In a move to aid the liquidity in the market RBI has cut CRR by 100 bps to bring it down to 7.5%. However, the market proved it to be a drop on a hot pan. The earning season has begun today with IT giant Infosys result showing tough times ahead. The markets across the globe are showing gloomy pictures as credit crunch spread to other sectors like auto, insurance and energy. The benchmark indices sensex and nifty are battered down by 5.52% and 5.1% respectively. On the sectorial front, Capital Goods, Metal, Oil & Gas, Bankex, Consumer durables, Auto and FMCG stocks are trading lower. The market breadth is negative as 1891 stocks are trading in red while 327 stocks are in green.
At 11.31 AM, BSE Sensex is trading lower by 625.87 points at 10702.49 and NSE Nifty is trading down by 172.45 points at 3341.2. The BSE Mid Cap and BSE Small Cap are trading lesser by 235.68 points and 230.42 points at 3774.80 and 4468.77 respectively.
Losers from the NSE Nifty Pack are ICICI Bank down by (18.91%) at Rs367.95 along with HCL tech down by (13.16%) at Rs163, Suzlon Energy by (11.62%) at Rs100.05, Cairn by (11.22%) at Rs152.25, Reliance communications by (10.99%) at Rs266.45, Reliance infra by (10.71%) at Rs570.15 and Tata steel by (8.93%) at Rs308.1.
The BSE Capital Goods index is trading down by 485.76 points at Rs8307.61. Scrips trading lower are Punj Lloyd (11.34%) at Rs209.45 followed by Jyoti Structure by (11.25%) at Rs69.00, Usha Martin (10.79%) at Rs43, Walchand In (9.42%) at Rs150.50 and Suzlon Energy by (8.49%) at Rs104.00.
The BSE Metal index is trading lower by 355.73 points at Rs6853.73 as scrips trading lower are Gujarat NRE C (9.82%) at Rs34.90, Jindal Steel (9.69%) at Rs855, Welspun Gujarat SR down by (9.13%) at Rs162.75, along with Tata Steel by (7.92%) at Rs311.40, and Sesa Goa Ltd by (7.40%) at Rs90.15.
SBI is trading higher by (1.35%) at Rs1340. The bank''s general insurance joint venture is at the final stage and is looking for RBI approval for the same. It will finalize the terms of general insurance venture with Insurance Australia Group (IAG) in the coming weeks.
At 11.31 AM, BSE Sensex is trading lower by 625.87 points at 10702.49 and NSE Nifty is trading down by 172.45 points at 3341.2. The BSE Mid Cap and BSE Small Cap are trading lesser by 235.68 points and 230.42 points at 3774.80 and 4468.77 respectively.
Losers from the NSE Nifty Pack are ICICI Bank down by (18.91%) at Rs367.95 along with HCL tech down by (13.16%) at Rs163, Suzlon Energy by (11.62%) at Rs100.05, Cairn by (11.22%) at Rs152.25, Reliance communications by (10.99%) at Rs266.45, Reliance infra by (10.71%) at Rs570.15 and Tata steel by (8.93%) at Rs308.1.
The BSE Capital Goods index is trading down by 485.76 points at Rs8307.61. Scrips trading lower are Punj Lloyd (11.34%) at Rs209.45 followed by Jyoti Structure by (11.25%) at Rs69.00, Usha Martin (10.79%) at Rs43, Walchand In (9.42%) at Rs150.50 and Suzlon Energy by (8.49%) at Rs104.00.
The BSE Metal index is trading lower by 355.73 points at Rs6853.73 as scrips trading lower are Gujarat NRE C (9.82%) at Rs34.90, Jindal Steel (9.69%) at Rs855, Welspun Gujarat SR down by (9.13%) at Rs162.75, along with Tata Steel by (7.92%) at Rs311.40, and Sesa Goa Ltd by (7.40%) at Rs90.15.
SBI is trading higher by (1.35%) at Rs1340. The bank''s general insurance joint venture is at the final stage and is looking for RBI approval for the same. It will finalize the terms of general insurance venture with Insurance Australia Group (IAG) in the coming weeks.
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