3:14 pm
Jack
Indian equity benchmarks trimmed losses post recovery in European markets. The 30-share BSE Sensex was trading at 16,025, down 136 points (recovered 225 points from day's low) and the 50-share NSE Nifty was down 45 points at 4,822.
Meanwhile, European markets like France's CAC and Britain's FTSE were trading with a 0.5% cut while Britain's DAX gained 1%. A few Asian markets too cut their losses in late trade; Hang Seng pared it losses to 1.65% from near 4% earlier.
Straits Times was trading 1.7% lower (from 2.7% earlier) and Shanghai, Nikkei, Kospi and Taiwan closed 1.6%-2.6% lower. The Dow Jones and Nasdaq futures too trimmed their losses to 0.4% from 1.5%.
On the home turf, Bharti Airtel and ICICI Bank were leading gainers - Both rallied 1.6% each. HDFC, BHEL, SBI and TCS were trading flat after recovery.
However, Reliance Industries, ITC, NTPC, L&T and HDFC Bank slipped 1.3-1.9%. Sterlite Industries, Cairn India, Sesa Goa and Hindalco were top losers - tumbled 4-5%.
About six shares declined for every advancing share. The broader indices underperformed the benchmarks - the BSE Midcap and Smallcap indices fell 1.8% each.
New listing - PG Electroplast witnessed huge buying interest after sell-off in early trade. It surged 41% to Rs 297 as against issue price of Rs 210 a share.
At 12:38 hours IST : Nifty struggles at 4800 despite news of a possible STT cut
Indian equity benchmarks reacted positively to claims that finance ministry may consider a cut in securities transaction tax (STT) and propose a concession on stamp duty on equities. The 30-share BSE Sensex recovered part of its losses to trade 210 points lower at 15,951. Meanwhile, the 50-share NSE Nifty stood at 4,802, down 65 points. But weak global cues due to poor opening in European markets weighed heavy.
European markets like France's CAC, Germany's DAX and Britain's FTSE were down 1.5-2% in the opening trade. Even the Dow Jones and Nasdaq futures fell 1.5% each.
Among Asian markets, Hang Seng and KLSE Composite crashed 3.8%. Meanwhile, Jakarta Composite tumbled 6%. Shanghai, Nikkei, Straits Times, Kospi and Taiwan were down 1.5-2.6%.
On the home turf, the BSE Metal Index hit hard - lost 4%. Capital Goods, Realty, Oil & Gas, FMCG, Auto and Bank indices fell 2-2.5%. Power, Healthcare and IT indices dropped over 1%.
Largecaps like Reliance Industries, ITC, HDFC Bank, L&T and NTPC went down 2-2.8%. ONGC, TCS, Infosys and SBI were down 0.9-1.4%. However, Bharti Airtel and Wipro were only two gainers on Nifty.
About eight shares declined for every share rising. The broader indices slipped more than 2%.
On the MCX, Gold October futures fell 6% to Rs 25,118.00 per 10 grams and Silver tumbled 11.5% to Rs 47,574 per kg.
Crude oil October futures declined 3.7% to Rs 3855 per barrel. Copper, Nickel, Lead and Zinc were down 4.5-7%.
At 11:27 hours IST : Sensex sheds over 300 pts; commodities under pressure
The slide in market accelerated as global cues worsened. Likely recession in European continent triggered panic selling from investors. The 30-share BSE Sensex plunged 318 points to 15,843 and the 50-share NSE Nifty lost 97 points to 4,771.
"Market is likely to witness immense amount of volatility from the current levels on the back of debt crisis in Europe," said Saurabh Mukherjea, head of equities, Ambit Capital.
Speaking to CNBC-TV18 about the possible downside to the Indian market due to global events he said that Sensex is expected to move towards 14,500 levels over the next few months. "We will continue to be sellers in this market due to global cues," he added.
Asian markets like Hang Seng, Nikkei, Kospi, Taiwan and Straits Times were down 2% each. Shanghai slipped 1%. The Dow Jones futures dropped 0.5%.
On the home turf, Sterlite Industries, Coal India, Hindalco and Sesa Goa were biggest losers on Nifty, falling 5%. HDFC Bank, Bajaj Auto and Cairn India were down 3.5-4%.
Heavyweight Reliance Industries tumbled 2.6% to Rs 750.75 a share. HDFC Bank, ITC, TCS, NTPC, L&T and SBI dropped 1-3%.
However, Tata Power was down 1.3% and Wipro slipped 0.65%.
SBI, Reliance Industries, L&T and GE Shipping were most active shares on exchanges.
About seven shares fell for every share rising on NSE. The BSE Midcap Index plunged 2% and Smallcap fell 1.8%.
In the midcap space, KGN Industries, EIH, Hathway Cable, Kirloskar Oil and Birla Corp gained 2-5% while Shree Global, HOEC, Financial Tech, DB Realty and Petronet LNG fell 5-10%.
Smallcap stocks like Modern India, Entegra, Emami Paper, OM Metals Infra and Jayaswal Neco shot up 9-18%. However, Arshiya Intl, Pratibha Industries, Money Matters, Tuni Textile and ARSS Infra slipped 6-9%.
Commodities
NYMEX crude declined 2% to USD 78.20 a barrel. Gold was trading at USD 1,583 an ounce, down 3.5% and Silver crashed 13% to USD 26.48 an ounce.
