries, SAIL, NALCO, Unitech and Reliance Industries are biggest gainers while gainers are Maruti, Tata Power, Hindalco, GAIL and Hero Honda.
Market breadth is negative; about 1,389 shares have advanced while 1480 shares declined. Nearly 305 shares are unchanged.
BSE Realty Index fell 3.2 per cent. Oil & Gas, Metal, Power, Capital Goods and FMCG lost 1-1.8 per cent. Bankex lost 0.8 per cent. However, Pharma and IT indices are marginally in green.
Crude is trading above $109.5 a barrel and Rupee is hovering around 44.4 a dollar.
Markets @ 12:16 hrs IST: Mkts weak; Sterlite, ONGC, HDFC, RIL top losers
Markets have recovered a bit from lows of the day but still witnessing selling pressure as realty, oil, metal, FMCG and select power stocks have lost ground. Market breadth is slightly negative; 543 shares have advanced while 637 shares declined. On the global front, Asian markets are under pressure.
There are rumours that Inflation may be flat. CNBC-TV18 poll suggests that it will be around 12.44 per cent versus 12.4 per cent.
The Sensex slipped 95 points to 14,953 and Nifty lost 36 points to 4,467, at 12:16 pm. BSE Midcap and Small Cap indices are flat.
Sterlite Industries, ONGC, HDFC, SAIL and NALCO are top losers while gainers are Tata Power, ICICI Bank, Hindalco, GAIL, Hero Honda and Dr Reddys Labs.
BSE Realty Index fell 2 per cent. Oil & Gas and Metal tumbled 1.4 per cent each. FMCG, Power and Capital Goods lost half a percent each. However, Healthcare jumped 0.5 per cent. Bankex and IT gained marginally.
Most active shares on the bourses are Resurgere Mines, Austral Coke, Reliance Capital, ICICI Bank and Reliance Industries.
Crude is hovering around USD 109 a barrel on the NYMEX and Indian rupee is trading around 44.53 a dollar.
Markets @ 11:00 hrs IST: Mkts under pressure; realty, oil, metal, CG stks weak
Markets are reeling under pressure though some recovery has happened from today's low. Selling continued in realty, power, metal, oil and capital goods stocks. However, select buying is seen in pharma, technology and banking stocks. On the global front, Asian markets are trading sharply lower, which is also adding some fuel to negative sentiments.
At 11:00 hrs IST, the Sensex fell 165 points to 14,885 and Nifty lost 60 points at 4,443. Market breadth is weak; about 1346 shares have advanced while 1532 shares declined. Nearly 296 shares are unchanged. BSE Midcap and Small Cap indices are flat.
Top losers are Sterlite Industries, DLF, Reliance Infrastructure, Unitech and SAIL. However, Ranbaxy Labs, Grasim, ICICI Bank, GAIL and Hero Honda are gainers.
BSE Realty Index tumbled over 3.5 per cent due to sell off in Indiabulls Real, HDIL, Unitech, DLF and Anant Raj Ind, which fell 2.7-7 per cent.
Metal stocks like Sterlite Ind, NALCO, JSW Steel, SAIL, Guj NRE Coke and Hind Zinc lost 2-4 per cent. Index slipped 1.7 per cent.
Power stocks also declined, which include Reliance Infrastructure, Power Grid Corp, NTPC and CESC. Index lost 1.7 per cent.
Capital Goods stocks like Areva T&D, Siemens, Crompton Greaves, Kirloskar Oil, Punj Lloyd and BHEL lost ground. Index fell 1.4 per cent.
Oil & Gas Index fell 1.4 per cent due to selling in ONGC, RNRL, Reliance Industries and Essar Oil.
However, Healthcare Index gained 0.64 per cent and IT rose 0.46 per cent.
Markets @ 09:56 hrs IST: Mkts retreat on profit booking, weak Asian cues
Markets have retreated in early trade after Tuesdays strong rally as profit booking is seen in banking, capital goods, power, oil, metal, realty, auto and technology stocks. Fall in Asian markets also fuelled to negative sentiments.
At 9:56 am, the Sensex declined 200 points to 14,849 and Nifty fell 55 points to 4,448. CNX Midcap lost 0.62 per cent to 5,797. Market breadth is negative; nearly 89 shares advanced while 250 shares declined.
Amongst frontliners, L&T, SBI, DLF, Sterlite Industries, ICICI Bank, Suzlon Energy, Reliance Infrastructure, HDFC Bank, Tata Motors, Ranbaxy Labs, TCS, Infosys, M&M and ITC have lost ground.
Ranbaxy Labs continued to remain under pressure, fell nearly 4 per cent as Thursday is the last day of open offer. LIC and GIC offered all their shares in Ranbaxy open offer, which hold 16.4 per cent stake in the company.
On the primary market front, Austral Coke went up 52 per cent to Rs 297 as against issue price of Rs 196.
Asian markets were trading weak. Nikkei tumbled 0.9 per cent, Straits Times -2 per cent, Taiwan Weighted -2.45, Kospi -0.28 per cent, Shanghai -0.7 per cent, Hang Seng -0.9 per cent and Jakarta Composite -2 per cent.
Nymex Crude settled below $ 110 a barrel, which is below 200 DMA on Wednesday. It is trading at 109.7 a barrel on the NYMEX. Major refineries and platforms reported no damage from Hurricane Gustav. Tropical Storm Hanna is forecasted to take path away from Gulf of Mexico.
In US markets, economic jitters dampened street enthusiasm for stock buying, fizzling out the post-Gustav enthusiasm. All indices, in fact, remained negative though out Wednesday but the Dow tip toed over the line at the last minute eking out a gain of 16 points. The Dow Jones gained 15.96 points, or 0.14 per cent, to 11,532.88. The S&P 500 index declined 2.60 points, or 0.20 per cent, to 1,274.98, and the Nasdaq composite index lost 15.51 points, or 0.66 per cent, to 2,333.73.
Market cues:
* Crude slips to $109/bbl
* Crucial NSG meet in Vienna today
* NSE F&O Open Int up by Rs 4887 cr at Rs 70023 crore
* FIIs net sell $42.6 mn in equity
* MFs net sell Rs 81 cr in equity
F&O cues:
* Stock Futures add 3.5 cr shares in Open Int
* Futures Open Int up by Rs 2607 crore, Options Open Int up by Rs 2280 crore
* Nifty Futures add 8 lakh shares in Open Int, at 13-point premium
* Nifty Open Int Put-Call ratio at 1.39 Vs 1.33
* Nifty Puts add 30.5 lakh, Calls add 11.7 lakh shares in Open Int
* Nifty 4400 Put adds 7 lakh shares in Open Int
* Nifty 4300 Put adds 7 lakh shares in Open Int
* Nifty 4200 Put adds 5 lakh shares in Open Int
* Nifty 4600 Call adds 7 lakh shares in Open Int
* Nifty 4500 Call adds 4 lakh shares in Open Int
* Nifty 4300 Call sheds 3.5 lakh shares in Open Int
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