The bears have latched on to the markets heavily in second half of session and forced benchmark indices to hit new-2008 low on the back of negative global cues. The Sensex closed below 10,000 mark for the first time since July 2006 and the Nifty below 3100 level.
Biggest contributors to this fall were Reliance Industries, Bharti Airtel, Infosys, SBI, ICICI Bank, HDFC Bank, BHEL, NTPC, Reliance Communication, L&T, Reliance Infrastructure, TCS and ONGC.
The Sensex closed down by 669 points at 3,312 and the Nifty fell 215 points to 3,054 (provisional).
Friday, October 17, 2008
Sensex slipping towards 10K; Nifty below 3100
Markets are extremely under pressure; the Nifty has broken 3100 mark and the Sensex is moving towards 10,000 level. Realty, power, telecom, metal, capital goods, banking, oil and technology stocks are taking huge beating on the bourses. Midcap and small cap stocks are also under pressure.
The Sensex has touched a low 10,032.03 and the Nifty hit a low of 3080.10. The Sensex fell 545 points to 10,035 and the Nifyt lost 184 points to 3,085, at 3:05 pm.
The Sensex has touched a low 10,032.03 and the Nifty hit a low of 3080.10. The Sensex fell 545 points to 10,035 and the Nifyt lost 184 points to 3,085, at 3:05 pm.
Mkts plummet; power, realty, metal, bank stocks dip
Markets have slipped further on the back of selling in realty, power, telecom, metal, banking, capital goods, technology and auto stocks. Midcap and small cap stocks are following the same. Dow Jones and Nasdaq Futures are down 1.5-2%. European markets were up over 4%, but they have also lost some gain and are up around 2-3%.
NTPC, Bharti Airtel, Reliance Industries, Unitech, DLF, Reliance Communication, ICICI Bank, SBI, BHEL, Sterlite Industries, Reliance Infrastructure, Maruti Suzuki and HDFC Bank are top draggers.
Nirmal Jain of India Infoline said that market is likely to take longer time to recover. He would not be surprised if markets fall another 10%.
The Sensex tumbled 406 points to 10,175 and the Nifty fell 134 points to 3,134, at 2:28 pm. BSE Midcap lost nearly 2% and Small Cap Index fell 1.4%.
BSE Realty Index plunged 7.5%. Power Index lost 6%. TECK, Metal, Bankex, Capital Goods and IT indices fell 3-4%.
Among the midcap stocks, S Kumars Nationwide, ESS DEE and Orbit Corporation fell 19-20%. Provogue, Kirloskar Bros, Shree Renuka, Chambal Fert and Welspun Gujarat lost 10-11%.
In the small cap space, Unity Infraprojects, Ganesh Housing and ABG Infralogistics lost 16-20%. Khaitan Electricals, Bannariamman, Temptation Food and Kernex Micro fell 11-12.5%.
NTPC, Bharti Airtel, Reliance Industries, Unitech, DLF, Reliance Communication, ICICI Bank, SBI, BHEL, Sterlite Industries, Reliance Infrastructure, Maruti Suzuki and HDFC Bank are top draggers.
Nirmal Jain of India Infoline said that market is likely to take longer time to recover. He would not be surprised if markets fall another 10%.
The Sensex tumbled 406 points to 10,175 and the Nifty fell 134 points to 3,134, at 2:28 pm. BSE Midcap lost nearly 2% and Small Cap Index fell 1.4%.
BSE Realty Index plunged 7.5%. Power Index lost 6%. TECK, Metal, Bankex, Capital Goods and IT indices fell 3-4%.
Among the midcap stocks, S Kumars Nationwide, ESS DEE and Orbit Corporation fell 19-20%. Provogue, Kirloskar Bros, Shree Renuka, Chambal Fert and Welspun Gujarat lost 10-11%.
In the small cap space, Unity Infraprojects, Ganesh Housing and ABG Infralogistics lost 16-20%. Khaitan Electricals, Bannariamman, Temptation Food and Kernex Micro fell 11-12.5%.
Mkts under pressure; Nifty slips below 3200
Markets have tumbled after witnessing choppiness in first half of session, due to sell off in realty, power, banking, capital goods, metal and auto stocks. Bharti Airtel, NTPC, Reliance Industries, ICICI Bank, BHEL, Reliance Infrastructure, Siemens SBI, DLF, Reliance Communication, SAIL and Unitech are under pressure.
The Sensex fell 260 points to 10,320 and the Nifty lost 80 points to 3,188, at 1:24 pm. BSE Midcap and Small Cap indices fell over half a percent.
