The key benchmark indices contracted on sustained selling on index pivotals led by Metal, IT, Oil & Gas, etc. Meanwhile, the unemployment data from world''s ruling economy US has reinforced fear of deteriorating econimic slump. Further, enormous selling from Foreign Institutional Investors (FIIs) extended pressure in the domestic market.
The domestic market is expecting key role of RBI to boost domestic economy from the global financial sector crisis and recession in key global economies. Further, D Subbarao, RBI Governor, showed some indication of further rate cut to pump in more liquidity in the market.
On the sectoral front, traders off-loaded position across the sectors. Metal stocks are under pressure due to high volatility of metal prices in international market and softening of demand coupled with China''s massive steel production downturn. IT stocks fell on fear of prolonged recession in US which will curtail prospective projects for India as major share of revenue comes from this country.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,239 stocks traded so far, 645 shares advanced while 1,496 shares declined. Nearly 98 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 204.18 points at 8,838.45 and NSE Nifty is down by 57.90 points at 2,731.45.
The BSE Mid Cap is trading lower by 39.64 points at 2,798.76 and Small cap is trading down by 39.98 points at 3,174.12.
All the 30 stocks of Sensex were in red.
Major losers from the BSE Sensex pack are ICICI Bank plunged 4.54% to Rs. 345.10 along with Reliance Communication tumbled 3.50% to Rs. 157.00, Mahindra & Mahindra fell by 3.24% to Rs. 280.75, Tata Power by 2.95% to Rs. 729.70, Reliance Industries by 2.79% to Rs. 1,257.50, TCS by 2.75% to Rs. 476.30, Wipro by 2.75% to Rs. 214.30 and Infosys tech by 2.67% to Rs. 1,176.00 among others.
The BSE Metal index is lower by 115.65 points or 2.40% at 4,705.32. Stocks trading in red are Sesa Goa by 5.08% to Rs. 83.15, JSW Steel by 3.93% to Rs. 200.30, Steel Authority of India by 3.83% to Rs. 79.00, Sterlite Ind 3.24% to Rs. 248.20, National Aluminium by 2.69% to Rs. 195.15 and Tata Steel by 2.46% to Rs. 168.20 among others.
Satyam Computer Service rose 1.84% to Rs. 47.10 after it won approval to bring on board a strategic investor needed to ensure the survival of the scam-tainted software outsourcer. The Company Law Board (CLB) said Satyam could raise its authorised shares on issue to 140 crore from 80 crore, and a board member said criteria for a stake sale could be finalised next week.
Cairn India fell 0.88% to Rs. 151.20, despite crude oil prices advanced over 14% on the New York Mercantile Exchange on Thursday, 19 February 2009.
Areva T & D India rose 0.05% to Rs. 188.00, after the company said it won two orders aggregating to Rs. 200 crore.
ABB slipped 5.46% to Rs. 371.75 ahead of its year ended December 2008 results announcement later today.
Larsen & Toubro fell 2.09% to Rs. 627.25 after its chief said it will decide on Satyam deal after evaluating the Company Law Board''s order on the bidding process.
Hindustan Zinc declined 1.07% to Rs. 319.70, after the company lowered zinc prices by 1.50% as this would be seem on Company’s financial performance.
IOL Netcom fell by 3.91% to Rs. 43.00 as its board approved raising Rs 150 crore via convertible bonds.
Kingfisher Airlines dipped by 1.52% to Rs. 32.50 as India’s airport regulator asked the Company to bring down its overall dues for use of airports within the limits of bank guarantees furnished by the end of March.
The domestic market is expecting key role of RBI to boost domestic economy from the global financial sector crisis and recession in key global economies. Further, D Subbarao, RBI Governor, showed some indication of further rate cut to pump in more liquidity in the market.
On the sectoral front, traders off-loaded position across the sectors. Metal stocks are under pressure due to high volatility of metal prices in international market and softening of demand coupled with China''s massive steel production downturn. IT stocks fell on fear of prolonged recession in US which will curtail prospective projects for India as major share of revenue comes from this country.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,239 stocks traded so far, 645 shares advanced while 1,496 shares declined. Nearly 98 shares are unchanged.
At 1.30PM, the BSE Sensex is trading lower by 204.18 points at 8,838.45 and NSE Nifty is down by 57.90 points at 2,731.45.
The BSE Mid Cap is trading lower by 39.64 points at 2,798.76 and Small cap is trading down by 39.98 points at 3,174.12.
All the 30 stocks of Sensex were in red.
Major losers from the BSE Sensex pack are ICICI Bank plunged 4.54% to Rs. 345.10 along with Reliance Communication tumbled 3.50% to Rs. 157.00, Mahindra & Mahindra fell by 3.24% to Rs. 280.75, Tata Power by 2.95% to Rs. 729.70, Reliance Industries by 2.79% to Rs. 1,257.50, TCS by 2.75% to Rs. 476.30, Wipro by 2.75% to Rs. 214.30 and Infosys tech by 2.67% to Rs. 1,176.00 among others.
The BSE Metal index is lower by 115.65 points or 2.40% at 4,705.32. Stocks trading in red are Sesa Goa by 5.08% to Rs. 83.15, JSW Steel by 3.93% to Rs. 200.30, Steel Authority of India by 3.83% to Rs. 79.00, Sterlite Ind 3.24% to Rs. 248.20, National Aluminium by 2.69% to Rs. 195.15 and Tata Steel by 2.46% to Rs. 168.20 among others.
Satyam Computer Service rose 1.84% to Rs. 47.10 after it won approval to bring on board a strategic investor needed to ensure the survival of the scam-tainted software outsourcer. The Company Law Board (CLB) said Satyam could raise its authorised shares on issue to 140 crore from 80 crore, and a board member said criteria for a stake sale could be finalised next week.
Cairn India fell 0.88% to Rs. 151.20, despite crude oil prices advanced over 14% on the New York Mercantile Exchange on Thursday, 19 February 2009.
Areva T & D India rose 0.05% to Rs. 188.00, after the company said it won two orders aggregating to Rs. 200 crore.
ABB slipped 5.46% to Rs. 371.75 ahead of its year ended December 2008 results announcement later today.
Larsen & Toubro fell 2.09% to Rs. 627.25 after its chief said it will decide on Satyam deal after evaluating the Company Law Board''s order on the bidding process.
Hindustan Zinc declined 1.07% to Rs. 319.70, after the company lowered zinc prices by 1.50% as this would be seem on Company’s financial performance.
IOL Netcom fell by 3.91% to Rs. 43.00 as its board approved raising Rs 150 crore via convertible bonds.
Kingfisher Airlines dipped by 1.52% to Rs. 32.50 as India’s airport regulator asked the Company to bring down its overall dues for use of airports within the limits of bank guarantees furnished by the end of March.
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