MUMBAI: Equities opened lower yet again Tuesday tracking declines in markets overseas and as domestic cues were far from encouraging. Apart from spiraling oil prices and lack of participation from FIIs, market men also said with inflation showing no signs of easing, the Reserve Bank may hike interest rates again. Banking and real estate shares led the early decline.
At 10:05 am, the Bombay Stock Exchange’s Sensex was down 90 points or 0.59 per cent at 14,976.67.
Biggest index losers comprised Tata Consultancy Services (down 2.23%), Jaiprakash Associates (2.21%), ONGC (2.13%), DLF (1.35%), Reliance Infrastructure (1.3%), Hindustan Unilever (1.27%) and State Bank of India (1.26%).
Biggest Sensex gainers were Ranbaxy Laboratories (up 1.6%), Bharti Airtel (0.16%) and Hindalco Industries (0.06%).
Market breadth on BSE showed 498 declines against 337 advances.
The National Stock Exchange’s Nifty was down 37 points or 0.8 per cent at 4464.35.
"I think the selling will continue. I don't expect to see any support coming in before Nifty reaches 4300 - the 38.2% retracement level from the January 2008 high to the March 2003 bottom," said Viral Doshi, independent technical and derivatives analyst.
Asian markets fell, driving the benchmark index to a two-month low, on speculation earnings will decline as credit-market losses widen and borrowing costs rise. The Nikkei fell 0.5 per cent, however, the cuts in Hong Kong and Chinese markets were severe as they opened for trade after an extended weekend.
Stocks struggled to hang onto gains in the US Monday. Financial shares led the decline weighed down with concerns over Lehman Brothers, offsetting relief over the pull back in oil prices. The Dow Jones industrial average ended up 0.58 per cent. The Standard & Poor's 500 Index was up 0.08 per cent but the Nasdaq Composite Index was down 0.61 per cent.
Crude prices dipped more than $4 to settle at $134.35 a barrel on the New York Mercantile Exchange Monday, but only after Friday's $11-a-barrel surge to a new record.
At 10:05 am, the Bombay Stock Exchange’s Sensex was down 90 points or 0.59 per cent at 14,976.67.
Biggest index losers comprised Tata Consultancy Services (down 2.23%), Jaiprakash Associates (2.21%), ONGC (2.13%), DLF (1.35%), Reliance Infrastructure (1.3%), Hindustan Unilever (1.27%) and State Bank of India (1.26%).
Biggest Sensex gainers were Ranbaxy Laboratories (up 1.6%), Bharti Airtel (0.16%) and Hindalco Industries (0.06%).
Market breadth on BSE showed 498 declines against 337 advances.
The National Stock Exchange’s Nifty was down 37 points or 0.8 per cent at 4464.35.
"I think the selling will continue. I don't expect to see any support coming in before Nifty reaches 4300 - the 38.2% retracement level from the January 2008 high to the March 2003 bottom," said Viral Doshi, independent technical and derivatives analyst.
Asian markets fell, driving the benchmark index to a two-month low, on speculation earnings will decline as credit-market losses widen and borrowing costs rise. The Nikkei fell 0.5 per cent, however, the cuts in Hong Kong and Chinese markets were severe as they opened for trade after an extended weekend.
Stocks struggled to hang onto gains in the US Monday. Financial shares led the decline weighed down with concerns over Lehman Brothers, offsetting relief over the pull back in oil prices. The Dow Jones industrial average ended up 0.58 per cent. The Standard & Poor's 500 Index was up 0.08 per cent but the Nasdaq Composite Index was down 0.61 per cent.
Crude prices dipped more than $4 to settle at $134.35 a barrel on the New York Mercantile Exchange Monday, but only after Friday's $11-a-barrel surge to a new record.
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