1:18 pm
Jack
Indian equity benchmarks were not showing any signs of recovery due to sell-offs in key sectors like oil & gas, technology and private banking. The 30-share BSE Sensex fell 211 points to 16,610 and the 50-share NSE Nifty slipped 64 points to 4,975.
Cairn India was the biggest loser; the stock fell 4%. Reliance Industries, ONGC, Infosys, HDFC, Wipro and Sterlite tumbled 2-3%.
TCS, ITC, ICICI Bank, HDFC Bank, NTPC, BHEL and Sun Pharma lost 1-1.8%.
However, Hero Motocorp was the leading gainer on Nifty; the stock rallied 4%. ADAG stocks like Reliance Communications, Reliance Capital and Reliance Infrastructure were up 1-3%.
SAIL, Axis Bank, JSPL, Bajaj Auto, M&M, L&T, SBI and Tata Steel were other gainers.
Global markets remained under pressure. Kospi plunged over 4%. Shanghai, Hang Seng, Nikkei, Straits Times and Taiwan were down 1.5-3%.
European indices futures too declined. France's CAC, Germany's DAX and Britain's FTSE futures fell 1.6-2.5%.
At 11:19 hours IST : No let-up in market slide; ADAG stocks buck trend
Indian equity benchmarks continued to trade sharply lower due to fall in global markets post dismal jobs data. The 30-share BSE Sensex was trading at 16,631, down 190 points and the 50-share NSE Nifty lost 54 points to 4,985. Last week, Indian markets witnessed its biggest rally of 2011.
However, the month of September is likely to be good for the Indian markets, believes Andrew Holland, CEO (Equities) at Ambit Capital Private. “I am not saying markets are going to flare up globally. But even if they remain stable with an upward bias, it will be good for the Indian market,” he said adding, "Inflows into India likely once global markets stabilise."
Fall in technology and oil & gas stocks put pressure on the market; respective sectoral indices fell 2%.
Largecaps like Reliance Industries, TCS, Infosys, HDFC, Cairn India, BHEL, Hindalco and Sterlite Industries were down 2-3%.
ONGC, ITC, NTPC, ICICI Bank, HDFC Bank amd Wipro declined 1-1.8%. However, Hero Motocorp was the biggest gainer; the stock gained 3%.
SAIL, JSPL and Axis Bank were up over 1%. Anil Dhirubhai Ambani Group's stocks like Reliance Communications, Reliance Infrastructure and Reliance Capital shot up 2.5-3%.
About 559 shares advanced as against 778 shares declined on National Stock Exchange.
New listing: Brooks Laboratories was trading at Rs 94, down 6% from issue price of Rs 100 a share.
At 10:29 hours IST : Sensex sheds 200 pts; Reliance loses 2.5% on profit booking
What appeared as a minor cut in the opening trade, snowballed into a major injury within an hour. Sell-offs in technology, oil & gas, capital goods, metal and financial companies' shares weighed on the market. The 30-share BSE Sensex was trading at 16,609, down 213 points and the 50-share NSE Nifty fell 61 points to 4,978 on the back of fall in global markets.
Asian markets extended losses; Kospi tumbled 3.5%. Straits Times and Taiwan were down 2.5% each. Nikkei, Shanghai and Hang Seng fell 1.6-2%.
Rajat Rajgarhia, head of research, Motilal Oswal Securities, said that global trade may continue to remain uncertain and hence, domestic sectors that have got hit by global headwinds will see reduced exposure by investors even if the respective stocks witness a bounce back.
On the home turf, heavyweight Reliance Industries fell 2.5% on the back of profit booking as the stock rallied 12% last week.
Among other largecaps like TCS, Infosys, ONGC, HDFC, ICICI Bank, BHEL, HDFC Bank and NTPC slipped 1-3%.
However, SAIL, Hero Motocorp, Reliance Communications, Reliance Capital and Reliance Infrastructure were leading gainers on Nifty; these stocks went up 1.3-1.8%.
GAIL, Tata Steel, JSPL and Bajaj Auto were other gainers.
In the midcap space, Amtek Auto, BF Utilities, SKS Microfinance, Manappuram Finance and Pipavav rallied 4-5.5%. However, Polaris, KGN Industries, Bajaj Electricals, Persistent and Rei Agro lost 3-5%.
Everonn Education continued to see selling pressure; it was locked at 20% lower circuit for the second consecutive session today.
