Indices close lower on -ve Global cues

Written by: Super Admin
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Mumbai, Apr 28: The Indian markets which saw a significant sell-off closed the session lower due to weak global cues. The Sensex broke the 11,000 mark during the day while the Nifty closed below 3,400 level.

The 30-share BSE Sensex closed just above 11K, at 11,001.75, down 370.10 points or 3.25 pc, after hitting a low of 10,961.76. The 50-share NSE Nifty has touched a low of 3351.50, before ending 3.10 pc or 107.65 points lower at 3362.35.

The weak global cues were the result of renewed credit concerns and fears of Swine flu. Major players like DLF, Sterlite, Tata Steel, HDFC, Reliance Communication, Reliance Infrastructure, Tata Motors and ICICI Bank fell 6-8 pc. Likewise BHEL, Hindalco, HDFC Bank, L&T and SBI slipped 3-4 pc.

Indices see 2pc slip, metal, FMGC under pressure

At 1: 41 PM Sensex was trading at 11,110, down 261 points and the Nifty slipped 82 points, to 3,387. BSE Midcap and Smallcap indices declined over 2 per cent each.

With the telecom, metal, banking, power, capital goods, FMCG and select realty stocks under pressure the benchmark indices extended losses. Bharti Airtel, Reliance Industries, ONGC, ITC, BHEL, ICICI Bank, ICICI Bank, DLF, HDFC, Reliance Communication, Sterlite and Wipro contributed to the sell-off.

BSE Realty Index declined 3.7 per cent, due to the 6 to 6.5 per cent fall in HDIL and DLF. Indiabulls Real, Parsvnath, Puravankara Projects and Unitech lost 1 to 3 per cent.

Decline of 2.4 to 7 per cent in Sesa Goa, Tata Steel, Hind Zinc, Sterlite, JSW Steel, Jindal Steel, Hindalco, JSL and SAIL led to the loss of 3.7 per cent in the Metal Index.

BSE Bankex slipped 3.2 per cent. Banking stocks like ICICI, Axis, HDFC went down 2 to 7 per cent.

In the capital goods index fell 2.4 per cent, while BHEL, Siemens, L&T and Punj Lloyd fell 1 tp 2.7 per cent.

Among mid cap stocks, UB Holdings, Indian Bank, Aban Offshore, IVRCL Infrastructure and United Phosphorous slipped 8 to 10 per cent. In the small cap space, Dewan Housing, MIC Electronics, Shoppers Stop and Banco Products declined 8 to 9.5 per cent.

Market breadth was negative. About 1055 shares advanced while 1927 shares declined and nearly 126 shares were unchanged.
3:00 PM
Markets witnessing major sell-off
The Sensex was trading at 11,224, down 147 points and the Nifty fell 52 points, to 3,418, at 12:48 hours IST. Broader indices - BSE Midcap and Smallcap indices slipped 1.7 per cent each.

Major sell-off is seen in shares of banking oil & gas exploration, power, capital goods, FMCG, telecom, metal. Also select realty companies was putting pressure on the benchmark indices

Heavyweights like Bharti, ONGC, NTPC, HDFC, ITC, Wipro, BHEL, ICICI Bank, Reliance Communication and L&T were leading counters in this downtrend, which forced the NSE Nifty to test the 3400 mark. However, buying was seen in Infosys, M&M, Unitech, Sun Pharma, BPCL, Ranbaxy and Maruti. Reliance Industries was helping the markets a bit.
01:10 PM

Benchmark indices open lower; volatile

Opening lower, the Indian benchmark indices are trading with some volatility ahead of F&O expiry on Wednesday, Apr 29.

At 9:56 am, the Nifty fell 23 points, to 3,446 and the Sensex was trading at 11,321, down 50 points. The CNX Midcap was flat 3,945. Key players like Axis Bank, Sterlite, BPCL, Ambuja Cements, Ranbaxy, Unitech, Bharti Airtel, HDFC, Tata Motors, Hindalco, TCS, NTPC and Wipro lost ground.

However, Cipla, L&T, Idea, Tata Steel, M&M, Relaince Capital, ABB and Reliance Infrastructure were the gainers.
10:36 AM

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