Market extended early losses on account of weak Global market and caution ahead of monthly derivative settlement. The Asian Stock markets retreated on deepening worries about the global economic outlook. Further, the US stocks declined as year long recession is eating up the profit of the corporate even the sales forecast are not strong.
On the sectoral front, traders off-loaded positions across the sectors. Base metal stocks declined on worries about weakening domestic and global economy and pilling of inventory. Even capital goods stocks slipped on concern over economic slowdown that will eat up the orders. Banking stocks fell as the recent rate cuts raised concerns about a fall in net interest margin (NIM). Likewise, IT outsourcing firms extended downward on worries of weak global economy that could cut the amount firms spent on technology.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,301 stocks traded so far, 616 shares advanced while 1,620 shares declined. Nearly 65 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 211.55 points at 9,716.79 and NSE Nifty is down by 60.10 points at 2,979.20.
The BSE Mid Cap is trading lower by 66.91 points at 3,192.87 and Small cap is trading down by 77.25 points at 3,657.70.
Losers from the BSE Sensex Pack are Jaiprakash Associates slipped 11.04% to Rs.77.75 along with Satyam Computer Services fell 8.37% to Rs.148.80, Tata Motors by (5.56%) at Rs.177.65, ICICI Bank by (5.62%) at Rs.421.00, Sterlite Ind by (4.38%) at Rs.268.35, Larsen & Toubro Ltd by (4.16%) at Rs.780.80, Hindalco Ind by (3.73%) at Rs.51.65 and Tata Steel by (3.51%) at Rs.217.10 among others.
The BSE Bankex index is lower by 213.70 points or (3.89%) at 5,491.78. Stocks trading in red are Yes Bank down by (7.62%) at Rs.74.00, IDBI Bank by (6.99%) at Rs.63.90, Kotak Bank by (6.50%) at Rs.336.80, Axis Bank by (6.33%) at Rs.502.85, Bank of Baroda by (5.64%) at Rs.261.00 and ICICI Bank by (5.62%) at Rs.421.00 among others.
The BSE Realty index is lower by 76.81 points or (3.04%) at 2,451.83. Stocks trading lower are Ansal Infra by (4.96%) at Rs.34.50 along with Indiabulls Realty by (4.37%) at Rs.145.45, DLF Ltd by (4.35%) at Rs.302.00 and Orbitco by (4.13%) at Rs.64.95 among others.
Housing Development Finance Corporation (HDFC) fell 1.39% to Rs.1,473.00 after it cut its retail lending rates by 50 basis points, effective 22 December 2008.
Satyam Computer Services fell 8.37% to Rs.148.80 ahead of the board meeting which is scheduled on 29 December 2008 to consider buyback of shares, a move aimed at boosting investor confidence.
Indian Oil Corporation gained 0.72% to Rs.408.00, after a block deal of two lakh shares was executed on BSE at Rs.410 per share.
Bajaj Hindusthan rose 4.07% to Rs.62.70 as Rahul Bajaj will buy stake in the company as part of a family settlement.
Jaiprakash Associates slipped 11.04% to Rs.77.75 on concerns of equity dilution after the board approved merger of its subsidairies in the hotel, cement, real estate and construction businesses.
National Aluminium Company rose 1.32% to Rs.188.70, on signing an initial agreement to sell a 24% stake in its project in Indonesia to United Arab Emirates-based RAK Minerals and Metals Investments.
On the sectoral front, traders off-loaded positions across the sectors. Base metal stocks declined on worries about weakening domestic and global economy and pilling of inventory. Even capital goods stocks slipped on concern over economic slowdown that will eat up the orders. Banking stocks fell as the recent rate cuts raised concerns about a fall in net interest margin (NIM). Likewise, IT outsourcing firms extended downward on worries of weak global economy that could cut the amount firms spent on technology.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,301 stocks traded so far, 616 shares advanced while 1,620 shares declined. Nearly 65 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 211.55 points at 9,716.79 and NSE Nifty is down by 60.10 points at 2,979.20.
The BSE Mid Cap is trading lower by 66.91 points at 3,192.87 and Small cap is trading down by 77.25 points at 3,657.70.
Losers from the BSE Sensex Pack are Jaiprakash Associates slipped 11.04% to Rs.77.75 along with Satyam Computer Services fell 8.37% to Rs.148.80, Tata Motors by (5.56%) at Rs.177.65, ICICI Bank by (5.62%) at Rs.421.00, Sterlite Ind by (4.38%) at Rs.268.35, Larsen & Toubro Ltd by (4.16%) at Rs.780.80, Hindalco Ind by (3.73%) at Rs.51.65 and Tata Steel by (3.51%) at Rs.217.10 among others.
The BSE Bankex index is lower by 213.70 points or (3.89%) at 5,491.78. Stocks trading in red are Yes Bank down by (7.62%) at Rs.74.00, IDBI Bank by (6.99%) at Rs.63.90, Kotak Bank by (6.50%) at Rs.336.80, Axis Bank by (6.33%) at Rs.502.85, Bank of Baroda by (5.64%) at Rs.261.00 and ICICI Bank by (5.62%) at Rs.421.00 among others.
The BSE Realty index is lower by 76.81 points or (3.04%) at 2,451.83. Stocks trading lower are Ansal Infra by (4.96%) at Rs.34.50 along with Indiabulls Realty by (4.37%) at Rs.145.45, DLF Ltd by (4.35%) at Rs.302.00 and Orbitco by (4.13%) at Rs.64.95 among others.
Housing Development Finance Corporation (HDFC) fell 1.39% to Rs.1,473.00 after it cut its retail lending rates by 50 basis points, effective 22 December 2008.
Satyam Computer Services fell 8.37% to Rs.148.80 ahead of the board meeting which is scheduled on 29 December 2008 to consider buyback of shares, a move aimed at boosting investor confidence.
Indian Oil Corporation gained 0.72% to Rs.408.00, after a block deal of two lakh shares was executed on BSE at Rs.410 per share.
Bajaj Hindusthan rose 4.07% to Rs.62.70 as Rahul Bajaj will buy stake in the company as part of a family settlement.
Jaiprakash Associates slipped 11.04% to Rs.77.75 on concerns of equity dilution after the board approved merger of its subsidairies in the hotel, cement, real estate and construction businesses.
National Aluminium Company rose 1.32% to Rs.188.70, on signing an initial agreement to sell a 24% stake in its project in Indonesia to United Arab Emirates-based RAK Minerals and Metals Investments.
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