The market is trading on the backfoot as the selling pressures across the sectoral indices prevails. The weak global markets along with the uncertainty over the US bailout plan after the house of representatives passed and the Senate approval is still on the pipeline led the investors to take calculated steps to book their positions. Even though the fall in weekly inflation figures that dipped to 8% for the week ended November 29 as against 8.4% previous week fell to give a boost to the sentiments of the investors. From the sectoral front, the IT and Consumer Durables index takes a bit as they are down by more than 4%.
The State owned banks are planning to cut rates on small ticket home loans up to 300 basis points as RBI considers ways to help the banking sector to make small home loans at cheaper rate and is also looking at the option of relaxing norms for this.
The Reserve Bank of India (RBI) governor D Subbarao on Wednesday, 10 December 2008, indicated that RBI''s projection of 7.5% to 8% economic growth for the current fiscal year may be revised downwards when RBI reviews the annual policy for 2008-09 in January 2009. He said that the next two years would be very critical for the country
On the global market front, the European Markets are trading in red as Dax Index is trading lower by 1.21% and FTSE 100 down by 0.87%.
The broader markets are trading in green as the BSE Mid Cap and Small Cap are trading with gains of 23.70 points or (0.80%) and 21.25 points or (0.62%) at 2,971.94 and 3,416.7 respectively.
The overall market breadth is positive as 1361 stocks are advancing while 1003 stocks are declining in BSE.
TCS Ltd reported the top loser from the BSE Sensex pack. It is trading down by (6.73%) at Rs505 along with DLF Ltd by (6.45%) at Rs 245.70.
At 2.30 PM BSE Sensex is at 9,477.86 lower by 177.03 points and NSE Nifty is at 2,873.70 down by 54.55 points.
The BSE IT index is trading with losses of 110.73 points or (4.51%) at 2,344.25. Pulling it are TCS Ltd trading lower by 6.64% at Rs505.5 along with Satyam Computer by 5.75% at Rs223, Wipro Ltd by 5.22% at Rs248 and Infosys Tech by 3.84% at Rs1,128.85.
The most active shares on NSE are Reliance trading at Rs1,199.05 with a total traded quantity of 6006239 shares followed by DLF Ltd trading at Rs246.758 with a total traded quantity of 16770056 shares.
The State owned banks are planning to cut rates on small ticket home loans up to 300 basis points as RBI considers ways to help the banking sector to make small home loans at cheaper rate and is also looking at the option of relaxing norms for this.
The Reserve Bank of India (RBI) governor D Subbarao on Wednesday, 10 December 2008, indicated that RBI''s projection of 7.5% to 8% economic growth for the current fiscal year may be revised downwards when RBI reviews the annual policy for 2008-09 in January 2009. He said that the next two years would be very critical for the country
On the global market front, the European Markets are trading in red as Dax Index is trading lower by 1.21% and FTSE 100 down by 0.87%.
The broader markets are trading in green as the BSE Mid Cap and Small Cap are trading with gains of 23.70 points or (0.80%) and 21.25 points or (0.62%) at 2,971.94 and 3,416.7 respectively.
The overall market breadth is positive as 1361 stocks are advancing while 1003 stocks are declining in BSE.
TCS Ltd reported the top loser from the BSE Sensex pack. It is trading down by (6.73%) at Rs505 along with DLF Ltd by (6.45%) at Rs 245.70.
At 2.30 PM BSE Sensex is at 9,477.86 lower by 177.03 points and NSE Nifty is at 2,873.70 down by 54.55 points.
The BSE IT index is trading with losses of 110.73 points or (4.51%) at 2,344.25. Pulling it are TCS Ltd trading lower by 6.64% at Rs505.5 along with Satyam Computer by 5.75% at Rs223, Wipro Ltd by 5.22% at Rs248 and Infosys Tech by 3.84% at Rs1,128.85.
The most active shares on NSE are Reliance trading at Rs1,199.05 with a total traded quantity of 6006239 shares followed by DLF Ltd trading at Rs246.758 with a total traded quantity of 16770056 shares.
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