The markets today open sharply lower with a heavy gap down. The markets have given up the two days of gaining steam on the back of weakness across global markets after the USD 2 trillion US bank rescue plan disappointed. All the sectorial indices are trading in red in the early trade. The Capital Goods, Banking, Metal, Realty, Consumer Durables and Power stocks are facing the huge selling pressure. The BSE Mid Cap and the BSE Small Cap stocks are also on the seller’s ride today
The Asian markets are trading sharply lower today with Hang Seng, Shanghai Composite, Seoul Composite and Straits Times index are trading lower by (3.19%), (0.56%), (1.34%) and (0.30%) respectively. Japan’s stock market, the world’s second largest, is closed today for a holiday.
The US stock market on Monday plunged marking the biggest drop since December after the government announced details of the bank rescue plan. Timothy Geithner, the Treasury Secretary, has unveiled revamped plan of around $2 trillion to stabilize ailing financial institutions and revive lending. The investor’s sentiments turned pessimistic as the Treasury failed to provide clarity on how it will handle the toxic assets that are driving losses and write-downs on bank balance sheets. This has overshadowed the US$838bn economic stimulus bill being passed by the Senate. The Dow Jones Industrial Average (DJIA) dropped by 381.99 points to close at 7,888.88. The NASDAQ Composite (RIXF) index decreased by 66.83 points to close at 1,524.73 and the S&P 500 (SPX) fell 42.73 points to close at 827.16.
The BSE Sensex is now trading below the 9,500 mark and the NSE Nifty trading below the 2,900 mark.
Ranbaxy Laboratories reported the top gainer from the BSE Sensex pack, as it is trading higher by (2.51%) at Rs. 238.70 while Reliance Infra the top loser down by (3.98%) at Rs. 540.10.
The overall market breadth is negative as 431 stocks are advancing while 776 stocks are declining on BSE.
At 10.30AM, the BSE Sensex was down by 162.70 points at 9,484.77 and the Nifty was down by 44.55 points to 2,889.95.
The BSE Mid Cap decreased by 26.82 points to 2,927.43 and the BSE Small Cap slipped by 20.32 points to 3,322.20.
BSE Capital Goods index is trading lower by 118.55 points or (1.83%) to trade at 6,365.75. The top losers are AIA Engineering decreased by (9.40%) to Rs.107.50, Praj Industries down by (2.65%) to Rs.60.65, Gammon India declined by (2.32%) to Rs.69.60 followed by Havells India fell by (2.13%) to Rs. 117.40.
BSE Bank index is trading lower by 83.84 points or (1.69%) to trade at 4,888.85. The major losers are HDFC Bank declined by (2.56%) to Rs. 922.60, ICICI Bank down by (2.24%) to Rs.418.50, AXIS Bank decreased by (2.24%) to Rs.418.50 followed by Kotak Bank fell by (1.62%) to Rs.276.55.
Ranbaxy Laboratories is trading higher by (2.62%) at Rs. 238.80. The company has bagged its first big drug approval from US Food and Drug Administration for its generic Imitrex.
Bharti Airtel is trading lower by (1.59%) at Rs. 653. The company has announced lifetime prepaid recharge option for Rs. 49. Existing Airtel customers can avail themselves of this facility at Rs. 48 only.
The Asian markets are trading sharply lower today with Hang Seng, Shanghai Composite, Seoul Composite and Straits Times index are trading lower by (3.19%), (0.56%), (1.34%) and (0.30%) respectively. Japan’s stock market, the world’s second largest, is closed today for a holiday.
The US stock market on Monday plunged marking the biggest drop since December after the government announced details of the bank rescue plan. Timothy Geithner, the Treasury Secretary, has unveiled revamped plan of around $2 trillion to stabilize ailing financial institutions and revive lending. The investor’s sentiments turned pessimistic as the Treasury failed to provide clarity on how it will handle the toxic assets that are driving losses and write-downs on bank balance sheets. This has overshadowed the US$838bn economic stimulus bill being passed by the Senate. The Dow Jones Industrial Average (DJIA) dropped by 381.99 points to close at 7,888.88. The NASDAQ Composite (RIXF) index decreased by 66.83 points to close at 1,524.73 and the S&P 500 (SPX) fell 42.73 points to close at 827.16.
The BSE Sensex is now trading below the 9,500 mark and the NSE Nifty trading below the 2,900 mark.
Ranbaxy Laboratories reported the top gainer from the BSE Sensex pack, as it is trading higher by (2.51%) at Rs. 238.70 while Reliance Infra the top loser down by (3.98%) at Rs. 540.10.
The overall market breadth is negative as 431 stocks are advancing while 776 stocks are declining on BSE.
At 10.30AM, the BSE Sensex was down by 162.70 points at 9,484.77 and the Nifty was down by 44.55 points to 2,889.95.
The BSE Mid Cap decreased by 26.82 points to 2,927.43 and the BSE Small Cap slipped by 20.32 points to 3,322.20.
BSE Capital Goods index is trading lower by 118.55 points or (1.83%) to trade at 6,365.75. The top losers are AIA Engineering decreased by (9.40%) to Rs.107.50, Praj Industries down by (2.65%) to Rs.60.65, Gammon India declined by (2.32%) to Rs.69.60 followed by Havells India fell by (2.13%) to Rs. 117.40.
BSE Bank index is trading lower by 83.84 points or (1.69%) to trade at 4,888.85. The major losers are HDFC Bank declined by (2.56%) to Rs. 922.60, ICICI Bank down by (2.24%) to Rs.418.50, AXIS Bank decreased by (2.24%) to Rs.418.50 followed by Kotak Bank fell by (1.62%) to Rs.276.55.
Ranbaxy Laboratories is trading higher by (2.62%) at Rs. 238.80. The company has bagged its first big drug approval from US Food and Drug Administration for its generic Imitrex.
Bharti Airtel is trading lower by (1.59%) at Rs. 653. The company has announced lifetime prepaid recharge option for Rs. 49. Existing Airtel customers can avail themselves of this facility at Rs. 48 only.
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