The domestic market opens sharply lower and is trading weak tracking the extremely negative sentiment across the global markets. Lack of confidence among domestic investors, harsh selling by foreign funds and recession fears are contributing to further aggravate the situation. BSE Sensex is trading below 9,900 mark along with NSE Nifty trading below 3,000 level for the first time since July 2006. Most of the selling is observed in Metal, Oil & Gas, Bank, Capital Goods, Reality and Auto stocks.
Indian rupee opened at Rs 49.64 per dollar as against Wednesday’s close of Rs 49.28/29. Indian rupee plunged on sharp falls in Asian shares that led the fears of more capital outflows from the local stock market.
From the global front Asian markets are trading weak on fear of global slump. Nikkei 225 Average fell to its lowest level in more than 5 years by 7.6% to 8,016.61 and the Hang Seng Index lost 4.5% to 13,625.96 along with South Korea''s Kospi dropped 9.1% to 1,031.18.
Wednesday US stock market crushed second straight session on economic concern along with earning concern. The triggers for the fall were weak corporate results, gloomy outlook and slump in commodity prices. Fears of a global recession led the extensive selling pressure, with the S&P 500 closed at its lowest level in more than five years. According to the Bank of England Governor King, U.K. is also likely to face recession. Major US companies like Boeing, AT&T and Merck Dow had its 7th biggest point drop in history.
The BSE Mid Cap and the BSE Small Cap stocks are also out of favor in early trade as trading with cut of more than 3% and 2% respectively.
The overall market breadth is negative as 1382 stocks are declining whereas 302 stocks are advancing on BSE.
Hindalco reported the top loser from the BSE Sensex pack, as it is trading with loss of (6.67%) at Rs.56.65 while only gainer is ITC Ltd as it is trading with gain of (1.49%) at Rs.173.25.
At 10.30AM, the BSE Sensex was down by 331 points at 9,838.74 and the Nifty was lower by 94 points to 2,970.40.
The BSE Mid Cap decreased by 101 points to 3,389.06 and the BSE Small Cap dropped by 107 points to 4,004.58.
BSE Metal index is trading lower by 316.01 points to trade at 5,303.44. The top losers are Jindal Saw decreased by (7.16%) to Rs.330, Tata Steel down by (6.88%) to Rs.227.95, Hindalco by (6.84%) to Rs.56.55 followed by Sesa Goa Ltd dropped by (6.63%) to Rs.76.70.
BSE Oil & Gas index lost 250.56 points to trade at 6,147.02. The major losers are Essar Oil Ltd, Reliance, Cairn India and Aban Offshore decreased by (6.00%), (5.22%), (4.67%) and (4.20%) to Rs.79.15, Rs.1,246.90, Rs.147.00 and Rs.1,038.00 respectively.
Indian rupee opened at Rs 49.64 per dollar as against Wednesday’s close of Rs 49.28/29. Indian rupee plunged on sharp falls in Asian shares that led the fears of more capital outflows from the local stock market.
From the global front Asian markets are trading weak on fear of global slump. Nikkei 225 Average fell to its lowest level in more than 5 years by 7.6% to 8,016.61 and the Hang Seng Index lost 4.5% to 13,625.96 along with South Korea''s Kospi dropped 9.1% to 1,031.18.
Wednesday US stock market crushed second straight session on economic concern along with earning concern. The triggers for the fall were weak corporate results, gloomy outlook and slump in commodity prices. Fears of a global recession led the extensive selling pressure, with the S&P 500 closed at its lowest level in more than five years. According to the Bank of England Governor King, U.K. is also likely to face recession. Major US companies like Boeing, AT&T and Merck Dow had its 7th biggest point drop in history.
The BSE Mid Cap and the BSE Small Cap stocks are also out of favor in early trade as trading with cut of more than 3% and 2% respectively.
The overall market breadth is negative as 1382 stocks are declining whereas 302 stocks are advancing on BSE.
Hindalco reported the top loser from the BSE Sensex pack, as it is trading with loss of (6.67%) at Rs.56.65 while only gainer is ITC Ltd as it is trading with gain of (1.49%) at Rs.173.25.
At 10.30AM, the BSE Sensex was down by 331 points at 9,838.74 and the Nifty was lower by 94 points to 2,970.40.
The BSE Mid Cap decreased by 101 points to 3,389.06 and the BSE Small Cap dropped by 107 points to 4,004.58.
BSE Metal index is trading lower by 316.01 points to trade at 5,303.44. The top losers are Jindal Saw decreased by (7.16%) to Rs.330, Tata Steel down by (6.88%) to Rs.227.95, Hindalco by (6.84%) to Rs.56.55 followed by Sesa Goa Ltd dropped by (6.63%) to Rs.76.70.
BSE Oil & Gas index lost 250.56 points to trade at 6,147.02. The major losers are Essar Oil Ltd, Reliance, Cairn India and Aban Offshore decreased by (6.00%), (5.22%), (4.67%) and (4.20%) to Rs.79.15, Rs.1,246.90, Rs.147.00 and Rs.1,038.00 respectively.
No comments:
Post a Comment