The banking stocks remained under pressure throughout the day. ONGC, TCS, Reliance Infrastructure, L&T and M&M also were pressurised.
Markets continue to be volatile
Market continues to be volatile. The Sensex was trading at 9,048, up 13 points and the Nifty was at 2,782, up 12 points, at 10:44 hours IST. BSE Midcap and Small cap indices are flat.
While the oil & gas, telecom and technology stocks are helping the markets, banking, capital goods and real estate stocks are adding pressure.
Markets open red, trading volatile
Mumbai, Feb 18: The markets opened in red for the third consecutive day and benchmark indices slipped in the early trade, but soon recovered and are trading volatile. At 9:56 am, the Bombay Stock Exchange's Sensex was trading at 9,011 down 23 points and the National Stock Exchange's Nifty was at 2,768 down 2 points. CNX Midcap fell 29 points, to 3,282.
The stocks which are supporting the indices are PNB, ICICI Bank, Tata Steel, DLF, Hindalco, Wipro, HDFC, Unitech, Maruti, M&M, NTPC, L&T, SBI, Tata Communication and SAIL are losers. However, Idea, BPCL, Ambuja Cements, TCS and Reliance Industries.
Asian markets too are trading lower, Shanghai tanked 2.73 pc, while Nikkei and Kospi fell 1.15 pc-1.4 pc.
The US markets tumbled to three months low fearing that the government's stimulus package won't be sufficient to curb the deepening economic crisis.