The key benchmark indices plunged after tumbling sharply on weak global cues lingered by lower Asian stocks and overnight pullback in US stocks. The market has pared some early losses on reports that the government will have a disinvestment plan in three months to bridge the high fiscal deficit which is mounting heavily.
The government has set a target of Rs. 1,120 crore from divestment during financial year ending March 2010 in the Union Budget 2009-2010. Meanwhile, selling by foreign funds weighed on the investors sentiments.
On the sectoral front, all 13 Indices shrunk. Oil stocks came under pressure as crude oil fell to a six-week low on overnight on speculation that a US government report will show rise in weekly US crude inventories as the recession cut demand.
Bank stocks fell as government skipped financial sector reforms in the Budget which were high. Capital goods and construction stocks slipped despite Budget laid a major emphasis on infrastructure development.
Cement stocks gained as a thrust on the infrastructure sector in the Budget may boost cement demand.
Metal stocks plunged after LMEX, a measure of six metals traded on the London Metal Exchange, fell 1.18% overnight.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,442 stocks traded so far, 482 shares advanced while 1,900 shares declined. Nearly 60 shares are unchanged.
The BSE Sensex is trading lower by 251.80 points at 13,918.64 whereas NSE Nifty is down by 91.40 points at 4,112.55.
The BSE Mid Cap is trading lower by 126.92 points at 4,837.42 and Small cap is trading down by 145.37 points at 5,398.89.
Major gainers from the BSE Sensex pack are ACC Limited surged 3.32% to Rs. 787.80 along with Tata Motors Limited 2.89% to Rs. 287.95, Grasim Industries Limited gained 2.46% to Rs. 2,476.00, Hindalco Industries Limited improved 1.22% to Rs. 79.00, Maruti Suzuki India Limited advanced 0.75% to Rs. 1,079.95, NTPC Limited improved 0.60% to Rs. 194.20 and Reliance Industries Limited gained 0.53% to Rs. 1,865.20 among others.
Losers from the BSE Sensex Pack are Tata Steel Limited plunged 6.61% to Rs. 371.80 along with Sterlite Industries by 5.55% to Rs. 562.90, ICICI Bank Limited 4.96% to Rs. 660.50, Reliance Infrastructure Limited by 4.75% to Rs. 1,101.25, DLF Limited by 4.74% to Rs. 293.50, Larsen & Toubro Limited 3.80% to Rs. 1,443.80, State Bank of India Limited 3.02% to Rs. 1,587.00 and Housing development finance corporation Limited slipped 2.97% to Rs. 2,294.00 among others.
The BSE Realty is lower by 209.69 points or 6.59% at 2,972.45. Stocks trading in red are Unitech Limited plunged 10.75% to Rs. 68.10, Indiabulls Realty Limited 7.14% to Rs. 191.20, Omaxe Limited 6.74% to Rs. 84.45, Parsvnath by 6.72% to Rs. 77.00 and Ansal Infrastructure 6.53% to Rs. 48.65 among others.
Hindustan Unilever Limited fell 1.59% to Rs. 269.35 after a block deal of 1.99 lakh shares was executed on NSE at Rs. 273 per share. TRF Limited plunged 3.18% to Rs. 776.00 on profit taking after a recent sharp surge.
Reliance Industries Limited gained 0.53% to Rs. 1,865.20 despite the Supreme Court yesterday declined to stay the Bombay High Court''s verdict.
Sun Pharmaceuticals Industries Limited gained 0.01% to Rs. 1,143.50 after receiving approval from the US Food and Drug Administration to launch generic version of AstraZeneca Plc''s prostate cancer drug Casodex.
Cairn India Limited fell 4.30% to Rs. 210.35 after the crude oil prices dropped nearly 2% on the New York Mercantile Exchange on overnight.
The government has set a target of Rs. 1,120 crore from divestment during financial year ending March 2010 in the Union Budget 2009-2010. Meanwhile, selling by foreign funds weighed on the investors sentiments.
On the sectoral front, all 13 Indices shrunk. Oil stocks came under pressure as crude oil fell to a six-week low on overnight on speculation that a US government report will show rise in weekly US crude inventories as the recession cut demand.
Bank stocks fell as government skipped financial sector reforms in the Budget which were high. Capital goods and construction stocks slipped despite Budget laid a major emphasis on infrastructure development.
Cement stocks gained as a thrust on the infrastructure sector in the Budget may boost cement demand.
Metal stocks plunged after LMEX, a measure of six metals traded on the London Metal Exchange, fell 1.18% overnight.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,442 stocks traded so far, 482 shares advanced while 1,900 shares declined. Nearly 60 shares are unchanged.
The BSE Sensex is trading lower by 251.80 points at 13,918.64 whereas NSE Nifty is down by 91.40 points at 4,112.55.
The BSE Mid Cap is trading lower by 126.92 points at 4,837.42 and Small cap is trading down by 145.37 points at 5,398.89.
Major gainers from the BSE Sensex pack are ACC Limited surged 3.32% to Rs. 787.80 along with Tata Motors Limited 2.89% to Rs. 287.95, Grasim Industries Limited gained 2.46% to Rs. 2,476.00, Hindalco Industries Limited improved 1.22% to Rs. 79.00, Maruti Suzuki India Limited advanced 0.75% to Rs. 1,079.95, NTPC Limited improved 0.60% to Rs. 194.20 and Reliance Industries Limited gained 0.53% to Rs. 1,865.20 among others.
Losers from the BSE Sensex Pack are Tata Steel Limited plunged 6.61% to Rs. 371.80 along with Sterlite Industries by 5.55% to Rs. 562.90, ICICI Bank Limited 4.96% to Rs. 660.50, Reliance Infrastructure Limited by 4.75% to Rs. 1,101.25, DLF Limited by 4.74% to Rs. 293.50, Larsen & Toubro Limited 3.80% to Rs. 1,443.80, State Bank of India Limited 3.02% to Rs. 1,587.00 and Housing development finance corporation Limited slipped 2.97% to Rs. 2,294.00 among others.
The BSE Realty is lower by 209.69 points or 6.59% at 2,972.45. Stocks trading in red are Unitech Limited plunged 10.75% to Rs. 68.10, Indiabulls Realty Limited 7.14% to Rs. 191.20, Omaxe Limited 6.74% to Rs. 84.45, Parsvnath by 6.72% to Rs. 77.00 and Ansal Infrastructure 6.53% to Rs. 48.65 among others.
Hindustan Unilever Limited fell 1.59% to Rs. 269.35 after a block deal of 1.99 lakh shares was executed on NSE at Rs. 273 per share. TRF Limited plunged 3.18% to Rs. 776.00 on profit taking after a recent sharp surge.
Reliance Industries Limited gained 0.53% to Rs. 1,865.20 despite the Supreme Court yesterday declined to stay the Bombay High Court''s verdict.
Sun Pharmaceuticals Industries Limited gained 0.01% to Rs. 1,143.50 after receiving approval from the US Food and Drug Administration to launch generic version of AstraZeneca Plc''s prostate cancer drug Casodex.
Cairn India Limited fell 4.30% to Rs. 210.35 after the crude oil prices dropped nearly 2% on the New York Mercantile Exchange on overnight.
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