Vineet Bhatnagar of MF Global feels that the high volatility numbers indicate that markets have not stabilised. The volatility percentile band has gone above 90% three weeks ago, he added. He sees Nifty support at 3050-3100 levels. The volumes may peak there, he added.
Breadth is weak; about 1253 shares have advanced while 1717 shares have declined. Nearly 218 shares are unchanged.
BSE Power Index fell over 4%, as Reliance Infrastructure lost nearly 9%. Suzlon Energy, NTPC and CESC fell 4-6%. Tata Power, Reliance Power and GMR Infra also lost ground.
Realty stocks like Unitech tumbled nearly 11%. Indiabulls Real, Anant Raj Ind, Parsvnath, Akruti City, Ansal Properties and DLF fell 4-7%. Realty index plunged 4.8%.
Capital Goods Index slipped 2.4%. Punj Lloyd, Siemens, BHEL, Crompton Greaves, Kirloskar Bross, Bharat Electronics and Praj Industries fell 3-7%.
Bankex lost 2.5%. ICICI Bank tumbled 7.5%. Kotak Mahindra, SBI, Union Bank and Yes Bank fell 3-6.5%.
Metal stocks like JSW Steel, Sterlite Industries and Sesa Goa fell 4.5-7%. SAIL, Welspun Gujarat and Tata Steel lost 2-3%. Metal Index went down 2.5%.
The Sensex fell 260 points to 10,320 and the Nifty lost 80 points to 3,188, at 1:24 pm. BSE Midcap and Small Cap indices fell over half a percent.
Vineet Bhatnagar of MF Global feels that the high volatility numbers indicate that markets have not stabilised. The volatility percentile band has gone above 90% three weeks ago, he added. He sees Nifty support at 3050-3100 levels. The volumes may peak there, he added.
Breadth is weak; about 1253 shares have advanced while 1717 shares have declined. Nearly 218 shares are unchanged.
BSE Power Index fell over 4%, as Reliance Infrastructure lost nearly 9%. Suzlon Energy, NTPC and CESC fell 4-6%. Tata Power, Reliance Power and GMR Infra also lost ground.
Realty stocks like Unitech tumbled nearly 11%. Indiabulls Real, Anant Raj Ind, Parsvnath, Akruti City, Ansal Properties and DLF fell 4-7%. Realty index plunged 4.8%.
Capital Goods Index slipped 2.4%. Punj Lloyd, Siemens, BHEL, Crompton Greaves, Kirloskar Bross, Bharat Electronics and Praj Industries fell 3-7%.
Bankex lost 2.5%. ICICI Bank tumbled 7.5%. Kotak Mahindra, SBI, Union Bank and Yes Bank fell 3-6.5%.
Metal stocks like JSW Steel, Sterlite Industries and Sesa Goa fell 4.5-7%. SAIL, Welspun Gujarat and Tata Steel lost 2-3%. Metal Index went down 2.5%.
Mkts rangebound; Wipro, TCS, Satyam, BPCL top gainers
Markets are consolidating at current levels, due to which they are witnessing less volatility. Selling is seen in ICICI Bank, SBI, BHEL, NTPC, Reliance Communication, Reliance Infrastructure, Maruti Suzuki, Unitech, Grasim, Sterlite Industries, DLF and Bharti Airtel. However, buying continues in ONGC, Reliance Industries, TCS, Cairn India, Wipro, ITC, SAIL, Infosys, HCL Tech, Satyam and L&T.
At 12:32 pm, the Sensex rose 2.4 points to 10,583 and the Nifty gained 3.5 points at 3,272. BSE Midcap and Small cap indices up half a percent.
Market breadth is slightly weak; about 1365 shares have advanced while 1589 shares have declined. Nearly 234 shares are unchanged.
Oil marketing companies have gained; BPCL, HPCL and IOC shot up 6-9%. Cairn India, ONGC and Reliance Industries rose 1-5%. Crude is hovering around USD 72-73 to a barrel on the NYMEX.
European markets have opened sharply higher following surge in US markets; FTSE, DAX and CAC gained over 4%.
At 12:32 pm, the Sensex rose 2.4 points to 10,583 and the Nifty gained 3.5 points at 3,272. BSE Midcap and Small cap indices up half a percent.
Market breadth is slightly weak; about 1365 shares have advanced while 1589 shares have declined. Nearly 234 shares are unchanged.
Oil marketing companies have gained; BPCL, HPCL and IOC shot up 6-9%. Cairn India, ONGC and Reliance Industries rose 1-5%. Crude is hovering around USD 72-73 to a barrel on the NYMEX.
European markets have opened sharply higher following surge in US markets; FTSE, DAX and CAC gained over 4%.
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