The market is extending its losses after the Reserve Bank of India kept key rates steady in its policy review. The RBI kept its key lending rate stable at 8% and cash reserve ratio unchanged at 6.5%. Along with this the RBI lowered its 2008/09 growth forecast to 7.5% from a previous forecast of around 8.0%. Domestic market opened lower on sharp sell-off in Asian markets as the global economic slowdown slashed earnings prospects for many companies.
Most of the selling pressure is emerged in Metal, Oil & Gas, Capital Goods, Bank, Pharma, Reality, Auto and IT stocks. The BSE Sensex extended its losses to more than 6% and is trading below the 9,100 mark. Further, the NSE Nifty extended its losses to above 7% and is below the 2,800. The BSE Mid Cap and Small Cap stocks are also reeling under pressure and trading with loss of more than 5% each.
On the global market front, the Asian markets are trading lower on global recession fears. Nikkei 225 Average fell 7 plunged 6.5% to 7,912.47 and the Hang Seng Index lost 4.8% at 13,090.77 along with Straits Times dropped 4% at 1,676.12.
The overall market breadth is negative as 2033 stocks are declining while 337 stocks are advancing and the 46 stocks remained unchanged on BSE.
Hindalco reported the top loser from the BSE Sensex pack as it was trading down by (22.18%) at Rs.41.05 followed by M&M Ltd lower by (14.11%) at Rs.294.00.
The BSE Mid cap is lower by 180 points at 3,198.08 and the BSE small Cap lost 200 points to trade at 3,765.7.
At 12.30 pm, BSE Sensex was at 9,082.2 down by 689 points and the NSE Nifty was at 2,717.1 lower by 226 points.
BSE Metal index is trading down by 487.31 points to 4,509.61. The main losers are Nalco (20.27%), Hindalco (18.48%), Tata Steel (11.97%) and Sterlite Industries (10.95%).
BSE Capital Goods index plunged 412.72 points at 6,807.87 as Suzlon Energy (26.05%), Jyoti Sturct (9.70%), Bharat Bijli (8.28%) and Siemens Ltd (8.06%) are trading in red.
BSE Oil & Gas index is trading 393.96 points down at 5,664.32 as Gail India (11.86%), Essar Oil Ltd (11.56%), ONGC Ltd (10.70%) and Cairn Ind (8.62%) are trading in negative.
BSE Bankex index is trading lower by 390.42 points at 4,930.72. Losers are Kotak Bank (10.50%), Oriental Bank (10.07%), Bank of India (9.73%) and SBI (9.08%).
BSE Pharma index was trading 211.88 points lower at 2,852.56. The main losers are Glenmark Pharma (19.99%), Ranbaxy Lab (11.29%), Sunpha Adv (10.82%) and Opto Circuit (8.19%).
BSE Reality index decreased by 205.18 points to 2,101.41. Losers are Unitech Ltd (16.18%), Pheonix Mill (12.40%), Opto Circuit (12.08%) and Mahindra Life (8.30%).
BSE Auto index declined by 197.16 points to trade at 2,872.63 as Amtek Auto (19.23%), M&M Ltd (14.18%), Bharat Forge (13.26%) and Tata Motors (11.26%) are trading in negative.
BSE IT index dropped by 129.78 points to 2,610.02. The major losers are Financ Tech (9.40%), Moser Bayer (9.11%), Wipro Ltd (7.88%) and NIIT Ltd (7.06%).
Most of the selling pressure is emerged in Metal, Oil & Gas, Capital Goods, Bank, Pharma, Reality, Auto and IT stocks. The BSE Sensex extended its losses to more than 6% and is trading below the 9,100 mark. Further, the NSE Nifty extended its losses to above 7% and is below the 2,800. The BSE Mid Cap and Small Cap stocks are also reeling under pressure and trading with loss of more than 5% each.
On the global market front, the Asian markets are trading lower on global recession fears. Nikkei 225 Average fell 7 plunged 6.5% to 7,912.47 and the Hang Seng Index lost 4.8% at 13,090.77 along with Straits Times dropped 4% at 1,676.12.
The overall market breadth is negative as 2033 stocks are declining while 337 stocks are advancing and the 46 stocks remained unchanged on BSE.
Hindalco reported the top loser from the BSE Sensex pack as it was trading down by (22.18%) at Rs.41.05 followed by M&M Ltd lower by (14.11%) at Rs.294.00.
The BSE Mid cap is lower by 180 points at 3,198.08 and the BSE small Cap lost 200 points to trade at 3,765.7.
At 12.30 pm, BSE Sensex was at 9,082.2 down by 689 points and the NSE Nifty was at 2,717.1 lower by 226 points.
BSE Metal index is trading down by 487.31 points to 4,509.61. The main losers are Nalco (20.27%), Hindalco (18.48%), Tata Steel (11.97%) and Sterlite Industries (10.95%).
BSE Capital Goods index plunged 412.72 points at 6,807.87 as Suzlon Energy (26.05%), Jyoti Sturct (9.70%), Bharat Bijli (8.28%) and Siemens Ltd (8.06%) are trading in red.
BSE Oil & Gas index is trading 393.96 points down at 5,664.32 as Gail India (11.86%), Essar Oil Ltd (11.56%), ONGC Ltd (10.70%) and Cairn Ind (8.62%) are trading in negative.
BSE Bankex index is trading lower by 390.42 points at 4,930.72. Losers are Kotak Bank (10.50%), Oriental Bank (10.07%), Bank of India (9.73%) and SBI (9.08%).
BSE Pharma index was trading 211.88 points lower at 2,852.56. The main losers are Glenmark Pharma (19.99%), Ranbaxy Lab (11.29%), Sunpha Adv (10.82%) and Opto Circuit (8.19%).
BSE Reality index decreased by 205.18 points to 2,101.41. Losers are Unitech Ltd (16.18%), Pheonix Mill (12.40%), Opto Circuit (12.08%) and Mahindra Life (8.30%).
BSE Auto index declined by 197.16 points to trade at 2,872.63 as Amtek Auto (19.23%), M&M Ltd (14.18%), Bharat Forge (13.26%) and Tata Motors (11.26%) are trading in negative.
BSE IT index dropped by 129.78 points to 2,610.02. The major losers are Financ Tech (9.40%), Moser Bayer (9.11%), Wipro Ltd (7.88%) and NIIT Ltd (7.06%).
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