The markets have drifted down further, as profit booking continues in metal, capital goods, realty, oil, power and banking stocks — the same stocks that led Monday's rally. The Nifty has now slipped below the 3,100 mark.
The Sensex tumbled 310 points to 10,225 and the Nifty lost 81 points to 3,067 at 10:16 am. The BSE Midcap fell 0.9% and Small Cap lost 0.5%.
Market breadth is negative; about 1411 shares have advanced while 1558 shares have declined. Nearly 223 shares are unchanged.
Reliance Industries, Bharti Airtel, BHEL, Infosys, ONGC, NTPC, ICICI Bank, DFL, Cairn India, HDFC Bank, ICICI Bank, Sterlite Industries, Tata Steel, L&T, SBI, SAIL and HDFC are putting pressure on the markets.
Markets @ 9:56 am : Markets retreat; metal, oil, realty stocks dip
The markets retreated on the back of profit booking, snapping two days of gains. Selling is seen in realty, oil, metal, and select capital goods and banking stocks. Global cues are slightly negative today.
At 9:56 am, the Sensex went down 168 points to 10,367 and the Nifty fell 41 points to 3,106. CNX Midcap 100 lost 25 points to3,835.
ICICI Bank, Hindalco, DLF, Cairn India, Reliance Industries, Sterlite Industries, Reliance Petroleum, Unitech, Suzlon Energy, Tata Steel, BHEL, Infosys and ONGC are under pressure. However, BPCL, ITC and Sun Pharma are gainers.
However, sugar stocks like Bajaj Hindustan and Balrampur Chini are up 1.5-2.5%.
Asian markets are mixed, after recovering from lows of the day. Shanghai, Hang Seng and Kospi gained over 0.35% each. However, Straits Times and Taiwan fell around 1%. Nikkei and Jakarta lost marginally.
Crude December Futures made a low at $59.10 to a barrel on the NYMEX. Currently, it is hovering around USD 61/bbl, due to weak demand. IMF warned of simultaneous recession in Japan, Europe and US.
US markets dropped as a worsening outlook for companies from Goldman Sachs to Google overshadowed China's $ 586 billion stimulus plan and pledges by the world's biggest nations to bolster economic growth. The Dow plunged 73.27 points, or 0.82%, to 8,870.54. The S&P 500 index declined 11.78 points, or 1.27%, to 919.21, and the Nasdaq composite index dropped 30.66 points, or 1.86%, to 1,616.74.
Market cues:
SEBI puts all fresh FMP offer documents that allow exit option on hold
SEBI to relook at FMP norms
SEBI doubles bank borrowing limit for MFs, to be only used for redemption & repurchase
FIIs net buy USD 15 million in equity
MFs net sell Rs 81.7 crore in equity
NSE F&O Open Int up by Rs 2,971 crore at Rs 51,657 crore
F&O cues:
Stock Futures add 2 crore shares in Open Interest
Futures Open Interest up by Rs 2,042 crore and Options Open Interest up by Rs 929 crore
Nifty Futures add 13.6 lakh shares in Open Interest, at 12-pt premium
Nifty Open Interest Put-Call ratio at 1.23 versus 1.15
Nifty Puts add 27 lakh shares in Open Interest
Nifty Calls Open Interest unchanged
Nifty 3000 Put adds 9.2 lakh shares in Open Interest
Nifty 2900 Put adds 4.8 lakh shares in Open Interest
Nifty 2800 Put adds 4.6 lakh shares in Open Interest
Nifty 3200 Call adds 2.1 lakh shares in Open Interest
Monday, November 10, 2008
Positive global cues boost mkts; Metals shine, Power gains
It was a spectacular session for the markets. Positive global cues led by announcement of China's USD 586 billion economic stimulus package, helped benchmark indices to remain strong. However, volumes have been quite tepid at around Rs 44,000 crore. Metal sector was the leader in today's rally followed by power, capital goods, telecom, oil & gas and technology sectors. Midcap and small cap stocks were also in the limelight.
The Sensex rose 571.87 points or 5.74%, to close at 10,536.16, after hitting an intraday high of 10,570.58. The 50-share Nifty Fifty gained 175.25 points or 5.89%, to settle at 3148.25. It has hit a high of 3161.25.
BSE Midcap Index was up by 119.71 points 3.57% to 3,475.09 and Small Cap Index jumped 87.93 points or 2.25% to 3,988.03.
Volumes were very low; total traded turnover stood at Rs 43,245.80 crore. This includes Rs 30,290.49 crore from NSE F&O segment, Rs 9,261.71 crore from NSE cash and the balance Rs 3,693.60 crore from BSE Cash segment.
Major Asian markets posted strong rally, as China announced USD 586 million package and Taiwan cut rate. Shanghai closed higher by 7.27% and Nikkei jumped 5.81%. Hang Seng rose 3.52%. Straits Times and Kospi were up 1-1.6%. Jakarta and Taiwan ended flat.
