Bears continue to maintain its grip in the trading secession. A global sell of was sparked by a fresh US economic data and China’s lowest manufacturing data. Worry against absence of easy access to cheap money to Indian firm due to global financial sector crises may cause slowdown in economic growth, pulling the market sharply lower. Further, a tight liquidity in global market has crushed the hope for liquidity for domestic firms. On the sectoral front, traders off-loaded positions in all of the sectors. Metal stocks declined after recent sharp fall in metal prices on global recession worries.
Further, world’s largest steel maker, ArcelorMittal’s downgraded earning expectation for the fourth quarter hit the metal stocks sharply. Auto stocks dropped after Tata Motors, India’s largest commercial vehicle maker by sales, closed its medium and heavy vehicle plant in Jamshedput for three days starting today to avoid a build-up of inventory. Banking shares were feeling the heat after State Bank of India chief O.P. Bhatt today said that there is liquidity issue prevailing in the banking system for inter bank flow of money. Telecom Stocks fell on concerns that a government move to charge more for radio spectrum may impact their earnings. IT stocks were mixed amid strong rupee and on worries the US outsourcing business and its impact of Indian firms.
The Market breadth, indicating the overall weakness of the market, was negative. On BSE, out of 2414 shares, 599 shares advanced while 1743 shares declined. Nearly 72 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 441.71 points at 9678.30 and NSE Nifty is down by 118.3 points at 2876.65.
The BSE Mid Cap is trading lower by 102.11 points at 3292.49 and Small cap is trading lower by 112.05 points at 3852.72.
Losers from the BSE Sensex Pack are Tata Steel down by (12.75%) at Rs.188.25 along with Tata Motors by (11.81%) at Rs.159.80, Sterlite by (10.10%) at Rs.241.15, Hindalco by (8.16%) at Rs.56.30, Bharti Airtel by (7.62%) at Rs.632.55, Reliance Ind by (6.98%) at Rs.1,180.90 and Tata Power (5.01%) at Rs.707.70.
The BSE Metal index is down by 439.83 points at 5,011.91. Stocks trading lower are Tata Steel down by (12.75%) at Rs.188.25 along with JSW Steel by (10.94%) at Rs.300.50, Sterlite by (10.10%) at Rs.241.15, Jindal SAW by (8.60%) at Rs.388.00 and Hindalco by (8.16%) at Rs.56.30.
The BSE Oil&Gas is down by 269.59 points at 5,842.52. Losers are Reliance Ind down by (6.98%) at Rs.1,180.90, along with Essar Oil by (6.73%) by Rs.77.60, RNRL by (5.25%) at Rs.47.85, Aban Offshore by (4.86%) at Rs.950.00 and BPCL by (4.61%) at Rs.302.10.
Further, world’s largest steel maker, ArcelorMittal’s downgraded earning expectation for the fourth quarter hit the metal stocks sharply. Auto stocks dropped after Tata Motors, India’s largest commercial vehicle maker by sales, closed its medium and heavy vehicle plant in Jamshedput for three days starting today to avoid a build-up of inventory. Banking shares were feeling the heat after State Bank of India chief O.P. Bhatt today said that there is liquidity issue prevailing in the banking system for inter bank flow of money. Telecom Stocks fell on concerns that a government move to charge more for radio spectrum may impact their earnings. IT stocks were mixed amid strong rupee and on worries the US outsourcing business and its impact of Indian firms.
The Market breadth, indicating the overall weakness of the market, was negative. On BSE, out of 2414 shares, 599 shares advanced while 1743 shares declined. Nearly 72 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 441.71 points at 9678.30 and NSE Nifty is down by 118.3 points at 2876.65.
The BSE Mid Cap is trading lower by 102.11 points at 3292.49 and Small cap is trading lower by 112.05 points at 3852.72.
Losers from the BSE Sensex Pack are Tata Steel down by (12.75%) at Rs.188.25 along with Tata Motors by (11.81%) at Rs.159.80, Sterlite by (10.10%) at Rs.241.15, Hindalco by (8.16%) at Rs.56.30, Bharti Airtel by (7.62%) at Rs.632.55, Reliance Ind by (6.98%) at Rs.1,180.90 and Tata Power (5.01%) at Rs.707.70.
The BSE Metal index is down by 439.83 points at 5,011.91. Stocks trading lower are Tata Steel down by (12.75%) at Rs.188.25 along with JSW Steel by (10.94%) at Rs.300.50, Sterlite by (10.10%) at Rs.241.15, Jindal SAW by (8.60%) at Rs.388.00 and Hindalco by (8.16%) at Rs.56.30.
The BSE Oil&Gas is down by 269.59 points at 5,842.52. Losers are Reliance Ind down by (6.98%) at Rs.1,180.90, along with Essar Oil by (6.73%) by Rs.77.60, RNRL by (5.25%) at Rs.47.85, Aban Offshore by (4.86%) at Rs.950.00 and BPCL by (4.61%) at Rs.302.10.
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