Mumbai: Markets have crashed; heavyweights like Reliance Industries, ONGC, Bharti Airtel, SBI, ICICI Bank, Infosys and L&T are putting more pressure. Market breadth is weak; about 883 shares have advanced while 2012 shares declined. Nearly 243 shares are unchanged.
Huge selling pressure has seen in realty, banking, oil & gas, technology, telecom, FMCG and power stocks.
At 1156 hrs IST , the Sensex was down 356 points at 13,169 and Nifty down 88 points at 3,942. BSE Midcap and Small cap fell over 1.6% each.
It has taken negative cues from Wall Street as slump in housing markets of US is not over yet, still getting hit.
On the political front, Left parties are likely to withdraw support from UPA government, which will be announced today. Even though the Samajvadi Party gave support to government then also UPA requires strong vote of confidence to retain the government.
Top losers are Reliance Infra, JP Associates, ONGC, Tata Power and Unitech while ACC, M&M, BHEL and Sterlite Industries gainers.
BSE Realty, Bankex and Oil & Gas plunged over 3%. FMCG, IT and TECk fell over 2%. Power, Auto and Capital Goods went down over 1%.
Reliance Ind, Reliance Capital and Reliance Infra are most active shares on the bourses.
Markets @ 10:41 am: Bears reign; Realty, Bank, O&G, FMCG stks worst hit
Markets are witnessing heavy selling pressure on the back of weakness in realty, banking, oil, FMCG, power and auto stocks. Rate sensitives are again taking huge beating on the bourses. Market breadth is negative; about 992 shares have advanced while 1919 shares declined. Nearly 227 shares are unchanged.
There is negative news on political front as well that Left parties are likely to withdraw support from UPA government.
Reliance Ind, ICICI Bank, Infosys, L&T, ITC, SBI, ONGC and Bharti Airtel are major draggers of both indices.
At 10:41 pm, the Sensex was down 392 points at 13,133 and Nifty down 105 points at 3,924. Nifty July Futures was trading at 56 points discount. BSE Midcap was down 1.9% and Small Cap down 1.5%.
Amongst frontliners, Reliance Infra fell 8.45%, Jaiprakash Associates -5%, SBI -4.6% and Unitech -5.23% while ACC, BHEL, Tata Comm and Suzlon Energy gainers.
Realty Index went down by 4%. Akruti City, Unitech, Indiabulls Real, HDIL, Peninsula Land, Orbit Corporation, Omaxe, Mahindra Life, DLF and Anant Raj Ind fell 3-7%.
Bankex slid 3.78%; SBI, Kotak Mahindra, ICICI Bank, PNB, Axis Bank, IndusInd Bank, HDFC Bank, Bank of India and Canara Bank plunged 3-4.6%.
Oil & Gas fell 3.4%. RNRL, Reliance Ind, ONGC, Essar Oil, Petronet LNG, Cairn India, HPCL and GAIL are down 2-3.75%.
IT Index plunged 2.55%. TCS, Satyam, Aptech, Infosys, I-Flex Solution, Tech Mahindra and Wipro crashed 2-3.3%.
Markets @ 9:56 am: Mkts plunge on weak global cues, Nifty around 3900
Markets have opened sharply lower following weak global cues on the back of renewed financial crisis. All BSE indices are trading in red. Huge selling has seen in realty, banking, power, capital goods, oil, auto, metal and telecom stocks.
At 9:56 am, the Sensex was down 421 points at 13,104 and Nifty down 131 points at 3,898. Market breadth is weak; nearly 122 shares have advanced while 688 shares declined.
Biggest losers amongst frontliners are L&T, JP Associates, Rel Infra, Reliance Ind, Bharti Airtel, ONGC and Tata Steel.
On the primary market front, First Winner Industries has listed at Rs 98 as against its issue price of Rs 125.
Asian markets were trading weak. Jakarta Composite was down 1.27%, Nikkei -2.3%, Hang Seng -3.3%, Kospi -3.6% and Taiwan -3.4%.
US markets whipped back and forth and finally landed in negative territory. Freddie Mac and Fannie Mae saw steep declines as the weakness in the housing market continued. Energy stocks like Exxon Mobil and Chevron led the sector lower as oil eased off. The Dow lost 56.58 points, or 0.50%, to 11,231.96. The S&P's 500 index slipped 10.59 points, or 0.84%, to 1,252.31, and the Nasdaq index dropped 2.06 points, or 0.09%, to 2,243.32.
Market cues:
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