After announcement of China's economic stimulus package, base metal prices surged and Japanese Yen fell. Copper Futures jumped 8%, Nickel up 11%, Lead & Zinc gained 5% and aluminum was up 4%. BHP Billiton, Arcelor-Mittal and ABB jumped over 8% in the European markets.
European markets were trading higher. FTSE, CAC and DAX rose at around 3.5% each. Dow Jones and Nasdaq Futures were up 164 points and 25.50 points respectively, at 3:48 pm.
The Sensex rose 571.87 points or 5.74%, to close at 10,536.16, after hitting an intraday high of 10,570.58. The 50-share Nifty Fifty gained 175.25 points or 5.89%, to settle at 3148.25. It has hit a high of 3161.25.
BSE Midcap Index was up by 119.71 points 3.57% to 3,475.09 and Small Cap Index jumped 87.93 points or 2.25% to 3,988.03.
Volumes were very low; total traded turnover stood at Rs 43,245.80 crore. This includes Rs 30,290.49 crore from NSE F&O segment, Rs 9,261.71 crore from NSE cash and the balance Rs 3,693.60 crore from BSE Cash segment.
Major Asian markets posted strong rally, as China announced USD 586 million package and Taiwan cut rate. Shanghai closed higher by 7.27% and Nikkei jumped 5.81%. Hang Seng rose 3.52%. Straits Times and Kospi were up 1-1.6%. Jakarta and Taiwan ended flat.
After announcement of China's economic stimulus package, base metal prices surged and Japanese Yen fell. Copper Futures jumped 8%, Nickel up 11%, Lead & Zinc gained 5% and aluminum was up 4%. BHP Billiton, Arcelor-Mittal and ABB jumped over 8% in the European markets.
European markets were trading higher. FTSE, CAC and DAX rose at around 3.5% each. Dow Jones and Nasdaq Futures were up 164 points and 25.50 points respectively, at 3:48 pm.
Sensex above 10500; Metal up 10%, CG, O&G, Power up 6-8%
Huge buying in metal, power, capital goods, and oil stocks is propeling the markets northbound. The Nifty is trading above 3,100 while the Sensex is trying to sustain above 10,500. Upsurge in European markets is another positive factor which helping the markets a lot. Buying is also seen in realty, banking, telecom, and technology stocks. Sterlite, Tata Steel, and Hindalco are up 11-14%.
The Sensex jumped 579 points to 10,543 and the Nifty rose 176 points to 3149, at 3:12 pm. BSE Midcap gained 3% and Small Cap Index rose nearly 2%.
Among the frontliners, Sterlite Industries, Tata Steel and Hindalco went up 12-14.5%. Reliance Infrastructure, Jaiprakash Associates, ONGC, BHEL, ICICI Bank, NALCO, Unitech, Siemens and ABB gained 7.5-10.5%. However, ITC, Maruti Suzuki, Suzlon Energy and BPCL are top losers.
Market breadth is positive; about 1886 shares have advanced while 1103 shares have declined. Nearly 203 shares are unchanged.
BSE Metal Index gained over 10.5%. Power, Capital Goods, Oil & Gas, Bankex, TECK and Realty indices rose 4-8%.
On the global front, Dow Jones Futures rose 164 points and Nasdaq Futures gained 19.50 points.
European markets are trading strong. FTSE, DAX and CAC surged 3-4%.
On the global front, Asian markets closed strong due to China's USD 586 billion economic stimulus package. Shanghai went up 7.27%. Nikkei rose 5.81%. Hang Seng jumped 3.52%. Straits Times and Kospi rose 1-1.5%. However, Jakarta and Taiwan fell marginally.
The Sensex jumped 579 points to 10,543 and the Nifty rose 176 points to 3149, at 3:12 pm. BSE Midcap gained 3% and Small Cap Index rose nearly 2%.
Among the frontliners, Sterlite Industries, Tata Steel and Hindalco went up 12-14.5%. Reliance Infrastructure, Jaiprakash Associates, ONGC, BHEL, ICICI Bank, NALCO, Unitech, Siemens and ABB gained 7.5-10.5%. However, ITC, Maruti Suzuki, Suzlon Energy and BPCL are top losers.
Market breadth is positive; about 1886 shares have advanced while 1103 shares have declined. Nearly 203 shares are unchanged.
BSE Metal Index gained over 10.5%. Power, Capital Goods, Oil & Gas, Bankex, TECK and Realty indices rose 4-8%.
On the global front, Dow Jones Futures rose 164 points and Nasdaq Futures gained 19.50 points.
European markets are trading strong. FTSE, DAX and CAC surged 3-4%.
On the global front, Asian markets closed strong due to China's USD 586 billion economic stimulus package. Shanghai went up 7.27%. Nikkei rose 5.81%. Hang Seng jumped 3.52%. Straits Times and Kospi rose 1-1.5%. However, Jakarta and Taiwan fell marginally.
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