Weak global sentiments and continuing job cut news, around the world, is pulling the market down. Further, the lowering of growth expectation, reduction in projected demand and shortage of liquidity in the common man’s hand is sniffing the sentiment. The uncertainty is prevailing in the market due to government interference and fluctuation in foreign funds due to which market is not getting any clear direction.
Moreover, government will take steps to stimulate the domestic economy to compensate for the downside caused by the downturn in the world economy. In addition to this, Asian market also continues downturn on concerns of a global recession.
On the sectoral front, traders off-loaded positions in all of the sectors. Auto stocks were trading mixed on worsening global economic outlook and declining domestic demand due to high interest rates and high fuel prices. Realty shares were trading weak after Finance Minister said that companies should lower the prices in order to boost the demand. Higher interest rates are also spilling the mood of prospective buyers. Banking stocks extended losses as weak American Depository Receipts offset RBI’s steps to augment both rupee and dollar liquidity in the banking system.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2368 shares traded so far, 576 shares advanced while 1728 shares declined. Nearly 64 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 269.46 points at 9021.54 and NSE Nifty is down by 80.35 points at 2719.20.
The BSE Mid Cap is trading lower by 58.17 points at 3075.19 and Small cap is trading down by 80.27 points at 3581.12.
Among the 30-member Sensex pack, all the stocks were in red.
Losers from the BSE Sensex Pack are Wipro down by (6.95%) at Rs.234.45 along with ICICI Bank down by (6.43%) at Rs.362.15, ACC by (5.46%) at Rs.412.70, NTPC by (5.46%) at Rs.142.85, Housing Development Finance Co by (5.09%) at Rs.1,422.00 and State Bank of India by (4.97%) at Rs.1,110.00.
The BSE Bankex index is down by 263.04 points at 4,693.00. Stocks trading lower are Kotak Bank down by (10.42%) at Rs.306.40 along with Indian Overseas by (7.61%) at Rs.69.80, ICICI Bank down by (6.43%) at Rs.362.15, Karnataka Bank by (5.98%) at Rs.81.70 and Axis Bank by (5.86%) at Rs.429.05.
The BSE IT is down by 124.44 points at 2,444.05. Losers are HCL Techno down by (8.77%) at Rs.134.70, along with Moser Baer by (8.42%) by Rs.57.65, Wipro down by (6.95%) at Rs.234.45, NIIT Ltd by (5.88%) at Rs.22.40 and Satyam Comp by (5.18%) at Rs.238.75.
The BSE Power is down by 71.46 points at 1,577.59. Losers are ABB Ltd down by (6.42%) at Rs.416.95, along with NTPC by (5.46%) at Rs.142.85, Power Grid by (4.63%) at Rs.72.10, Lanco Infra by (4.59%) at Rs.121.80 and Reliance Infra by (4.13%) at Rs.464.40.
Moreover, government will take steps to stimulate the domestic economy to compensate for the downside caused by the downturn in the world economy. In addition to this, Asian market also continues downturn on concerns of a global recession.
On the sectoral front, traders off-loaded positions in all of the sectors. Auto stocks were trading mixed on worsening global economic outlook and declining domestic demand due to high interest rates and high fuel prices. Realty shares were trading weak after Finance Minister said that companies should lower the prices in order to boost the demand. Higher interest rates are also spilling the mood of prospective buyers. Banking stocks extended losses as weak American Depository Receipts offset RBI’s steps to augment both rupee and dollar liquidity in the banking system.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2368 shares traded so far, 576 shares advanced while 1728 shares declined. Nearly 64 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 269.46 points at 9021.54 and NSE Nifty is down by 80.35 points at 2719.20.
The BSE Mid Cap is trading lower by 58.17 points at 3075.19 and Small cap is trading down by 80.27 points at 3581.12.
Among the 30-member Sensex pack, all the stocks were in red.
Losers from the BSE Sensex Pack are Wipro down by (6.95%) at Rs.234.45 along with ICICI Bank down by (6.43%) at Rs.362.15, ACC by (5.46%) at Rs.412.70, NTPC by (5.46%) at Rs.142.85, Housing Development Finance Co by (5.09%) at Rs.1,422.00 and State Bank of India by (4.97%) at Rs.1,110.00.
The BSE Bankex index is down by 263.04 points at 4,693.00. Stocks trading lower are Kotak Bank down by (10.42%) at Rs.306.40 along with Indian Overseas by (7.61%) at Rs.69.80, ICICI Bank down by (6.43%) at Rs.362.15, Karnataka Bank by (5.98%) at Rs.81.70 and Axis Bank by (5.86%) at Rs.429.05.
The BSE IT is down by 124.44 points at 2,444.05. Losers are HCL Techno down by (8.77%) at Rs.134.70, along with Moser Baer by (8.42%) by Rs.57.65, Wipro down by (6.95%) at Rs.234.45, NIIT Ltd by (5.88%) at Rs.22.40 and Satyam Comp by (5.18%) at Rs.238.75.
The BSE Power is down by 71.46 points at 1,577.59. Losers are ABB Ltd down by (6.42%) at Rs.416.95, along with NTPC by (5.46%) at Rs.142.85, Power Grid by (4.63%) at Rs.72.10, Lanco Infra by (4.59%) at Rs.121.80 and Reliance Infra by (4.13%) at Rs.464.40.
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