Heavy promises under tuff economic environment lifted the sentiments around the world but market still trading cautious on concern over weaker financial results from corporate and mounting recession pressure. As a result of this, demand for the regional products is squeezed off.
High expectations for details on how the new US administration would address the growing financial crisis, faltering economy and increasing job losses that were dampened after the inauguration speech by Barack H. Obama concluded with little new information to digest.
On the sectoral front, traders off-loaded position across sectors. Auto stocks were trading weak on worries of higher interest rates and sluggish consumer spending have suppressed demand for automobiles, including for trucks, motorcycles and scooters. Realty stocks also joined the party of decline on reports that falling interest rates have failed to revive housing demand. Banking stocks are under pressure on fear of rising defaults in slowing economy. IT socks slipped on worries of weak global economy that would cut the amount firms spent on technology.
Moreover, capital goods stocks slipped on worries of slowing economy that might eat up prospective orders as a result of curtailment in capital expenditure earlier planned by firms. Further, Metal stocks declined on worries a weakening domestic and global economy has hit the demand.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,246 stocks traded so far, 824 shares advanced while 1,342 shares declined. Nearly 80 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 194.37 points at 8,906.17 and NSE Nifty is down by 53.29 points at 2,743.3.
The BSE Mid Cap is trading lower by 27.09 points at 2,988.92 and Small cap is trading down by 30.09 points at 3,409.00.
Losers from the BSE Sensex Pack are ICICI Bank slumped 5.61% to Rs. 375.00 along with Sterlite Ind down by 5.78% at Rs. 242.90, Tata Power 5.75% to Rs. 725.65, Ranbaxy Labs by 5.15% at Rs. 203.35, Housing Development Finance Co by 4.21% to Rs. 1,420.90 Reliance Infra by 3.69% to Rs. 531.65 and Wipro Ltd by 3.01% to Rs. 221.00 among others.
Gainers from the BSE Sensex pack are Hindustan Unilever gained by 2.97% to Rs. 253.50 along with ITC Ltd by 0.76% to Rs. 171.75 and Hindalco ind by 0.72% to Rs. 49.05.
The BSE Bankex index is lower by 139.54 points or 2.89% at 4,694.27. Stocks trading in red are ICICI Bank slumped 5.61% to Rs. 375.00, Federal Bank by 4.44% to Rs. 146.50, Bank of India by 3.01% at Rs. 243.65, Axis bank by 2.40% at Rs. 412.25, IDBI Bank 2.40% to Rs. 57.00 and HDFC Bank by 2.26% to Rs. 891.20 among others.
Reliance Industries fell 2.28% to Rs 1,155.50 on worries recent fall in crude oil prices will hit refining margins of the company.
Hero Honda Motors gained 0.55% to Rs. 838.60 after the company reported satisfactory quarterly results for Q3FY09.
Tata Steel fell 2.51% to Rs. 190.10 after its Thailand-based unit reported its biggest quarterly loss since 2003.
Radico Khaitan gained 2.16% to Rs. 73.15 on reports the promoter of the company is looking to sell about 26% stake in the firm to global liquor makers.
Bharat Heavy Electricals fell 2.12% to Rs. 1,369.85 on expectation of weaker quarterly result for Q3FY09 that will be announced today.
Dr Reddy''s Laboratories fell 4.15% to Rs. 448.50 after it posted a below-forecast quarterly result for Q3FY09 due to lower earnings from Europe.
GSS America Infotech rose 11.49% to Rs. 116.45 after the company said its board will meet on 29 January 2009 to consider a share buyback.
Indian Bank rose 1.49% to Rs. 126.30 after the company reported strong quarterly results for Q3FY09.
Shyam Telecom rose 0.35% to Rs. 42.50 after the company''s net loss narrowed in Q3Fy09.
Wipro lost 3.01% to Rs. 221.00 after the company forecast a 7% fall in revenue for Q4 March 2009 on global economic downturn and pricing pressure from western clients.
High expectations for details on how the new US administration would address the growing financial crisis, faltering economy and increasing job losses that were dampened after the inauguration speech by Barack H. Obama concluded with little new information to digest.
On the sectoral front, traders off-loaded position across sectors. Auto stocks were trading weak on worries of higher interest rates and sluggish consumer spending have suppressed demand for automobiles, including for trucks, motorcycles and scooters. Realty stocks also joined the party of decline on reports that falling interest rates have failed to revive housing demand. Banking stocks are under pressure on fear of rising defaults in slowing economy. IT socks slipped on worries of weak global economy that would cut the amount firms spent on technology.
Moreover, capital goods stocks slipped on worries of slowing economy that might eat up prospective orders as a result of curtailment in capital expenditure earlier planned by firms. Further, Metal stocks declined on worries a weakening domestic and global economy has hit the demand.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,246 stocks traded so far, 824 shares advanced while 1,342 shares declined. Nearly 80 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 194.37 points at 8,906.17 and NSE Nifty is down by 53.29 points at 2,743.3.
The BSE Mid Cap is trading lower by 27.09 points at 2,988.92 and Small cap is trading down by 30.09 points at 3,409.00.
Losers from the BSE Sensex Pack are ICICI Bank slumped 5.61% to Rs. 375.00 along with Sterlite Ind down by 5.78% at Rs. 242.90, Tata Power 5.75% to Rs. 725.65, Ranbaxy Labs by 5.15% at Rs. 203.35, Housing Development Finance Co by 4.21% to Rs. 1,420.90 Reliance Infra by 3.69% to Rs. 531.65 and Wipro Ltd by 3.01% to Rs. 221.00 among others.
Gainers from the BSE Sensex pack are Hindustan Unilever gained by 2.97% to Rs. 253.50 along with ITC Ltd by 0.76% to Rs. 171.75 and Hindalco ind by 0.72% to Rs. 49.05.
The BSE Bankex index is lower by 139.54 points or 2.89% at 4,694.27. Stocks trading in red are ICICI Bank slumped 5.61% to Rs. 375.00, Federal Bank by 4.44% to Rs. 146.50, Bank of India by 3.01% at Rs. 243.65, Axis bank by 2.40% at Rs. 412.25, IDBI Bank 2.40% to Rs. 57.00 and HDFC Bank by 2.26% to Rs. 891.20 among others.
Reliance Industries fell 2.28% to Rs 1,155.50 on worries recent fall in crude oil prices will hit refining margins of the company.
Hero Honda Motors gained 0.55% to Rs. 838.60 after the company reported satisfactory quarterly results for Q3FY09.
Tata Steel fell 2.51% to Rs. 190.10 after its Thailand-based unit reported its biggest quarterly loss since 2003.
Radico Khaitan gained 2.16% to Rs. 73.15 on reports the promoter of the company is looking to sell about 26% stake in the firm to global liquor makers.
Bharat Heavy Electricals fell 2.12% to Rs. 1,369.85 on expectation of weaker quarterly result for Q3FY09 that will be announced today.
Dr Reddy''s Laboratories fell 4.15% to Rs. 448.50 after it posted a below-forecast quarterly result for Q3FY09 due to lower earnings from Europe.
GSS America Infotech rose 11.49% to Rs. 116.45 after the company said its board will meet on 29 January 2009 to consider a share buyback.
Indian Bank rose 1.49% to Rs. 126.30 after the company reported strong quarterly results for Q3FY09.
Shyam Telecom rose 0.35% to Rs. 42.50 after the company''s net loss narrowed in Q3Fy09.
Wipro lost 3.01% to Rs. 221.00 after the company forecast a 7% fall in revenue for Q4 March 2009 on global economic downturn and pricing pressure from western clients.
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