Crossfire Continues On The Markets - Sep 30, 2008

The markets were off from their days low and have recovered about 300 points before sun outage close (11.25 am). Selling pressure was witness across the sectors as weak Asian markets weighed on sentiment. The Sensex and Nifty have touched their new lows for 2008. BSE Sensex is trading down by 0.51% and NSE Nifty down by 0.64%. Selling pressure has emerged across most counters particularly Metal, Capital Goods, Consumer Durable, Reality and Oil & Gas stocks. The market breadth is negative as 1824 stocks are trading in red while 382 stocks are in green.

At 11.25AM, BSE Sensex is trading lower by 64.7 points at 12530.99 and NSE Nifty is trading down 24.9 at 3825.1. The BSE Mid Cap and BSE Small Cap are trading lesser by 105.00 points and 171.00 points at 4623.55 and 5381.74 respectively.

Losers from the NSE Nifty are SAIL down by (7.90%) at Rs123.50 along with Tata Steel (6.60%) at Rs416.50, Sterlite Industry (5.44%) at Rs408.50, Suzlon (5.05%) at Rs145.75, Tata Communications (3.71%) at Rs453.80, Tata Power (3.66%) at Rs881.90.

Losers from the BSE Sensex Group A are Adani Enterprises down by (8.60%) at Rs456.50 along with Jai Corp Ltd (8.35%) at Rs240.40.00, SAIL (7.80%) at Rs124.05, Lanco Infra (6.20%) at Rs169.30 and JSW steel (6.12%) at Rs474.25.

The BSE Metal index is trading lower by 386.97 points at Rs8,757.26 as Jai Corp ltd is trading down by (9.65%) at Rs237.00 along with SAIL (8.62%) at Rs122.95, JSW Steel (6.69%) at Rs471.35, Tata Steel by (6.10%) at Rs418.20 and Sterlite Ind (5.74%) at Rs408.00.

The BSE Capital Goods index is losing 232.50 points at Rs10,038.10. Scrips trading lower are Suzlon Energy (5.51%) at Rs145.00 followed by Reliance Industry Infra by (5.47%) at Rs567.80, Kalpat Power (5.17%) at Rs700.00, Gammon India (4.76%) at Rs139.20 and Areva by (4.49%) at Rs1337.00.