Friday, December 12, 2008

Shaky Global Cues Pulled Indian Bourses Down - Dec 12, 2008

The Indian bourses are trading in red, as the global indices battered after US auto bailout package failed. In addition, the investors are cautious over the October IIP number, which is expected to fall below 4%. The recent cut in production by major manufacturing companies will lead to the fall. The deepening recession and fall in demand in major economies will continue to pressure further slumps. Subsequently, the benchmark indices are expected to be range bound and will closely watch the IIP number. The index heavyweight like Capital Goods, Metal, Bankex and IT are trading in negative zone. The market breath is favoring decline, as 902 stocks are trading in red and about 875 stocks in green on the broader BSE.

At 11.30 AM, the BSE Sensex is losing by 289.05 points at 9,356.40 and NSE Nifty down by 84.34 points at 2,835.80. The BSE Mid Cap is trading lower by 5.67 points at 2,997.41 whereas BSE Small Cap is trading up by 12.96 points at 3,456.56.

Losers from the NSE Nifty Pack are Wipro down by (6.11%) at Rs.234.45 along with Ambuja Cement by (5.82%) at Rs.59.05, HCL Tech by (5.67%) at Rs.109.00, SAIL by (5.54%) at Rs.75.00 and TCS by (5.48%) at Rs.479.85.

Losers from the BSE Sensex Pack are Wipro down by (6.86%) at Rs.232.85 along with Sterlite Ind by (6.46%) at Rs.276.00, TCS by (5.45%) at Rs.480.00, Tata Motors by (5.01%) at Rs.152.50 and Reliance Comm by (4.79%) at Rs.227.75.

BSE Capital Goods is trading lower by 193.41 points at 6,616.86. The top losers in the index are Punj Lloyd down by (5.29%) to Rs.147.80, ABB Ltd decreased by (4.73%) to Rs.431.50, Siemens Ltd by (3.68%) to Rs.238.50 followed by L&T Ltd by (3.61%) at Rs.753.55 and Reliance Industrial Infra by (3.20%) to Rs.369.00.

BSE Metal index is trading down by 190.57 points at 5,062.54. The major losers are JSW Steel trading down by (5.53%) at Rs.226.50, NALCO by (5.53%) at Rs.185.20, SAIL by (5.17%) at Rs.75.20, Sterlite Ind by (4.97%) to Rs.280.40, followed by Tata Steel by (4.75%) to Rs.207.50.

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