Markets recovers; Sensex, Nifty closes low

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Sensex
Mumbai, Jan 20: The benchmark indices ended sharply lower on the back of weakness in Asian counterparts and a huge sell-off in shares of banking, metal, realty, oil & gas exploration, auto, telecom and capital goods companies. The Sensex was hovering around 9100 level while the Nifty remained below 2800 mark.

The Sensex has hit an intraday low of 9,033.55, before closing the day at 9,100.55, down 229.02 points or 2.45 per cent. The Nifty slipped 1.74 per cent or 49.60 points, to settle at 2796.60. It went closer to 2750 but did not break the same level, touched a low of 2758.

The markets have recovered a bit in last one hour due to power stocks, as the Central Electricity Regulatory Commission (CERC) has upped the Return on Equity (RoE) for power units to 15.5 per cent versus 14 per cent. But that did not help the markets, as other sectoral indices were down sharply.
4.15 PM

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Markets trading lower; selling in banking, metal

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The markets are trading sharply lower, as selling continues in banking, metal, realty, auto, telecom, oil & gas exploration, capital goods and power stocks followed by midcap and small cap stocks. There is a bit of recovery in the benchmark indices due to ONGC, though it lost 1 per cent.

The Sensex is hovering around 9100 level, went down 232 points to 9,096 and the Nifty lost 66 points to 2,780, at 2:03 hours IST. BSE Midcap and Small Cap indices felll 0.4-0.9 per cent.

Bharti Airtel, Reliance Industries, HDFC, ICICI Bank, SBI, BHEl, SAIL, NTPC, Reliance Communication, ONGC, HDFC Bank, DLF and L&T are dragging the markets lower.

Market breadth is weak; about 1011 shares have advanced while 1503 shares declined. Nearly 428 shares are unchanged.
2.27 PM

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Benchmark indices lowers further

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The benchmark indices extended the losses further, as sell-off continues in all sectors. Banking, metal, realty, oil & gas telecom and power stocks are under pressure followed by midcap and small cap stocks as well. On the global front, Asian markets slipped 1-3 per cent.

Reliance Industries, Bharti Airtel, ONGC, NTPC, SBI, HDFC, ICICI Bank, Reliance Communication, BHEL, SAIL, HDFC Bank, Infosys, L&T and DLF are leading this fall. Only TCS is holding in the green, as the company is in multi-year, multi-million dollar pact with Ducati for ERP.

The Sensex plunged 261 points to 9,068 and the Nifty lost 78 points to 2,767, at 10:52 hours IST. BSE Midcap Index fell 1.2 per cent and Small Cap index down 0.65 per cent.

Market breadth is positive as broader indices haven't declined much though those are down. About 1527 shares have advanced while 1275 shares declined. Nearly 139 shares are unchanged.
11.55 AM

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Markets see red; benchmark indices also open low

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The benchmark indices have opened sharply lower following weak Asian cues. A decline of 2 per cent in SGX Nifty suggested a weak opening. Shares of oil exploration, telecom, banking, realty, capital goods, and metal stocks are trading under pressure.

The Sensex went down 202 points to 9,127 and the Nifty lost 60 points to 2,786, at 9.56 hours IST. CNX Midcap tumbled 1 per cent to 3,497.

DLF, Unitech, Zee Entertainment, Reliance Capital, Ambuja Cements, HCL Tech, Suzlon, Tata Steel, Nalco, Reliance Communications, HDFC, Bharti, SBI, L&T, Infosys, BHEL and Reliance Industries are driving the markets downwards.

BSE Bankex, Realty, Oil & Gas, Capital Goods, Metal and TECk indices fell over 2 per cent each.

Satyam slumped 7 per cent in early trade and given up most of Monday, Jan 19 gains.

Triveni Engineering, ITC, Ultratech Cement and Apollo Tyres lost ground, after its numbers for the quarter ended Dec 2008.

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OneIndia News (With inputs from Agencies)

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