The market is trading with a deep cut due to unfavoring cues from the global markets like the uncertainties of the US bailout plan that led the investors to take cautious steps to book their positions. The U.S. House of Representatives are expected to vote today for the rescue package after the Senate approved it on Wednesday. Along with this the investors are also eying the weekly inflation figure that is scheduled to be out by today evening. From the sectorial indices, Metal and Oil & Gas are slapped badly as they are trading with the deep cut of more than 5% and 3% respectively. Market breath is week as much as 1646 stocks are trading in red territory while 702 stocks are trading in green.
At 1.30PM, the BSE Sensex is trading lower by 354.81 points at 12,700.86 and NSE Nifty is down by 97.7 points at 3853.05.
The BSE Mid Cap is trading lower by 90.92 points at 4733.24 and Small cap is trading down by 85.13 points at 5521.67.
Losers from the BSE are Sterlite Industries down by (8.01%) at Rs395 along with Tata Steel (7.35%) at Rs406.4, ICICI Bank (5.85%) at Rs519.2, RIL (5.81%) at Rs1796.5, Tata Motors (3.61%) at Rs327, Infosys Technologies (3.41%) at Rs1404.25 and Bharti Airtel by (3.29%) at Rs764.
The BSE Metal index is trading lower by 467.71 points at Rs8,583.94. Scrips trading down are Jindal Steel (8.23%) at Rs1,192.00 followed by Sterlite Indus by (8.20%) at Rs394.20, SAIL (7.13%) at Rs114.60, Tata Steel (7.10%) at Rs407.50 and JSW SL by (6.52%) at Rs425.00.
The BSE Oil & Gas index is trading down by 353.47 points at Rs8,586.08. Major losers are Aban Offshore (7.97%) at Rs1,877.90 followed by Gail India (6.39%) at Rs389.00, Cairn Ind by (6.08%) at Rs199.25, Reliance (5.79%) at Rs1,796.90 and Essar Oil Ltd by (4.80%) at Rs1,49.80.
From the telecommunication sector, Tata Communications is trading lower by (4.41%) at Rs443.75, along with Bharti Airtel is trading down by (4.09%) at Rs758.35 while Reliance Com Ltd by (2.74%) at Rs333.85 and Idea Cellular by (1.89%) at Rs72.50.
In auto sector Hero Honda Motors is higher by (1.45%) at Rs887.40 along with, M&M Ltd is up by (1.33%) at Rs515.50, while Tata Motors is trading down by (3.68%) at Rs327.15 and Maruti Suzuki is lower by (2.98%) at Rs679.90.
Looking at market’s downturn and not showing a sign of early recovery, stocks such as Sterlite Industries and Tata Steel are trading at Rs 395 and Rs 403.50 duo down by 8.01% respectively. The metal scrips are facing heavy selling pressure on account of decision taken by major steel companies in the country to cut their output due to slowing demand and falling international metal prices. The move to cut down output is also backed by the sharp rise in the cost of raw materials such as iron ore, coal and natural gas and slowdown in exports. Furthermore, Indian steel prices came down when hot rolled coil prices fell in international markets due to a reduction in demand.
At 1.30PM, the BSE Sensex is trading lower by 354.81 points at 12,700.86 and NSE Nifty is down by 97.7 points at 3853.05.
The BSE Mid Cap is trading lower by 90.92 points at 4733.24 and Small cap is trading down by 85.13 points at 5521.67.
Losers from the BSE are Sterlite Industries down by (8.01%) at Rs395 along with Tata Steel (7.35%) at Rs406.4, ICICI Bank (5.85%) at Rs519.2, RIL (5.81%) at Rs1796.5, Tata Motors (3.61%) at Rs327, Infosys Technologies (3.41%) at Rs1404.25 and Bharti Airtel by (3.29%) at Rs764.
The BSE Metal index is trading lower by 467.71 points at Rs8,583.94. Scrips trading down are Jindal Steel (8.23%) at Rs1,192.00 followed by Sterlite Indus by (8.20%) at Rs394.20, SAIL (7.13%) at Rs114.60, Tata Steel (7.10%) at Rs407.50 and JSW SL by (6.52%) at Rs425.00.
The BSE Oil & Gas index is trading down by 353.47 points at Rs8,586.08. Major losers are Aban Offshore (7.97%) at Rs1,877.90 followed by Gail India (6.39%) at Rs389.00, Cairn Ind by (6.08%) at Rs199.25, Reliance (5.79%) at Rs1,796.90 and Essar Oil Ltd by (4.80%) at Rs1,49.80.
From the telecommunication sector, Tata Communications is trading lower by (4.41%) at Rs443.75, along with Bharti Airtel is trading down by (4.09%) at Rs758.35 while Reliance Com Ltd by (2.74%) at Rs333.85 and Idea Cellular by (1.89%) at Rs72.50.
In auto sector Hero Honda Motors is higher by (1.45%) at Rs887.40 along with, M&M Ltd is up by (1.33%) at Rs515.50, while Tata Motors is trading down by (3.68%) at Rs327.15 and Maruti Suzuki is lower by (2.98%) at Rs679.90.
Looking at market’s downturn and not showing a sign of early recovery, stocks such as Sterlite Industries and Tata Steel are trading at Rs 395 and Rs 403.50 duo down by 8.01% respectively. The metal scrips are facing heavy selling pressure on account of decision taken by major steel companies in the country to cut their output due to slowing demand and falling international metal prices. The move to cut down output is also backed by the sharp rise in the cost of raw materials such as iron ore, coal and natural gas and slowdown in exports. Furthermore, Indian steel prices came down when hot rolled coil prices fell in international markets due to a reduction in demand.
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