The market is still trading lower as sustained selling pressure continued across the board. The Banks are the most hitted after the government announced in its budget of complete waiver of all loans for the marginal and small farmers. The waiver amount was Rs.50,000 Crores. In the budget the government''s main thrust is on health, education and agricultural sector. Finance Minister P Chidambaram said the Government is confident of maintaining the GDP growth of 8.8 % in 2008. He is also further confident of keeping inflation under check. The finance minister regarding tax slub of upto Rs150000 nil and Rs1.5 lakh to Rs3 lakh-10%, Rs3 lakh-Rs5 lakh-20% and Rs5lakh above 30%.However, the broader market is trading with marginal loss as compared to the benchmark index. The overall market breadth remains negative, as 1164 stocks are advancing while 1278 stocks are declining and the 81 stocks remained unchanged on BSE. The BSE Mid cap is lower by 2 points at 7,710 while the BSE small Cap advanced by 11 points to trade at 9,679.
At 12.31 pm, BSE Sensex was at 17,680 down by 144 points and Nifty was at 5,232.85 down by 52.28 points.
BSE Metal index dropped by 328.75 points to trade at 16,643.26. The major losers are Sterlite Industries (3.86%), Tata Steel (2.79%), NALCO (2.69%), Hindalco Industries (2.45%) and SAIL (1.98%).
BSE Capital goods index dropped by 222.88 points to 16,376. The main losers are ABB (3.50%), BHEL (0.90%) and L&T (0.88%).
BSE Oil & Gas index was trading 174.39 points lower at 10,990.48 as BPCL (2.99%), Gail India (2.34%) and ONGC (1.92%) are trading in red
BSE Banks index slipped by 305.38 points to trade at 9,768.53. The top losers are ICICI Bank (3.07%), SBI (2.26%), HDFC Bank (1.97%) and PNB (1.74%).
BSE Power index decreased by 29.19 points to trade at 3,718.92 as Suzlon Energy (4.24%), GMR Infra (1.16%), Crompton Greaves (0.64%) and Reliance Power (0.71%) are trading in red.
At 12.31 pm, BSE Sensex was at 17,680 down by 144 points and Nifty was at 5,232.85 down by 52.28 points.
BSE Metal index dropped by 328.75 points to trade at 16,643.26. The major losers are Sterlite Industries (3.86%), Tata Steel (2.79%), NALCO (2.69%), Hindalco Industries (2.45%) and SAIL (1.98%).
BSE Capital goods index dropped by 222.88 points to 16,376. The main losers are ABB (3.50%), BHEL (0.90%) and L&T (0.88%).
BSE Oil & Gas index was trading 174.39 points lower at 10,990.48 as BPCL (2.99%), Gail India (2.34%) and ONGC (1.92%) are trading in red
BSE Banks index slipped by 305.38 points to trade at 9,768.53. The top losers are ICICI Bank (3.07%), SBI (2.26%), HDFC Bank (1.97%) and PNB (1.74%).
BSE Power index decreased by 29.19 points to trade at 3,718.92 as Suzlon Energy (4.24%), GMR Infra (1.16%), Crompton Greaves (0.64%) and Reliance Power (0.71%) are trading in red.
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