The market tumbles after a firm starts tracking the weak cues from the European markets. The market gives up all its initial gains as the profit booking across the counters prevails. The market opened with a bang tracking the firm closing of the US market and on expectation for an interest rate cut by Reserve Bank Of India, which gives a boost to the sentiments of the investors.
From the sectoral front, the FMCG, Realty and Oil & Gas indices attracting the investors confidence as most buying is seen from these baskets. On the other hand, IT, Capital Goods and Teck stocks are in the firing line as selling pressures witnessed from these baskets. The metal stocks also witness some buying after the government imposed 5 percent import duty on steel and iron products late on Tuesday to support domestic producers from cheap imports.
The Finance Minister yesterday stated that the government will take steps to stimulate the domestic economy to compensate for the downside caused by the downturn in the world economy. He said the government may consider cutting excise duty on some items as a part of efforts to boost factory output. Also the Reserve Bank Of India governor Duvvuri Subbarao said, "We are constantly monitoring the situation. We will take appropriate action at the appropriate time”.
On the global market front, the European Markets are trading weak as Dax Index is trading down by 0.21% and FTSE 100 down by 0.88%.
The broader markets are also negative as the BSE Mid Cap and Small Cap are trading with losses of 20.72 points (0.68%) and 24.83 points (0.70%) at 3,039.60 and 3,533.83 respectively.
The overall market breadth is negative as 1430 stocks are declining while 952 stocks are advancing in BSE.
Satyam Computers reported the top loser from the BSE Sensex pack. It is trading down by (4.25%) at Rs.231.80 while ITC reported as the top gainer trading up by 4.11% at Rs.167.30.
At 2.34PM BSE Sensex is at 8,979.83 marginally up by 42.63 points and NSE Nifty is at 2,687.60 up by 4.45 points.
The BSE IT index is trading with cut of 44.42 points or (1.81%) at 2,403.34. Pulling it are Mphasis trading lower by 8.61% at Rs155 along with Tech Mahindra by 6.44% at Rs262.95, Aptech by 4.48% at Rs74.65, Satyam Computers by 3.92% at Rs232.60, Rolta India by 3.29% at Rs180.50, Wipro by 1.07% at Rs227.40 and Mosear Baer by 1.04% at Rs56.95.
The Capital Goods index is down by 90.42 points or (1.67%) at 1,902.53. Losers are Havells India trading down by 4.64% at Rs144 followed by Praj Industries by 3.73% at Rs60.70, Thermax by 3.54% at Rs221, Areva by 3.43% at Rs145, L&T by 2.84% at Rs742 and AIA Eng by 2.75% at Rs145.
The most active shares on NSE are Reliance Industries trading at Rs.1180 with a total traded quantity of 7669371 shares followed by Reliance Capital trading at Rs.480.45 with a total traded quantity of 7184862 shares.
From the sectoral front, the FMCG, Realty and Oil & Gas indices attracting the investors confidence as most buying is seen from these baskets. On the other hand, IT, Capital Goods and Teck stocks are in the firing line as selling pressures witnessed from these baskets. The metal stocks also witness some buying after the government imposed 5 percent import duty on steel and iron products late on Tuesday to support domestic producers from cheap imports.
The Finance Minister yesterday stated that the government will take steps to stimulate the domestic economy to compensate for the downside caused by the downturn in the world economy. He said the government may consider cutting excise duty on some items as a part of efforts to boost factory output. Also the Reserve Bank Of India governor Duvvuri Subbarao said, "We are constantly monitoring the situation. We will take appropriate action at the appropriate time”.
On the global market front, the European Markets are trading weak as Dax Index is trading down by 0.21% and FTSE 100 down by 0.88%.
The broader markets are also negative as the BSE Mid Cap and Small Cap are trading with losses of 20.72 points (0.68%) and 24.83 points (0.70%) at 3,039.60 and 3,533.83 respectively.
The overall market breadth is negative as 1430 stocks are declining while 952 stocks are advancing in BSE.
Satyam Computers reported the top loser from the BSE Sensex pack. It is trading down by (4.25%) at Rs.231.80 while ITC reported as the top gainer trading up by 4.11% at Rs.167.30.
At 2.34PM BSE Sensex is at 8,979.83 marginally up by 42.63 points and NSE Nifty is at 2,687.60 up by 4.45 points.
The BSE IT index is trading with cut of 44.42 points or (1.81%) at 2,403.34. Pulling it are Mphasis trading lower by 8.61% at Rs155 along with Tech Mahindra by 6.44% at Rs262.95, Aptech by 4.48% at Rs74.65, Satyam Computers by 3.92% at Rs232.60, Rolta India by 3.29% at Rs180.50, Wipro by 1.07% at Rs227.40 and Mosear Baer by 1.04% at Rs56.95.
The Capital Goods index is down by 90.42 points or (1.67%) at 1,902.53. Losers are Havells India trading down by 4.64% at Rs144 followed by Praj Industries by 3.73% at Rs60.70, Thermax by 3.54% at Rs221, Areva by 3.43% at Rs145, L&T by 2.84% at Rs742 and AIA Eng by 2.75% at Rs145.
The most active shares on NSE are Reliance Industries trading at Rs.1180 with a total traded quantity of 7669371 shares followed by Reliance Capital trading at Rs.480.45 with a total traded quantity of 7184862 shares.
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