Volatility struck the market on weakening domestic and US economy and mixed Asian stocks. The market gained in early trade on US Fed stimulus plan of USD 800 billion to support consumer debt securities. To inject liquidity in the market, the US Central Bank will buy billion of dollars worth of debt and mortgage-backed securities. Further, shrink in US economy during the Q3CY08 was mainly due to decline in consumers spending. As a result of such circumstances the investors lack confidence leading to volatility in market.
On the sectoral front, traders off-loaded positions across the sectors except Oil&Gas, Bankex, Health Care and FMCG. Real estate stocks declined as sentiment were affected after report that India’s property market is poised for a sharp correction. Oil&Gas stocks gained after crude oil for January delivery climbed 9.2% to USD 54.50 a barrel in New York. Auto stocks dipped on reports that companies are scaling down production targets, shrink in vendor list, difference in alignment in production across manufacturing sites, high interest rates and lack of liquidity in the hands of the consumer.
The market breadth, indicating the overall strength of the market, was weak. On BSE, out of 1985 shares traded so far, 737 shares advanced while 1182 shares declined. Nearly 66 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 118.12 points at 8,813.66 and NSE Nifty is up by 38.4 points at 2,692.4.
The BSE Mid Cap is trading lower by 19.17 points at 2,853.41 and Small cap is trading down by 33.96 points at 3,299.46.
Gainers from the BSE Sensex Pack are Sterlite In up by (6.40%) at Rs.217.75 along with ICICI Bank by (4.27%) at Rs.333.60, wipro Ltd by (3.61%) at Rs.237.05, HDFC Bank by (3.58%) at Rs.865.00, RIL by (3.20%) at Rs.1106.00 and Bharti Airtel by (2.32%) at Rs.641.00.
The BSE Oil&Gas index is up by 106.15 points at 5,515.52. Stocks trading higher are GAIL India up by (3.28%) at Rs.201.50 along with RIL by (3.20%) at Rs.1106.00, Essar Oil by (2.97%) at Rs.69.40 and BPCL by (2.89%) at Rs.343.00.
The BSE Auto index is down by 37.82 points at 2,244.20. Apollo Tyre lower by (5.19%) at Rs.21.00 along with M&M by (4.21%) at Rs.265.00, Cummins India by (3.26%) at Rs.196.00, Maruti Suzuki by (2.80%) at Rs.520.00 and Bharat Forge by (2.71%) at Rs.88.10.
On the sectoral front, traders off-loaded positions across the sectors except Oil&Gas, Bankex, Health Care and FMCG. Real estate stocks declined as sentiment were affected after report that India’s property market is poised for a sharp correction. Oil&Gas stocks gained after crude oil for January delivery climbed 9.2% to USD 54.50 a barrel in New York. Auto stocks dipped on reports that companies are scaling down production targets, shrink in vendor list, difference in alignment in production across manufacturing sites, high interest rates and lack of liquidity in the hands of the consumer.
The market breadth, indicating the overall strength of the market, was weak. On BSE, out of 1985 shares traded so far, 737 shares advanced while 1182 shares declined. Nearly 66 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 118.12 points at 8,813.66 and NSE Nifty is up by 38.4 points at 2,692.4.
The BSE Mid Cap is trading lower by 19.17 points at 2,853.41 and Small cap is trading down by 33.96 points at 3,299.46.
Gainers from the BSE Sensex Pack are Sterlite In up by (6.40%) at Rs.217.75 along with ICICI Bank by (4.27%) at Rs.333.60, wipro Ltd by (3.61%) at Rs.237.05, HDFC Bank by (3.58%) at Rs.865.00, RIL by (3.20%) at Rs.1106.00 and Bharti Airtel by (2.32%) at Rs.641.00.
The BSE Oil&Gas index is up by 106.15 points at 5,515.52. Stocks trading higher are GAIL India up by (3.28%) at Rs.201.50 along with RIL by (3.20%) at Rs.1106.00, Essar Oil by (2.97%) at Rs.69.40 and BPCL by (2.89%) at Rs.343.00.
The BSE Auto index is down by 37.82 points at 2,244.20. Apollo Tyre lower by (5.19%) at Rs.21.00 along with M&M by (4.21%) at Rs.265.00, Cummins India by (3.26%) at Rs.196.00, Maruti Suzuki by (2.80%) at Rs.520.00 and Bharat Forge by (2.71%) at Rs.88.10.
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