The market is trading weak though it has cut some of its early losses on value buying and short covering. Investors are ignoring reports about the expected drop in the inflation number for the week ended 11th October 2008, due to be released today. Further, the relaxation of ECB norms by the RBI failed to benefit the investor’s sentiment.
Domestic market opened sharply lower on weak global cues as credit concerns have become strong in the emerging markets. Selling pressure is continued in Metal, Oil & Gas, Bank, Auto Capital Goods, Pharma, Reality and IT stocks. The NSE Nifty is below the 3,000 level and the BSE Sensex is trading below the 9,900 mark . The BSE Mid Cap and Small Cap stocks are also under pressure.
On the global market front, the Asian markets are trading weak on fears for global recession. Nikkei 225 Average fell 7.6% to 8,016.61 and the Hang Seng Index lost 4.5% to 13,625.96 along with South Korea''s Kospi dropped 9.1% to 1,031.18.
The overall market breadth is negative as 1709 stocks are declining while 542 stocks are advancing and the 65stocks remained unchanged on BSE.
Tata Steel reported the top loser from the BSE Sensex pack as it was trading down by (11.25%) at Rs.217.25 followed by Tata Motors lower by (9.31%) at Rs.207.00.
The BSE Mid cap is lower by 100 points at 3,390.19 and the BSE small Cap lost 112 points to trade at 3,999.45.
At 12.30 pm, BSE Sensex was at 9,875.74 down by 294 points and the NSE Nifty was at 2,978.25 lower by 86 points.
BSE Metal index is trading down by 385.85 points to 5,233.60. The main losers are Tata Steel (10.80%), Hindalco (8.48%), JSW Steel (7.77%) and Nalco (7.25%).
BSE Oil & Gas index is trading 194.42 points down at 6,203.16 as Essar Oil Ltd (6.29%), Reliance (3.61%), Cairn Ind (3.60%) and Aban Offshore (3.09%) are trading in negative.
BSE Bankex index is trading lower by 160.46 points at 5,344.12. Losers are Kotak Bank (5.27%), ICICI Bank (4.40%), Indian Overseas Bank (3.61%) and Axis (3.00%).
BSE Auto index declined by 107.18 points to trade at 2,877.98 as Tata Motors (8.70%), Apollo Tyre (7.70%), Amtek Auto (7.29%) and Bharat Forge (6.17%) are trading in negative.
BSE Reality index decreased by 64.94 points to 2,368.76. Losers are Pheonix Mill (12.84%), Anant Raj In (7.80%), Penland Ltd (5.03%) and Ansal Infra (3.98%).
BSE Pharma index was trading 62.64 points lower at 3,136.68. The main losers are Glenmark Pharma (7.03%), Ranbaxy Lab (6.27%), Piramal Healthcare (5.08%) and Apollo Hos E (4.09%).
BSE Capital Goods index plunged 57.10 points at 7,169.83 as Elecon Eng C (7.41%), Suzlon Energy (6.95%), Thermax Ltd (5.67%) and Gammon Indi (5.01%) are trading in red.
BSE IT index dropped by 21.46 points to 2,768.81. The major losers are Tech Mahindra (7.98%), Financ Tech (6.93%), NIIT Ltd (5.21%) and Patni computer (4.91%).
Domestic market opened sharply lower on weak global cues as credit concerns have become strong in the emerging markets. Selling pressure is continued in Metal, Oil & Gas, Bank, Auto Capital Goods, Pharma, Reality and IT stocks. The NSE Nifty is below the 3,000 level and the BSE Sensex is trading below the 9,900 mark . The BSE Mid Cap and Small Cap stocks are also under pressure.
On the global market front, the Asian markets are trading weak on fears for global recession. Nikkei 225 Average fell 7.6% to 8,016.61 and the Hang Seng Index lost 4.5% to 13,625.96 along with South Korea''s Kospi dropped 9.1% to 1,031.18.
The overall market breadth is negative as 1709 stocks are declining while 542 stocks are advancing and the 65stocks remained unchanged on BSE.
Tata Steel reported the top loser from the BSE Sensex pack as it was trading down by (11.25%) at Rs.217.25 followed by Tata Motors lower by (9.31%) at Rs.207.00.
The BSE Mid cap is lower by 100 points at 3,390.19 and the BSE small Cap lost 112 points to trade at 3,999.45.
At 12.30 pm, BSE Sensex was at 9,875.74 down by 294 points and the NSE Nifty was at 2,978.25 lower by 86 points.
BSE Metal index is trading down by 385.85 points to 5,233.60. The main losers are Tata Steel (10.80%), Hindalco (8.48%), JSW Steel (7.77%) and Nalco (7.25%).
BSE Oil & Gas index is trading 194.42 points down at 6,203.16 as Essar Oil Ltd (6.29%), Reliance (3.61%), Cairn Ind (3.60%) and Aban Offshore (3.09%) are trading in negative.
BSE Bankex index is trading lower by 160.46 points at 5,344.12. Losers are Kotak Bank (5.27%), ICICI Bank (4.40%), Indian Overseas Bank (3.61%) and Axis (3.00%).
BSE Auto index declined by 107.18 points to trade at 2,877.98 as Tata Motors (8.70%), Apollo Tyre (7.70%), Amtek Auto (7.29%) and Bharat Forge (6.17%) are trading in negative.
BSE Reality index decreased by 64.94 points to 2,368.76. Losers are Pheonix Mill (12.84%), Anant Raj In (7.80%), Penland Ltd (5.03%) and Ansal Infra (3.98%).
BSE Pharma index was trading 62.64 points lower at 3,136.68. The main losers are Glenmark Pharma (7.03%), Ranbaxy Lab (6.27%), Piramal Healthcare (5.08%) and Apollo Hos E (4.09%).
BSE Capital Goods index plunged 57.10 points at 7,169.83 as Elecon Eng C (7.41%), Suzlon Energy (6.95%), Thermax Ltd (5.67%) and Gammon Indi (5.01%) are trading in red.
BSE IT index dropped by 21.46 points to 2,768.81. The major losers are Tech Mahindra (7.98%), Financ Tech (6.93%), NIIT Ltd (5.21%) and Patni computer (4.91%).
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