The concerns of slowdown in Indian economy, is sniffing the sentiment. Japan also caught into recession in seven years in the third quarter as export was hampered; this bought some short of worry in the market. Further, announcement made by the RBI during the weekend to shield the Indian economy from the global economic slowdown and pledges from leaders of the G-20 nations to stimulate growth and reform the financial system, failed to avert the slide.
On the sectoral front, traders off-loaded positions in all of the sectors. Realty shares dropped on concerns banks may not raise lending to realty firms despite the latest RBI measures to ease liquidity to the cash-stripped sector, lower housing demand and a rise in borrowing cost. This will lead to shortage of funds and sniffing of profitability. Banking stocks extended losses as weak American Depository Receipts offset RBI’s steps to augment both rupee and dollar liquidity in the banking system. Cement stocks slipped even as the government announced incentive to cement exports.
The market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2361 shares traded so far, 459 shares advanced while 1840 shares declined. Nearly 62 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 387.7 points at 8997.71 and NSE Nifty is down by 103.1 points at 2707.25.
The BSE Mid Cap is trading lower by 115.51 points at 3100.56 and Small cap is trading down by 125.48 points at 3639.57.
Among the 30-member Sensex pack, all the stocks were in red.
Losers from the BSE Sensex Pack are Reliance Infra down by (10.68%) at Rs.461.45 along with Housing Development Finance Co down by (7.72%) at Rs.1,437.90, HDFC Bank by (7.71%) at Rs.933.60, ICICI Bank by (7.06%) at Rs.368.00, Tata Power by (6.60%) at Rs.697.15 and DLF by (6.27%) at Rs.225.80.
The BSE Realty is down by 139.36 points at 1,872.17. Losers are Unitech Ltd down by (9.73%) at Rs.41.30, along with Indiabulls Real by (8.78%) by Rs.99.80, Anant Raj In by (8.57%) at Rs.45.90, Sobha Dev by (8.29%) at Rs.92.40 and Ansal Infras by (7.67%) at Rs.38.50.
The BSE Bankex index is down by 309.45 points at 4846.31. Stocks trading lower are Kotak Bank down by (10.95%) at Rs.337.00 along with Axis Bank by (8.66%) at Rs.452.00, Bank of India by (8.08%) at Rs.254.25, HDFC Bank by (7.71%) at Rs.933.60 and ICICI Bank by (7.06%) at Rs.368.00.
The BSE Metal is down by 282.45 points at 4590.95. Losers are Jai Corp Lim down by (15.77%) at Rs.90.50, along with Jindal Saw by (11.08%) by Rs.296.00, Steel Authority by (9.38%) at Rs.62.30, Gujarat NRE by (8.20%) at Rs.26.30 and NMDC by (7.51%) at Rs.159.55.
On the sectoral front, traders off-loaded positions in all of the sectors. Realty shares dropped on concerns banks may not raise lending to realty firms despite the latest RBI measures to ease liquidity to the cash-stripped sector, lower housing demand and a rise in borrowing cost. This will lead to shortage of funds and sniffing of profitability. Banking stocks extended losses as weak American Depository Receipts offset RBI’s steps to augment both rupee and dollar liquidity in the banking system. Cement stocks slipped even as the government announced incentive to cement exports.
The market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2361 shares traded so far, 459 shares advanced while 1840 shares declined. Nearly 62 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 387.7 points at 8997.71 and NSE Nifty is down by 103.1 points at 2707.25.
The BSE Mid Cap is trading lower by 115.51 points at 3100.56 and Small cap is trading down by 125.48 points at 3639.57.
Among the 30-member Sensex pack, all the stocks were in red.
Losers from the BSE Sensex Pack are Reliance Infra down by (10.68%) at Rs.461.45 along with Housing Development Finance Co down by (7.72%) at Rs.1,437.90, HDFC Bank by (7.71%) at Rs.933.60, ICICI Bank by (7.06%) at Rs.368.00, Tata Power by (6.60%) at Rs.697.15 and DLF by (6.27%) at Rs.225.80.
The BSE Realty is down by 139.36 points at 1,872.17. Losers are Unitech Ltd down by (9.73%) at Rs.41.30, along with Indiabulls Real by (8.78%) by Rs.99.80, Anant Raj In by (8.57%) at Rs.45.90, Sobha Dev by (8.29%) at Rs.92.40 and Ansal Infras by (7.67%) at Rs.38.50.
The BSE Bankex index is down by 309.45 points at 4846.31. Stocks trading lower are Kotak Bank down by (10.95%) at Rs.337.00 along with Axis Bank by (8.66%) at Rs.452.00, Bank of India by (8.08%) at Rs.254.25, HDFC Bank by (7.71%) at Rs.933.60 and ICICI Bank by (7.06%) at Rs.368.00.
The BSE Metal is down by 282.45 points at 4590.95. Losers are Jai Corp Lim down by (15.77%) at Rs.90.50, along with Jindal Saw by (11.08%) by Rs.296.00, Steel Authority by (9.38%) at Rs.62.30, Gujarat NRE by (8.20%) at Rs.26.30 and NMDC by (7.51%) at Rs.159.55.
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