The markets today opened sharply lower tracking weak cues from the global markets. The Asian markets are also trading weak tracking overnight losses in the US markets. Further the investors are worried to take any fresh positions ahead of the F&O expiry on Thursday. All the sectorial indices are trading in red in the opening trade. The Realty and Banking stocks are the worst hit in the early trade. The heavy sell off is also seen among the Metal, Oil & Gas, Capital Goods, IT and Consumer Durables stocks are also in the seller’s ride in the opening trade. The broader markets today are also witnessing some selling pressure in the early trade.
The Asian markets are trading lower with Shanghai Composite, Nikkei 225, Hang Seng, Seoul Composite and Straits Times index are trading lower by (2.62%), (2.04%), (3.50%), (2.86%) and (1.79%) respectively. Asian stocks tumbled, amid growing global concern. Asian markets fell sharply on the back of a sharp fall in the US markets.
The US markets on Monday plunged to their lowest levels in nearly 12 years due to uncertainties about the recent US government action to shore up struggling banks. Further there are reports that the government agencies pledged their support for a strong financial system. The investors reacted positively to word the government may convert its preferred Citigroup shares into common shares. This move by the government would bolster Citi''s tangible equity and improve the bank''s ability to absorb losses. The Dow Jones Industrial Average (DJIA) dropped by 250.89 points to close at 7,114.78. The NASDAQ Composite (RIXF) index decreased by 53.51 points to close at 1,387.72 and the S&P 500 (SPX) fell by 26.72 points to close at 743.33.
The BSE Sensex is now trading below the 8,700 mark and the NSE Nifty trading below the 2,700 mark.
HUL reported the top gainer from the BSE Sensex pack, as it is trading higher by (0.40%) at Rs. 250.20, while DLF reported the top loser down by (5.51%) at RS. 146.50.
The overall market breadth is negative as 285 stocks are advancing while 1044 stocks are declining on BSE.
At 10.30AM, the BSE Sensex was down by 215.38 points at 8,627.83 and the Nifty was down by 54.75 points to 2,681.70.
The BSE Mid Cap decreased by 65.87 points to 2,725.85 and the BSE Small Cap fell by 60.04 points to 3,100.55.
BSE Realty index is trading lower by 50.89 points or (3.50%) to trade at 1,402.83. The top losers are Ansal Infra decreased by (6.19%) to Rs.23.50, Pasavnath down by (5.45%) to Rs.34.70, Mahindra Life declined by (4.92%) to Rs.98.60 followed by DLF fell by (4.58%) to Rs. 147.95.
BSE Bankex index is trading lower by 128.66 points or (2.99%) to trade at 4,170.25. The major losers are PNB declined by (4.64%) to Rs. 346, Bank of Baroda down by (4.17%) to Rs.215, AXIS Bank decreased by (3.74%) to Rs.359.20 followed by ICICI Bank fell by (3.85%) to Rs.323.
ICICI Bank is trading lower by (3.62%) at Rs. 323.70. The bank said that it will go even slower in disbursing auto loans, unless there is clarity on the repossession norms for vehicles. The bank on an average disbursed around Rs 900 crore every month as vehicle loans in 2007-08. In the current fiscal, this figure has come down to about Rs 400-450 crore.
The Asian markets are trading lower with Shanghai Composite, Nikkei 225, Hang Seng, Seoul Composite and Straits Times index are trading lower by (2.62%), (2.04%), (3.50%), (2.86%) and (1.79%) respectively. Asian stocks tumbled, amid growing global concern. Asian markets fell sharply on the back of a sharp fall in the US markets.
The US markets on Monday plunged to their lowest levels in nearly 12 years due to uncertainties about the recent US government action to shore up struggling banks. Further there are reports that the government agencies pledged their support for a strong financial system. The investors reacted positively to word the government may convert its preferred Citigroup shares into common shares. This move by the government would bolster Citi''s tangible equity and improve the bank''s ability to absorb losses. The Dow Jones Industrial Average (DJIA) dropped by 250.89 points to close at 7,114.78. The NASDAQ Composite (RIXF) index decreased by 53.51 points to close at 1,387.72 and the S&P 500 (SPX) fell by 26.72 points to close at 743.33.
The BSE Sensex is now trading below the 8,700 mark and the NSE Nifty trading below the 2,700 mark.
HUL reported the top gainer from the BSE Sensex pack, as it is trading higher by (0.40%) at Rs. 250.20, while DLF reported the top loser down by (5.51%) at RS. 146.50.
The overall market breadth is negative as 285 stocks are advancing while 1044 stocks are declining on BSE.
At 10.30AM, the BSE Sensex was down by 215.38 points at 8,627.83 and the Nifty was down by 54.75 points to 2,681.70.
The BSE Mid Cap decreased by 65.87 points to 2,725.85 and the BSE Small Cap fell by 60.04 points to 3,100.55.
BSE Realty index is trading lower by 50.89 points or (3.50%) to trade at 1,402.83. The top losers are Ansal Infra decreased by (6.19%) to Rs.23.50, Pasavnath down by (5.45%) to Rs.34.70, Mahindra Life declined by (4.92%) to Rs.98.60 followed by DLF fell by (4.58%) to Rs. 147.95.
BSE Bankex index is trading lower by 128.66 points or (2.99%) to trade at 4,170.25. The major losers are PNB declined by (4.64%) to Rs. 346, Bank of Baroda down by (4.17%) to Rs.215, AXIS Bank decreased by (3.74%) to Rs.359.20 followed by ICICI Bank fell by (3.85%) to Rs.323.
ICICI Bank is trading lower by (3.62%) at Rs. 323.70. The bank said that it will go even slower in disbursing auto loans, unless there is clarity on the repossession norms for vehicles. The bank on an average disbursed around Rs 900 crore every month as vehicle loans in 2007-08. In the current fiscal, this figure has come down to about Rs 400-450 crore.
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