After the volatile first half, huge selling was seen in the second half of the session and the market ended sharply lower. However the global cues were positive in today's trade.
Rate sensitives, metal, technology, power, oil & gas and telecom sectors saw sell-off. The benchmark indices disregarded the positive global cues.
Wipro, ICICI Bank, BHEL, SBI, HDFC, Reliance Communication, Sterlite, Reliance Infrastructure and Tata Steel dipped 3 to 7 per cent. Reliance Industries, Bharti, ONGC, NTPC, HDFC Bank and Infosys fell 0.8 to 2.8 per cent.
Market breadth was mixed. About 1473 shares advanced while 1498 shares declined. Nearly 143 shares remained unchanged on the BSE.
Mkts weak; L&T, ICICI, Infy weigh on Sensex
At 1:43 PM The Sensex was down 287.00 points or 2.37 per cent at 11829.94, and the Nifty was down 93.00 points or 2.52 per cent at 3590.90. The BSE midcap and smallcap indices were down 0.81 per cent and 0.12 per cent respectively. Markets were trading weak.
Metal, bank, realty, IT, power, capital goods, auto and oil & gas stocks were witnessing selling pressure. Stocks like Reliance, Infosys, ICICI Bank, L&T and Bharti Airtel proved to be draggers on the Sensex. Out of the 30, HUL, ONGC and Sun Pharma were trading in green in Sensex.
Sterlite Ind at Rs 480.95 down by 7.05 per cent, Hindalco at Rs 66.65 down by 5.06 per cent, M&M at Rs 492.30 down by 4.66 per cent, Reliance Infra at Rs 772.90 down by 4.61 per cent and ICICI Bank at Rs 524.40 down by 4.5 per cent were the losers on Sensex.
Refinery major HPCL was down by 3.05 per cent and Tech major Infosys was down 2.41 per cent. Index biggie Relience was trading down 1.52 per cent.
Active shares were HDFC bank, Reliance, ICCI Bank, Tata Steel, and Rel Capital.
The market breadth was negative. About 1291 shares advanced, 1669 shares declined, and 153 shares remained unchanged.
Mkts dull & quiet, buying in pharma, oil, cement
At 11:56 AM the Sensex was trading at 12,098, down 18 points while the Nifty was up just 2 points, to 3,685. The BSE Midcap Index was up 1per cent and the Smallcap Index gained 1.9 per cent.
Markets are comparitively dull and quiet with the indices moving around the previous closing values.
The markets gained support from buying in oil & gas exploration, pharma, cement, select power, and individual stocks like L&T, SAIL, DLF and Idea. However, the gains were capped by continuous sell-off in financials, Wipro, Sterlite, BHEL, Bharti, Hindalco, Maruti, Tata Motors and Reliance Infrastructure.
Inflation came in at 0.70 per cent for the week-ended Apr 25 as against 0.57 per cent.
Gainers in midstock stocks were Kalpataru Power, KEC International, UTV Software, GMDC and TV18 with 7 to 11.5 per cent rise. Provogue, BL Kashyap, Bharati Shipyard, Anus Labs and ABG Shipyard surged 15 to 17.7 per cent in small cap space.
Mkts open with gains, SAIL, ONGC, Tata Steel gain
At 9:57 AM, the Sensex was trading at 12,144, up 28 points and the Nifty was up 13 points at 3,697. The CNX Midcap went up 24 points, to 4,064. Opening with gains, the markets were experiencing volatility.
The gainers among the frontliners were Tata Steel, SAIL, ONGC, Cairn, Cipla, GAIL, DLF, Nalco, Suzlon, Reliance Communication and Idea Cellular, while HDFC Bank, Sterlite, Wipro, Hindalco, SBI, HCL Tech, Sterlite, Hindalco and ICICI Bank were loosing.
In midcap and small cap space, Bharti Shipyard, Great Offshore, Bharti Shipyard, United Breweries went up. In metals, JSW Steel, Ispat, Bhushan Steel and Gujarat NRE Coke gained.Union Bank, Chambal Fert, Bajaj Hindusthan and Godrej Industries were seen slipping.