The Bombay Stock Exchange sensitive index, Sens*x, fell below the 8,000-point mark on Monday afternoon. The Sens*x tumbled 717.92 points to 7983.15 and the Nifty fell 242.10 points to 2,341.90, at 12:51 hrs IST. BSE Midcap and Small Cap indices lost around 6 per cent each.
The selling in power, metal, banking, FMCG, capital goods and technology stocks is putting pressure on the benchmark indices. Both frontline indices are down over five per cent each. Asian markets are trading lower by 4-6 per cent barring Kospi.
The market breadth is weak; about 566 shares have advanced while 2430 shares have declined. Nearly 194 shares are unchanged.
Sandeep Bhatia, Executive Director and Head – Sales, Kotak Institutional Equities, believes that most of the pain in financials is over, but the real economy is still in trouble. He sees Sens*x bottom at 8000 levels, based on FY09 EPS of Rs 900. He said the markets will stay ranged till real economy bottoms out.
Among the frontliners, Wipro, Tata Power, DLF, SBI, NTPC, Cairn India, NALCO, Power Grid Corp, Zee Entertainment, ABB, HUL, Siemens, Reliance Power, Hindalco, BPCL and Reliance Communication slipped 10.5-19 per cent.
BSE Metal, FMCG, Power, Capital Goods and Bankex plunged 7-9 per cent. IT, Realty, Auto, Oil & Gas and TECK indices fell 5-6 per cent.
Among the midcap stocks, Mahindra Life, Allcargo Global, Bombay Rayon, Advanta, Brigade Enterprises, JSL and Motilal Oswal lost 19-21 per cent.
In the small cap space, ABG Infralogistics, Bhagwati Banquet, Dolphin Offshore, Ahluwalia, Sanghi Ind and Subhash Project tanked 19-20 per cent.
Markets @ 1116 hrs IST : Mkts under pressure; SBI, ONGC, NTPC, Wipro, TCS drag
The market is witnessing huge selling pressure, despite showing some bit of recovery from day's low. Banking, power, metal, technology and capital goods are taking huge beating on the bourses. Midcap and small cap stocks are under pressure.
The panic selling from local players continues on Monday as well. The European funds continue to be seller across the region. Domestic institutional investors are not very active in early trade. Bank and capital good stocks are under pressure.
Daryl Guppy, Founder and Director, Guppytraders.com, sees the Nifty support at 2,200 and below that at 1,500. For the Sens*x, he sees next support at 7,500 and below that at 6,000. "
The Sens*x lost 473 points to 8,227 and the Nifty fell 167 points to 2,420, at 11:16 hrs IST. The BSE Midcap Index plunged 5.61 per cent to 2,921 and the Small Cap fell 5.5 per cent to 3,461.
hrs ISTong the frontliners, Cairn India tumbled nearly 26 per cent. Wipro, Tata Power, DLF, TCS, SBI, NTPC, NALCO, ABB, Power Grid Corp, Siemens, HUL and BPCL slipped 10-19 per cent.
The market breadth is in favour of declines; about 569 shares have advanced while 2424 shares have declined. Nearly 197 shares are unchanged.
The BSE Power, Metal and Bankex crashed over 7.5 per cent each. Capital Goods, IT, FMCG and Healthcare indices fell 5-6 per cent. TECK, Oil & Gas, Auto and Realty indices lost 3.5-4.5 per cent.
However, top gainers are Unitech, Suzlon Energy and Idea Cellular.
Markets @ 10:43 hrs IST : Nifty slips below 2400; bank, power, metal, CG stks crash
The market has drifted further, as banking, power, metal, capital goods, pharma and FMCG stocks are under pressure. Midcap and small cap stocks are following the shrs ISTe trend. The Nifty is trading below 2400 mark.
The Sens*x tumbled 560 points to 8,140 and the Nifty fell 194 points to 2,389, at 1043 hrs IST. Midcap and Small Cap indices have lost 4-5 per cent.
NTPC (-8.4 per cent), SBI (-11 per cent), ONGC (-5.7 per cent), TCS (-8.2 per cent), HDFC Bank (-7.75 per cent), Cairn India (-14 per cent), SAIL (-9.4 per cent), Power Grid Corp (-11 per cent), DLF (-7.6 per cent), L&T (-6.72 per cent), HDFC (-8.16 per cent), Tata Power (-13 per cent) and ICICI Bank (-5.73 per cent) are biggest contributors to this fall.
Market breadth is weak; about 642 shares have advanced while 2345 shares have declined. Nearly 203 shares are unchanged.
However, gainers are Suzlon Energy (5.6 per cent), Unitech (33.55 per cent) and Idea Cellular.
The BSE Bankex plunged 7.2 per cent. Power Index fell 6.5 per cent. Metal, Capital Goods, Healthcare and FMCG indices lost 4-6 per cent. Auto, IT and Oil & Gas indices fell 2-3.4 per cent.
Abhijit Chakraborty of Edelweiss Capital feels that the process of de-leveraging is still on. Many hedge funds — including India-dedicated long-offshore funds — are facing redemption-led pressures and it will not be a surprise if some funds close down before the end of the year, he said.
Markets @ 10 hrs IST: Nifty tests 2500 in early trade
The market has opened sharply lower on the back of negative global cues. However, it has immediately managed to trim losses due to buying in technology, selective oil and realty stocks. The 50-share NSE Nifty touched 2500 in early trade. The selling is seen in pharma, banking, power and FMCG stocks.
At 1000 hrs IST, the Sens*x fell 83 points to 8,617 and the Nifty lost 28 points to 2,555. CNX Midcap 100 lost 43 points to 3,367.
DLF, HDFC Bank, Sterlite Industries, Ranbaxy Labs, Reliane Infrastructure, Reliance Power, Nalco, TCS, M&M and Wipro are losers.
Unitech went up over 30 per cent and is the top traded counter on the exchanges. It had lost over 50 per cent on Friday.
Asian markets are trading lower. Hang Seng and Taiwan went down 5.5 per cent each. Jakarta fell 6.8 per cent. Kospi lost 1.5 per cent and Shanghai fell 3.6 per cent. Nikkei went down 0.4 per cent.
The crude is trading at 16-month lows. OPEC has cut 1.5 million barrels per day (bpd) to 27.308 million bpd, which will be effective from November 1. OPEC said that the global demand declined for the first time in 15 years and will stagnate in 2009. It is hovering around USD 63-64 to a barrel.
The US markets had closed with substantial losses but the extent of the fall was far less than what was initially feared. At that point, the Dow was down 5.8 per cent and the Nasdaq fell 6.9 per cent to a new five-year low. Dow plunged 312.30 points, or 3.59 per cent, to 8,378.95. The S&P 500 index slipped 31.34 points, or 3.45 per cent, to 876.77, and the Nasdaq composite index lost 51.88 points, or 3.23 per cent, to 1,552.03.
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