Selling continues due to worry against global financial crisis and its impact on economy. The market is questioning the bailout packages announced by global central banks as no sigh of relief or stability is seen against this announcement. Further, fall in Asian stocks on account of a weakening Chinese economy and scary data from Australia and Britain reinforced fears of a prolonged global recession. On the sectoral front, traders off-loaded positions in all of the sectors. Auto shares declined after automobile sales in the festive month of Oct’08 fell 14.42%.
The total number of automobiles (which include cars, commercial vehicles, two-wheelers etc) sold in Oct’08 slipped to 8.65 lakh over 10.11 lakh units sold in Oct’07. The key reason for the sharp decline in sales was the credit crunch and high financing cost as 70% of vehicle sales in the country are financed through loans. Metal shares fell after yesterday’s rally, as gloomy US company news overnight reinforced worries about an economic slowdown.
Shares of the textiles, apparel, gems and jewellery, diamonds, leather among others slipped after latest data showed a decline for the first time in the last five years. There has been a decline of over 15% in export in dollar terms in Oct’08 from Oct’07. The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2442 shares traded so far, 741 shares advanced while 1643 shares declined. Nearly 58 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 558.48 points at 9977.67 and NSE Nifty is down by 167.55 points at 2980.7.
The BSE Mid Cap is trading lower by 97.84 points at 3377.25 and Small cap is trading down by 76.21 points at 3911.82.
Losers from the BSE Sensex Pack are Jaiprakash Asso down by (9.21%) at Rs.87.75 along with Hindalco down by (9.13%) at Rs.60.70, Sterlite In by (7.95%) at Rs.257.00, Tata Motors by (7.66%) at Rs.156.80, BHEL by (7.22%) at Rs.1,403.50 and Reliance Ind by (6.99%) at Rs.1,211.95.
The BSE Realty is down by 166.63 points at 2294.22. Losers are Indbul Real down by (12.30%) at Rs.134.80, along with Penland Ltd by (8.95%) by Rs.23.40, Housing Dev by (7.36%) at Rs.117.65, Orbitco by (6.81%) at Rs.72.50 and Unitech Ltd by (5.85%) at Rs.53.10.
The BSE Oil&Gas index is down by 385.00 points at 5996.08. Stocks trading lower are Cairn ind down by (9.46%) at Rs.144.00 along with Essar Oil by (7.59%) at Rs.79.80, Reliance Ind by (6.99%) at Rs.1,211.95, ONGC by (6.48%) at Rs.753.50 and RPL by (6.22%) at Rs.82.95.
The BSE Metal is down by 363.11 points at 5351.72. Losers are Hindalco down by (9.13%) at Rs.60.70, along with Tata Steel by (8.23%) by Rs.196.80, Sterlite In by (7.95%) at Rs.257.00, Steel Authority of India by (7.66%) at Rs.81.95 and NMDC by (7.04%) at Rs.196.80.
The total number of automobiles (which include cars, commercial vehicles, two-wheelers etc) sold in Oct’08 slipped to 8.65 lakh over 10.11 lakh units sold in Oct’07. The key reason for the sharp decline in sales was the credit crunch and high financing cost as 70% of vehicle sales in the country are financed through loans. Metal shares fell after yesterday’s rally, as gloomy US company news overnight reinforced worries about an economic slowdown.
Shares of the textiles, apparel, gems and jewellery, diamonds, leather among others slipped after latest data showed a decline for the first time in the last five years. There has been a decline of over 15% in export in dollar terms in Oct’08 from Oct’07. The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2442 shares traded so far, 741 shares advanced while 1643 shares declined. Nearly 58 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 558.48 points at 9977.67 and NSE Nifty is down by 167.55 points at 2980.7.
The BSE Mid Cap is trading lower by 97.84 points at 3377.25 and Small cap is trading down by 76.21 points at 3911.82.
Losers from the BSE Sensex Pack are Jaiprakash Asso down by (9.21%) at Rs.87.75 along with Hindalco down by (9.13%) at Rs.60.70, Sterlite In by (7.95%) at Rs.257.00, Tata Motors by (7.66%) at Rs.156.80, BHEL by (7.22%) at Rs.1,403.50 and Reliance Ind by (6.99%) at Rs.1,211.95.
The BSE Realty is down by 166.63 points at 2294.22. Losers are Indbul Real down by (12.30%) at Rs.134.80, along with Penland Ltd by (8.95%) by Rs.23.40, Housing Dev by (7.36%) at Rs.117.65, Orbitco by (6.81%) at Rs.72.50 and Unitech Ltd by (5.85%) at Rs.53.10.
The BSE Oil&Gas index is down by 385.00 points at 5996.08. Stocks trading lower are Cairn ind down by (9.46%) at Rs.144.00 along with Essar Oil by (7.59%) at Rs.79.80, Reliance Ind by (6.99%) at Rs.1,211.95, ONGC by (6.48%) at Rs.753.50 and RPL by (6.22%) at Rs.82.95.
The BSE Metal is down by 363.11 points at 5351.72. Losers are Hindalco down by (9.13%) at Rs.60.70, along with Tata Steel by (8.23%) by Rs.196.80, Sterlite In by (7.95%) at Rs.257.00, Steel Authority of India by (7.66%) at Rs.81.95 and NMDC by (7.04%) at Rs.196.80.
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