The market comes off from the day’s high to give up all its initial gains due to profit booking across the selective indices. Also the weakness in the European markets adds to the sentiments. At the initial stage the market opened with a bang tracking the financial back given by US Federal Reserve that has boosted the morale of investors to new highs. The US government is taking $20 billion stake in the Citi group, along with a huge back up of $ 306 billion of Citi group assets. Further the US president.
Barrac Obama is planning to come out with another bail out package of $ 700 billion so as to support the US economy and also create 2.5 million new jobs in another 2 years of time. These all gives a boost to market that led to heavy buying across the counters. From the sectoral front, Oil & Gas and Auto indices are trading with a cut of 2% and 1.27% respectively while Consumer durables stocks seems to be attractive for investors as most buying is seen from this basket.
Also, on Monday P Chidambaram, Finance Minister, said India is likely to miss the revenue and fiscal deficit targets in the current financial year as the government wants to spend additional money to boost the aggregate demand in the economy which has shown signs of slowing down. He also said that the Centre would have to go for additional borrowings this year to meet higher expenditure.
On the global market front, the European Markets are trading in negative as Dax Index is trading lower by 1.77% and FTSE 100 down by 1.78%.
The broader markets are trading on the back foot as the BSE Mid Cap and Small Cap are trading with losses of 1.17 points or (0.04%) and 8.14 points or (0.24%) at 2,901.12 and 3,355.82 respectively.
The overall market breadth is weak as 1225 stocks are declining while 1130 stocks are advancing in BSE.
Satyam Computers reported the top gainer from the BSE Sensex pack. It is trading up by (2.70%) at Rs.235.80 while Mahindra and Mahindra reported as the top loser trading down by 6.18% at Rs.281.
At 2.30PM BSE Sensex is at 8,803.95 down by 99.17 points and NSE Nifty is at 2,684.70 down by 23.55 points.
The BSE Oil & Gas index is trading with a cut of 68.14 points or (1.21%) at 5,558.53. Pulling it are Aban Offshore trading lower by 5.33% at Rs 719.15 along with Reliance Industries by 3.49% at Rs1105, HPCL by 2.32% at Rs237.80, RPL by 1.07% at Rs74, Gail India by0.93% at Rs197.55 and BPCL by 0.37% at Rs335.60.
The Auto index is down by 17.67 points (0.76%) at 2,296.68. Losers are Mahindra and Mahindra trading lower by 6.18% at Rs 281 in line with Exide Industries by 4.02% at Rs41.75, Ashok Leyland by 3.24% at Rs13.45, Bajaj Auto by 2.11% at Rs324.85 and Cummins India by 1.43% at Rs203.
The most active shares on NSE are GVKPIL trading at Rs.16.55 with a total traded quantity of 38006632 shares followed by Unitech trading at Rs.29.55 with a total traded quantity of 25163446 shares.
Barrac Obama is planning to come out with another bail out package of $ 700 billion so as to support the US economy and also create 2.5 million new jobs in another 2 years of time. These all gives a boost to market that led to heavy buying across the counters. From the sectoral front, Oil & Gas and Auto indices are trading with a cut of 2% and 1.27% respectively while Consumer durables stocks seems to be attractive for investors as most buying is seen from this basket.
Also, on Monday P Chidambaram, Finance Minister, said India is likely to miss the revenue and fiscal deficit targets in the current financial year as the government wants to spend additional money to boost the aggregate demand in the economy which has shown signs of slowing down. He also said that the Centre would have to go for additional borrowings this year to meet higher expenditure.
On the global market front, the European Markets are trading in negative as Dax Index is trading lower by 1.77% and FTSE 100 down by 1.78%.
The broader markets are trading on the back foot as the BSE Mid Cap and Small Cap are trading with losses of 1.17 points or (0.04%) and 8.14 points or (0.24%) at 2,901.12 and 3,355.82 respectively.
The overall market breadth is weak as 1225 stocks are declining while 1130 stocks are advancing in BSE.
Satyam Computers reported the top gainer from the BSE Sensex pack. It is trading up by (2.70%) at Rs.235.80 while Mahindra and Mahindra reported as the top loser trading down by 6.18% at Rs.281.
At 2.30PM BSE Sensex is at 8,803.95 down by 99.17 points and NSE Nifty is at 2,684.70 down by 23.55 points.
The BSE Oil & Gas index is trading with a cut of 68.14 points or (1.21%) at 5,558.53. Pulling it are Aban Offshore trading lower by 5.33% at Rs 719.15 along with Reliance Industries by 3.49% at Rs1105, HPCL by 2.32% at Rs237.80, RPL by 1.07% at Rs74, Gail India by0.93% at Rs197.55 and BPCL by 0.37% at Rs335.60.
The Auto index is down by 17.67 points (0.76%) at 2,296.68. Losers are Mahindra and Mahindra trading lower by 6.18% at Rs 281 in line with Exide Industries by 4.02% at Rs41.75, Ashok Leyland by 3.24% at Rs13.45, Bajaj Auto by 2.11% at Rs324.85 and Cummins India by 1.43% at Rs203.
The most active shares on NSE are GVKPIL trading at Rs.16.55 with a total traded quantity of 38006632 shares followed by Unitech trading at Rs.29.55 with a total traded quantity of 25163446 shares.
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