MUMBAI: Equities opened lower on Tuesday tracking weakness in markets overseas. Technology and banking stocks led the declines.
At 10:05 am, the Bombay Stock Exchange’s Sensex was down 85 points or 0.45 per cent at 18,576.13.
Biggest index losers were Infosys Technologies (down 1.81%), Tata Consultancy Services (1.76%), ICICI Bank (1.43%), Hindalco Industries (0.84%) and Tata Steel (0.83%).
Reliance Communications (up 2.77%), DLF (0.68%), Grasim Industries (0.67%), Hindustan Unilever (0.42%) and Bharti Airtel (0.25%) were the major gainers.
The National Stock Exchange’s Nifty was down 14 points or 0.25 per cent at 5449.70.
According to Anagram Stock Broking, “the market faces its first litmus test today after the recovery process set in. With liquidity back in the system and the market having digested the not so encouraging corporate results and with no derivative hang over, domestic issues seem to have been settled for the time being. It now remains to be seen, how our market reacts to the US market's fall on Monday.”
“But considering that our market opened with a sharp upward gap yesterday, most positions that were added during the day happened at higher levels and a lower opening today could put those longs on a sudden test,” the brokerage added.
US stocks moved lower Monday, with investors trimming positions of troubled financial firms which suffered from several broker downgrades. Dow Jones Industrial Average shed 0.85 per cent, the Standards & Poors 500 Index lost 1.05 per cent and the Nasdaq Composite Index dropped 1.26 per cent.
Asian markets declined Tuesday, with Japanese stocks edging lower on financials such as Mitsubishi UFJ Financial Group after a weak finish in the US, while shares in Singapore and Hong Kong dropped after posting hefty gains in the previous session as investors locked in profits before the Lunar New Year holidays.
The Nikkei 225 was down 1.06 per cent, the Hang Seng was down 1.43 per cent and the Straits Times was down 0.9 per cent.
At 10:05 am, the Bombay Stock Exchange’s Sensex was down 85 points or 0.45 per cent at 18,576.13.
Biggest index losers were Infosys Technologies (down 1.81%), Tata Consultancy Services (1.76%), ICICI Bank (1.43%), Hindalco Industries (0.84%) and Tata Steel (0.83%).
Reliance Communications (up 2.77%), DLF (0.68%), Grasim Industries (0.67%), Hindustan Unilever (0.42%) and Bharti Airtel (0.25%) were the major gainers.
The National Stock Exchange’s Nifty was down 14 points or 0.25 per cent at 5449.70.
According to Anagram Stock Broking, “the market faces its first litmus test today after the recovery process set in. With liquidity back in the system and the market having digested the not so encouraging corporate results and with no derivative hang over, domestic issues seem to have been settled for the time being. It now remains to be seen, how our market reacts to the US market's fall on Monday.”
“But considering that our market opened with a sharp upward gap yesterday, most positions that were added during the day happened at higher levels and a lower opening today could put those longs on a sudden test,” the brokerage added.
US stocks moved lower Monday, with investors trimming positions of troubled financial firms which suffered from several broker downgrades. Dow Jones Industrial Average shed 0.85 per cent, the Standards & Poors 500 Index lost 1.05 per cent and the Nasdaq Composite Index dropped 1.26 per cent.
Asian markets declined Tuesday, with Japanese stocks edging lower on financials such as Mitsubishi UFJ Financial Group after a weak finish in the US, while shares in Singapore and Hong Kong dropped after posting hefty gains in the previous session as investors locked in profits before the Lunar New Year holidays.
The Nikkei 225 was down 1.06 per cent, the Hang Seng was down 1.43 per cent and the Straits Times was down 0.9 per cent.
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