Indian market closed on a disappointing note after giving up all its initial gains due to heavy selling pressure in metal, reality, oil & gas, banking and capital goods stocks. After a firm start the market tumbles on the back of weak cues from the Asian markets that closed in red and European markets that opened in negative. Also the inflation for the week ended 10th May 2008 stood at 7.82% as against 7.83% of previous week, which was above the Central bank’s target for a third straight month. This led the investors to take cautious approach to book their positions. The inflation for the year through 15 March 2008 was revised upwards to 8.02% compared to provisional figure of 6.68%.
Sensex closed below 17000 as against its opening and Nifty also slipped below 5000 mark. From the sectoral front, the metal and oil and gas stocks were not in favour as they witnessed most of the selling. The market breadth was negative as 795 stocks closed in green while 1924 stocks closed in red.
SEBI puts an hold on the upfront margining for institutional trades, which was supposed to commence on June 16 this year. SEBI had imposed margining on cash transactions for institutional investors on a T+1 basis for institutional investors, starting April 21 this year. This was supposed to move to upfront margining in June. This step was intended to bring institutional trades on a level-playing field with retail trades.
The BSE Sensex closed lower by 257.47 points at 16,649.64 and NSE Nifty fell by 78.9 points to close at 4,946.55. The BSE Mid Cap and Small Cap closed down by 112.14 points and 146.41 points to 6,937.11 and 8,517.43 respectively.
Losers from the BSE are ITC Ltd (4.24%), ACC LTD (2.66%), Tata Motors (3.57%), JP Associates (3.43%), L&T Ltd (2.47%), Reliance Infra (2.42%), ONG Corp Ltd (2.41%), TCS Ltd (2.40%), Reliance (2.39%) and Hindalco (2.38%).
The Metal index closed lower by 357.15 points at 16,795.18 losers are Hindustan Zinc Co (5.66%), Sterlite In (4.96%), Sh Precoated (4.24%), Ispat Indus (3.80%), Jindal Saw (3.10%), and Hindalco (2.38%).
The Oil & Gas index decreased by 241.28 points at 10,975.26. Losers are Cairn India (4.05%), Reliance Nat Res (3.28%), Essar Oil Ltd (2.76%), ONG Corp Ltd (2.41%) and Reliance (2.39%).
The Reality index closed down by 183.20 points at 7,510.24. Loserss are Indiabull Real (4.30%), Parsvnath (3.54%), Penland Ltd (3.39%), Ansal Infra (3.25%), and Purvankara (2.79%).
The Banking index closed lower by 143.73 points at 8232.16. Losers are PNB (4.45%), Union Bank (3.99%), Fedral Bank (3.57%), Axuis Bank (3.45%), Tech Indian Overs eas (2.36%), and Kotak Bank (2.08%).
The Capital Goods index dropped by 149.49 points to close at 13,192.42. Major losers are KirOil Br (5.28%), Praj Ind Ltd (3.48%), L&T Ltd (2.47%), Alaengineer (2.36%), and Kalpat Pow (2.19%).
Sensex closed below 17000 as against its opening and Nifty also slipped below 5000 mark. From the sectoral front, the metal and oil and gas stocks were not in favour as they witnessed most of the selling. The market breadth was negative as 795 stocks closed in green while 1924 stocks closed in red.
SEBI puts an hold on the upfront margining for institutional trades, which was supposed to commence on June 16 this year. SEBI had imposed margining on cash transactions for institutional investors on a T+1 basis for institutional investors, starting April 21 this year. This was supposed to move to upfront margining in June. This step was intended to bring institutional trades on a level-playing field with retail trades.
The BSE Sensex closed lower by 257.47 points at 16,649.64 and NSE Nifty fell by 78.9 points to close at 4,946.55. The BSE Mid Cap and Small Cap closed down by 112.14 points and 146.41 points to 6,937.11 and 8,517.43 respectively.
Losers from the BSE are ITC Ltd (4.24%), ACC LTD (2.66%), Tata Motors (3.57%), JP Associates (3.43%), L&T Ltd (2.47%), Reliance Infra (2.42%), ONG Corp Ltd (2.41%), TCS Ltd (2.40%), Reliance (2.39%) and Hindalco (2.38%).
The Metal index closed lower by 357.15 points at 16,795.18 losers are Hindustan Zinc Co (5.66%), Sterlite In (4.96%), Sh Precoated (4.24%), Ispat Indus (3.80%), Jindal Saw (3.10%), and Hindalco (2.38%).
The Oil & Gas index decreased by 241.28 points at 10,975.26. Losers are Cairn India (4.05%), Reliance Nat Res (3.28%), Essar Oil Ltd (2.76%), ONG Corp Ltd (2.41%) and Reliance (2.39%).
The Reality index closed down by 183.20 points at 7,510.24. Loserss are Indiabull Real (4.30%), Parsvnath (3.54%), Penland Ltd (3.39%), Ansal Infra (3.25%), and Purvankara (2.79%).
The Banking index closed lower by 143.73 points at 8232.16. Losers are PNB (4.45%), Union Bank (3.99%), Fedral Bank (3.57%), Axuis Bank (3.45%), Tech Indian Overs eas (2.36%), and Kotak Bank (2.08%).
The Capital Goods index dropped by 149.49 points to close at 13,192.42. Major losers are KirOil Br (5.28%), Praj Ind Ltd (3.48%), L&T Ltd (2.47%), Alaengineer (2.36%), and Kalpat Pow (2.19%).
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