Market is volatile as it has been officially proved that the US is in a recession, as per NBER-the US agency that tracks economic cycles. The worry is that this one may last longer. The Asian market thereon is feeling the heat so our market due to interconnection in global market. Henceforth, manufacturing activity around the world contracted at the sharpest pace in a decade thereafter, inflicting credit crisis on companies and households. Moreover, a dismal economic data has added to the concerns about the weakening domestic economy. Further, news of political instability in India is adding fuel to the fire. After the recent happening in Mumbai, the foreigners are discouraged to come to India due to lack of security.
On the sectoral front, traders on-loaded positions across the sectors except. Auto stocks hammered on dipping sales volume for Nov’08 of the three major auto makers- Maruti Suzuki, Bajaj Auto and TVS Motors. Oil&Gas stocks fell due to slide in crude oil prices. Oil prices are trading to a 3-1/2 years low on weak outlook for global demand. Further, Realty stocks declined on reports that realty prices are expected to correct by 30% in the coming months due to overall slowdown in the economy. Meanwhile, Banking stocks fell on fears of rising defaults in a weakening economy and credit crisis.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 1,927 shares traded so far, 507 shares advanced while 1,358 shares declined. Nearly 62 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 237.65 points at 8,602.21 and NSE Nifty is down by 67.34 points at 2,615.55.
The BSE Mid Cap is trading lower by 66.55 points at 2,779.92 and Small cap is trading down by 63.94 points at 3,233.79.
Losers from the BSE Sensex Pack are Mahindra & Mahindra down by (8.14%) at Rs.250.00 along with Maruti Suzuki by (6.41%) at Rs.454.40, Housing Development Finance Corporation by (5.44%) at Rs.1,360.00, Reliance Industries by (4.79%) at Rs.1,055.95, RCom by (4.76%) at Rs.187.00, State Bank of India by (4.26%) at Rs.1,011.00 and ONGC by (3.99%) at Rs.654.05.
The BSE Oil&Gas index is lower by 217.39 points at 5,315.98. Stocks trading down are Cairn Ind by (5.84%) at Rs.132.25 along with Essar Oil by (4.94%) at Rs.72.15, Reliance Industries by (4.79%) at Rs.1,055.95 and ONGC by (3.99%) at Rs.654.05.
The BSE Auto index is lower by 83.92 points at 2,138.41. Stocks trading lower are Mahindra & Mahindra down by (8.14%) at Rs.250.00 along with Amtek Auto by (7.53%) at Rs.48.50, Maruti Suzuki by (6.41%) at Rs.454.40 and Total Motors by (3.43%) at Rs.128.20.
On the sectoral front, traders on-loaded positions across the sectors except. Auto stocks hammered on dipping sales volume for Nov’08 of the three major auto makers- Maruti Suzuki, Bajaj Auto and TVS Motors. Oil&Gas stocks fell due to slide in crude oil prices. Oil prices are trading to a 3-1/2 years low on weak outlook for global demand. Further, Realty stocks declined on reports that realty prices are expected to correct by 30% in the coming months due to overall slowdown in the economy. Meanwhile, Banking stocks fell on fears of rising defaults in a weakening economy and credit crisis.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 1,927 shares traded so far, 507 shares advanced while 1,358 shares declined. Nearly 62 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 237.65 points at 8,602.21 and NSE Nifty is down by 67.34 points at 2,615.55.
The BSE Mid Cap is trading lower by 66.55 points at 2,779.92 and Small cap is trading down by 63.94 points at 3,233.79.
Losers from the BSE Sensex Pack are Mahindra & Mahindra down by (8.14%) at Rs.250.00 along with Maruti Suzuki by (6.41%) at Rs.454.40, Housing Development Finance Corporation by (5.44%) at Rs.1,360.00, Reliance Industries by (4.79%) at Rs.1,055.95, RCom by (4.76%) at Rs.187.00, State Bank of India by (4.26%) at Rs.1,011.00 and ONGC by (3.99%) at Rs.654.05.
The BSE Oil&Gas index is lower by 217.39 points at 5,315.98. Stocks trading down are Cairn Ind by (5.84%) at Rs.132.25 along with Essar Oil by (4.94%) at Rs.72.15, Reliance Industries by (4.79%) at Rs.1,055.95 and ONGC by (3.99%) at Rs.654.05.
The BSE Auto index is lower by 83.92 points at 2,138.41. Stocks trading lower are Mahindra & Mahindra down by (8.14%) at Rs.250.00 along with Amtek Auto by (7.53%) at Rs.48.50, Maruti Suzuki by (6.41%) at Rs.454.40 and Total Motors by (3.43%) at Rs.128.20.
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