The domestic market fails to extend its gains and opens lower following negative global cues. US markets fail to extend its biggest rally since 1930 and Asian markets are also trading lower as investors are still skeptic about the economic slowdown and the consequent adversary effects. All the sectorial indices are trading in red and among those heavy selling is seen in Metal, Capital Goods, Oil & Gas, IT, Reality and Consumer Durables stocks.
On Tuesday, US markets tumbled on the back of selling pressures with profit booking. The markets had earlier gained huge numbers hence investors traded in cautious note. The quarterly numbers of Johnson & Johnson were better than the estimates, while Pepsico reported smaller than expected numbers. However, Federal government''s cash-injection plan powered the financials sector. U.S. planed to take up to $250 billion in equity stakes in banks and insure interbank lending.
The BSE Mid Cap and the BSE Small Cap stocks also slipped in the early trade and lost more than 2% and 1% respectively.
The overall market breadth is negative as 1146 stocks are declining whereas 400 stocks are advancing on BSE.
Tata Steel reported the top loser from the BSE Sensex pack, as it is trading with a loss of (9.12%) at Rs.277 while M&M Ltd is the top gainer trading with a gain of (0.96%) at Rs.283.1.
At 10.31AM, the BSE Sensex was down by 317 points at 11,165.46 and the Nifty was lower by 76 points to 3,442.5.
The BSE Mid Cap decreased by 95 points to 3,796.47 and the BSE Small Cap dropped by 98 points to 4,517.45.
BSE Metal index lost 251.78 points to trade at 6,499.93. The major losers are Tata Steel trading lower by (9.12%) to Rs.277, JSW Steel down by (8.08%) to Rs.288.95, Sterlite Industries by (8%) to Rs.299 followed by Jindal Saw dropped by (7.78%) to Rs.353.9.
BSE Capital goods index is trading lower by 271.76 points to trade at 8,604.44. The top losers are Thermax Ltd decreased by (8.53%) to Rs.312, USha Martin down by (6.25%) to Rs.41.25, BEML Ltd by (4.89%) to Rs500 followed by Bharat Elect fell (4.01%) to Rs.728.2.
Sterlite Industries is trading lower by (8%) at Rs299. $2.6 billion deal between Sterlite Industries and U.S. copper miner Asarco LLC is in trouble due to crunch in credit market which has lead substantial reduction in the purchase price.
On Tuesday, US markets tumbled on the back of selling pressures with profit booking. The markets had earlier gained huge numbers hence investors traded in cautious note. The quarterly numbers of Johnson & Johnson were better than the estimates, while Pepsico reported smaller than expected numbers. However, Federal government''s cash-injection plan powered the financials sector. U.S. planed to take up to $250 billion in equity stakes in banks and insure interbank lending.
The BSE Mid Cap and the BSE Small Cap stocks also slipped in the early trade and lost more than 2% and 1% respectively.
The overall market breadth is negative as 1146 stocks are declining whereas 400 stocks are advancing on BSE.
Tata Steel reported the top loser from the BSE Sensex pack, as it is trading with a loss of (9.12%) at Rs.277 while M&M Ltd is the top gainer trading with a gain of (0.96%) at Rs.283.1.
At 10.31AM, the BSE Sensex was down by 317 points at 11,165.46 and the Nifty was lower by 76 points to 3,442.5.
The BSE Mid Cap decreased by 95 points to 3,796.47 and the BSE Small Cap dropped by 98 points to 4,517.45.
BSE Metal index lost 251.78 points to trade at 6,499.93. The major losers are Tata Steel trading lower by (9.12%) to Rs.277, JSW Steel down by (8.08%) to Rs.288.95, Sterlite Industries by (8%) to Rs.299 followed by Jindal Saw dropped by (7.78%) to Rs.353.9.
BSE Capital goods index is trading lower by 271.76 points to trade at 8,604.44. The top losers are Thermax Ltd decreased by (8.53%) to Rs.312, USha Martin down by (6.25%) to Rs.41.25, BEML Ltd by (4.89%) to Rs500 followed by Bharat Elect fell (4.01%) to Rs.728.2.
Sterlite Industries is trading lower by (8%) at Rs299. $2.6 billion deal between Sterlite Industries and U.S. copper miner Asarco LLC is in trouble due to crunch in credit market which has lead substantial reduction in the purchase price.
No comments:
Post a Comment