The domestic market opens on negative note and is extending its losses for the third successive session on sharp sell-off in Asian markets. Asian stocks are under pressure for third straight day after South Korea''s economic growth further weakened and on concern for global recession. Investors are also looking for some comfort ahead of RBI’s policy review. BSE Sensex is trading below 9,500 mark along with NSE Nifty trading below 2,900 level. Most of the selling is seen in Metal, Oil & Gas, Bank, Capital Goods, Pharma and Auto stocks.
Indian rupee opened at Rs 50.15 per dollar as against Thursday’s close of Rs 49.81/82. Indian rupee plunged below the level of 50 on fall in Asian market and recession fears.
From the global front Asian markets are trading mostly lower as the global economic slowdown slashed earnings prospects for many companies. The Nikkei 225 Average plunged 6.5% to 7,912.47 and the Hang Seng Index lost 4.8% at 13,090.77.
Thursday US stock market closed mixed on concerns over the jobless claims and also the better than expected quarterly results. Dow rallied in final trading hours after a volatile session to end with gain of 2%. However, the Nasdaq lost 11 points as some of the biggest names on the index hit by a weak outlook for the consumer. Despite good quarterly numbers the investors are pessimistic about the outlook of these companies. Along with this, initial jobless claims for the week ending Oct. 18 rose 15,000 to 478,000, surpassing 468,000 claims that were expected.
The BSE Mid Cap and the BSE Small Cap stocks are trading in negative in early trade as trading with cut of more than 2% and 1% respectively.
The overall market breadth is negative as 1307 stocks are declining whereas 381 stocks are advancing on BSE.
Hindalco reported the top loser from the BSE Sensex pack, as it is trading with loss of (16.30%) at Rs.44.15, while there is no gainer from the BSE Sensex pack.
At 10.30AM, the BSE Sensex was down by 332 points at 9,448.77 and the Nifty was lower by 111 points to 2,831.85.
The BSE Mid Cap decreased by 88 points to 3,289.98 and the BSE Small Cap dropped by 59 points to 3,906.55.
BSE Metal index is trading lower by 284.10 points to trade at 4,712.82. The top losers are Nalco decreased by (17.56%) to Rs.176.60, Hindalco down by (14.98%) to Rs.44.85, Sterlite Indus by (8.81%) to Rs.223.70 followed by Tata Steel dropped by (6.74%) to Rs.194.40.
BSE Bank index lost 186.73 points to trade at 6,147.02. The major losers are HDFC Bank, Axis Bank, SBI and Kotak Bank decreased by (6.07%), (5.19%), (4.78%) and (3.24%) to Rs. 1,006.90, Rs.589.95, Rs.1,261.00 and Rs.363.25 respectively.
Indian rupee opened at Rs 50.15 per dollar as against Thursday’s close of Rs 49.81/82. Indian rupee plunged below the level of 50 on fall in Asian market and recession fears.
From the global front Asian markets are trading mostly lower as the global economic slowdown slashed earnings prospects for many companies. The Nikkei 225 Average plunged 6.5% to 7,912.47 and the Hang Seng Index lost 4.8% at 13,090.77.
Thursday US stock market closed mixed on concerns over the jobless claims and also the better than expected quarterly results. Dow rallied in final trading hours after a volatile session to end with gain of 2%. However, the Nasdaq lost 11 points as some of the biggest names on the index hit by a weak outlook for the consumer. Despite good quarterly numbers the investors are pessimistic about the outlook of these companies. Along with this, initial jobless claims for the week ending Oct. 18 rose 15,000 to 478,000, surpassing 468,000 claims that were expected.
The BSE Mid Cap and the BSE Small Cap stocks are trading in negative in early trade as trading with cut of more than 2% and 1% respectively.
The overall market breadth is negative as 1307 stocks are declining whereas 381 stocks are advancing on BSE.
Hindalco reported the top loser from the BSE Sensex pack, as it is trading with loss of (16.30%) at Rs.44.15, while there is no gainer from the BSE Sensex pack.
At 10.30AM, the BSE Sensex was down by 332 points at 9,448.77 and the Nifty was lower by 111 points to 2,831.85.
The BSE Mid Cap decreased by 88 points to 3,289.98 and the BSE Small Cap dropped by 59 points to 3,906.55.
BSE Metal index is trading lower by 284.10 points to trade at 4,712.82. The top losers are Nalco decreased by (17.56%) to Rs.176.60, Hindalco down by (14.98%) to Rs.44.85, Sterlite Indus by (8.81%) to Rs.223.70 followed by Tata Steel dropped by (6.74%) to Rs.194.40.
BSE Bank index lost 186.73 points to trade at 6,147.02. The major losers are HDFC Bank, Axis Bank, SBI and Kotak Bank decreased by (6.07%), (5.19%), (4.78%) and (3.24%) to Rs. 1,006.90, Rs.589.95, Rs.1,261.00 and Rs.363.25 respectively.
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