Thursday, October 16, 2008

Mid Session Market - Oct 16, 2008

The market is trading extremely weak tracking negative cues from global markets। Domestic market opened lower as worries about global recession along with economic fears once again raised its head.Finance Minister P Chidambaram’s announcement to enhance liquidity by allowing corporate to bring more money from foreign investors and taking steps to further strengthen banking system along with RBI’s cut in CRR by 100 bps to 6.5%, is not able to help the sentiment.

All sectoral indices are trading down and most of the selling is witnessed in the Capital Goods, Oil & Gas, Metal, Bank, IT, Auto and Reality stocks.The BSE Sensex is trading around the 10,100 mark and the NSE Nifty is below the 3200. he BSE Mid Cap and the BSE Small Cap stocks also are also continuing to lose ground as trading with loss of more than 5% each.

On the global market front, the Asian markets dropped severely, down about 4-11%. Nikkei dropped 10% followed by Hang Seng index lost 7.6% along with Singapore''s Straits Times index shed 6.6% and % Taiwan Weighted plunged 3.3%.

The overall market breadth is negative as 2102 stocks are declining while 259 stocks are advancing and the 53 stocks remained unchanged on BSE.

Hindalco reported the top loser from the BSE Sensex pack as it was trading down by (11.65%) at Rs.70.15 followed by TCS Ltd lower by (11.23%) at Rs.481.2.

The BSE Mid cap is lower by 198 points at 3,521.89 and the BSE small Cap lost 252 points to trade at 4,140.47.

At 12.30 pm, BSE Sensex was at 10,102.56 down by 706 points and the NSE Nifty was at 3,129 lower by 209 points.

BSE Capital Goods index dropped by 624.91 points at 7,463.1 as Suzlon Energy (13.38%), Walchand Industries (12.33%), L&T Ltd (9.63%), Lakshmi MA W (8.46%) and Jyoti Struct (8.37%) are trading in red.

BSE Oil & Gas index is trading 585.84 points down at 6,645.03 as Aban Offshore (14.18%), Reliance (11.38%), Cairn Ind (10.3%) and Essar Oil Ltd (10.3%) are trading in negative.

BSE Metal index is trading lower by 439.02 points to 5,876.83. The main losers are Hindalco (11.46%), JSW Steel (11.42%), Welspan Gujarat SR (10.88%) and Nalco (9.73%).

BSE Bankex index is trading down by 289.23 points at 5,552.37. Losers are Yes Bank (9.04%), HDFC Bank Ltd (6.84%), Karnataka Bank (6.18%) and ICICI Bank Ltd (5.47%).

BSE IT index lost 249.02 points to trade at 2,531.17. The major losers are Financ Tech (13.93%), Oracle Fin (11.38%), TCS Ltd (11.15%) and Wipro Ltd (10%).

BSE Auto index declined by 217.11 points to trade at 3,092.35 as Amtech Auto (14.66%), Tata Motors (12.53%), Escorts Ltd (10.12%) and Bosch Ltd (9.21%) trading in negative.

BSE Reality index was trading 202.71 points lower at 2,472.77. The main losers are Anant Raj (14.67%), Orbit Co (14.29%), Indiabull Real (14.24%) and Pheonix Mill (12.12%).

BSE Power index decreased by 132.85 points to 1,772.87. Leading to its fall are Suzlon Energy (12.75%), Lanco Infra (11.3%), Tata Power (9.3%) and Reliance Infra (8.06%).

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