The domestic market opens on lower tracking weak cues from the global markets as US markets ended lower and Asia markets are trading down. Fears of recession and deteriorating corporate earnings dragged down equity markets in the United States and Asia. Investors are eyeing on the earnings announcement of companies. BSE Sensex is trading below 10,500 mark along with NSE Nifty trading below 3,200 level. Most of the selling is seen in Metal, Capital Goods, Oil & Gas, Bank and IT stocks. However, FMCG stocks are able to gain market favor.
Indian rupee opened at Rs 49.27 per dollar as against Tuesday’s close of Rs 49.04/06. Rupee plunged due to the high dollar demand from importers and capital outflows by the foreign funds.
From the global front Asian markets are trading down. Nikkei 225 Average fell 5.1% to 8,828.54 and the Hang Seng Index lost 2.4% to 14,676.96 along with South Korea''s Kospi dropped 2.2% to 1,170.03.
Tuesday US stock market tumbled under the weight of missed earnings reports of several companies and depressing forecasts that overshadowed signs of improvement in the credit markets. Market plunged most in final hour of trading with the Dow Jones lost more than 200 points. Stocks declined after reports that counterparties had settled credit-default swaps on Lehman Brothers debt. Along with this, investors did not react on news about the U.S. government plans to take additional steps to shore up money market mutual funds.
The overall market breadth is negative as 947 stocks are declining whereas 576stocks are advancing on BSE.
Tata Steel reported the top loser from the BSE Sensex pack, as it is trading with a loss of (4.81%) at Rs.164.90 while top gainer is ITC Ltd as it is trading with gain of (2.75%) at Rs.173.60.
At 10.31AM, the BSE Sensex was down by 267 points at 10,415.80 and the Nifty was lower by 85 points to 3,149.50.
The BSE Mid Cap decreased by 34 points to 3,552.37 and the BSE Small Cap dropped by 33 points to 4,163.01.
BSE Metal index is trading lower by 207.85 points to trade at 5,893.91. The top losers are Tata Steel decreased by (5.14%) to Rs.264, Sterlite Industries down by (4.78%) to Rs.280.60, Jai Corp Ltd by (4.66%) to Rs.159.50 followed by Hindustan Zinc dropped by (3.84%) to Rs.299.00.
BSE Capital Goods index lost 177.22 points to trade at 7,386.20. The major losers are Areva, Siemens Ltd, Elecon Eng Co and Praj Industries decreased by (80.12%), (4.54%), (4.33%) and (4.18%) to Rs.185, Rs.292.50, Rs.43.05 and Rs.82.50 respectively.
Indian rupee opened at Rs 49.27 per dollar as against Tuesday’s close of Rs 49.04/06. Rupee plunged due to the high dollar demand from importers and capital outflows by the foreign funds.
From the global front Asian markets are trading down. Nikkei 225 Average fell 5.1% to 8,828.54 and the Hang Seng Index lost 2.4% to 14,676.96 along with South Korea''s Kospi dropped 2.2% to 1,170.03.
Tuesday US stock market tumbled under the weight of missed earnings reports of several companies and depressing forecasts that overshadowed signs of improvement in the credit markets. Market plunged most in final hour of trading with the Dow Jones lost more than 200 points. Stocks declined after reports that counterparties had settled credit-default swaps on Lehman Brothers debt. Along with this, investors did not react on news about the U.S. government plans to take additional steps to shore up money market mutual funds.
The overall market breadth is negative as 947 stocks are declining whereas 576stocks are advancing on BSE.
Tata Steel reported the top loser from the BSE Sensex pack, as it is trading with a loss of (4.81%) at Rs.164.90 while top gainer is ITC Ltd as it is trading with gain of (2.75%) at Rs.173.60.
At 10.31AM, the BSE Sensex was down by 267 points at 10,415.80 and the Nifty was lower by 85 points to 3,149.50.
The BSE Mid Cap decreased by 34 points to 3,552.37 and the BSE Small Cap dropped by 33 points to 4,163.01.
BSE Metal index is trading lower by 207.85 points to trade at 5,893.91. The top losers are Tata Steel decreased by (5.14%) to Rs.264, Sterlite Industries down by (4.78%) to Rs.280.60, Jai Corp Ltd by (4.66%) to Rs.159.50 followed by Hindustan Zinc dropped by (3.84%) to Rs.299.00.
BSE Capital Goods index lost 177.22 points to trade at 7,386.20. The major losers are Areva, Siemens Ltd, Elecon Eng Co and Praj Industries decreased by (80.12%), (4.54%), (4.33%) and (4.18%) to Rs.185, Rs.292.50, Rs.43.05 and Rs.82.50 respectively.
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