The benchmark indices are trading sharply lower, as sell-off continues in rate sensitive, infrastructure, metal, telecom and oil & gas stocks. Negative Asian markets are also putting pressure on our markets, wherein Hang Seng and Kospi tumbled 3 per cent each, Nikkei, Straits Times and Taiwan fell 1-2.3 per cent. Shanghai lost 0.5 per cent.
The Sensex was trading at 9,108, down 196 points and the Nifty was at 2,789, down 59 points, at 10:44 hours IST. Broader indices are also following same trend; BSE Midcap and Small cap indices fell 1.4-1.8 per cent.
ED and Company Head Kotak Securities, Sanjeev Prasad, said the markets do not have any catalyst for the market ahead — the global news will worsen and we don’t see any Indian policy announcements in the next three-four months, he said — and a pre-election rally looks a little difficult. “Politics-wise too, there is this fear one could end up with a situation where nobody is able to form a stable coalition government,” Prasad said.
Among frontliners, Reliance Industries, ONGC, SBI, Bharti Airtel, DLF, ICICI Bank, NTPC, BHEL, HDFC, SAIL, TCS and Infosys are leading contributors to this fall.
Bigger underperformer of the day is realty sector, respective index tumbled 4 per cent. Orbit Corporation, DLF, Unitech, Puravankara Projects and Ansal Properties fell 5-5.6 per cent.
BSE Bankex lost 2.8 per cent, as ICICI Bank, SBI and HDFC Bank went down 3-3.6 per cent.
Tata Steel, JSW Steel, Sesa Goa, SAIL, Hindalco and Sterlite Inds fell 2.4-3.4 per cent in the metal space. Metal Index slipped 2.5 per cent.
Among other indices, Auto, Power, Oil & Gas and Capital Goods lost 1.6-2 per cent.
Spice Comm, National Fertiliser, Everest Kanto, CESC and Texmaco plunged 5-9 per cent in the midcap space.
In the small cap segment, Kohinoor Foods, Mahindra Forg, Temptation Food, Piramal Life and GSS America Info fell 8-20 per cent.
Markets @ 10 am : Mkts continue to lose ground; Nifty slips below 2800
The benchmark indices have witnessed further sell-off following negative Asian markets. This downtrend continues for the second day in a row, after disappointing interim budget yesterday. Realty, metals, infrastructure and banking stocks are under pressure. Broader indices are also following the same trend.
At 10 am, the Nifty went down 50 points, to 2,798 and the Sensex was trading at 9,147, down 159 points. CNX Midcap fell 1 per cent, to 3,364.
Among frontliners, Unitech, DLF, Suzlon Energy, Tata Steel, Reliance Infrastructure, Tata Steel, M&M, SAIL, HDFC Bank, Jaiprakash Associates, SBI, Reliance Industries, Ambuja Cements, Reliance Capital, Power Grid, BHEL and L&T have lost ground.
BSE Realty index tumbled 3.5 per cent. Among others, Metal, Bank, Capital Goods, Oil & Gas, Power and Auto indices fell 1-2 per cent.
Asian markets are trading weak. Hang Seng and Kospi down over 3 per cent. Shanghai was down 0.5 per cent. Taiwan, Nikkei and Straits Times fell 1-2.5 per cent.
US markets were closed yesterday on account of President’s day.
Nymex March Crude is trading around USD 37.85 a barrel. Baltic Dry Index was down 3.5 per cent yesterday and had fallen nearly 10 per cent in last 4 days. Copper declined 3 per cent to 1 week lows and Nickel tumbled 1 per cent to 4 week lows, inventories rise 15 per cent in 09.
Market cues:
- GM & Chrysler to submit new turnaround plans today showing how they can be made viable after receiving $13.4 bn in emergency aid
- US markets closed yesterday on account of President's day; Asian markets slip 2-3 per cent
- FIIs net buy USD 5 million in equity on February 13
- MFs net buy Rs 172.2 cr in equity on February 13
- NSE F&O Open Int down by Rs 1,178 crore to Rs 55,520 crore
F&O cues:
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