Markets close on a weak note

Mumbai, Jan 12: The Sensex has hit a low of 9,024.45 and was down by 353 points at 9,053, at 2.33 hours IST. The Nifty fell 115 points at 2,757 and already touched a low of 2748.55. BSE Midcap Index lost 2.3 per cent and Small Cap index fell 1.8 per cent.

India's largest bank, SBI said that they also have exposure to Maytas at around Rs 500 crore. The stock went down over 8 per cent.

Heavyweights are extremely under pressure like Reliance Industries, NTPC, SBI, BHEL, Wipro, TCS, Reliance Communication, SAIL, ICICI Bank, L&T, Sterlite Inds and Tata Steel plunged 4-9 per cent. Bharti, ONGC, ITC, Infosys, HDFC and HDFC Bank lost 2.5-3.5 per cent.

Market breadth is weak; about 929 shares have advanced, 1855 shares declined, and 109 shares are unchanged.
4.14 PM

IIP numbers positive; Markets plunge

The sell-off continues in the benchmark indices, despite positive Index of Industrial Numbers (IIP) numbers. Selling by institutional investors in heavyweights is putting pressure on the markets. Midcap and small cap stocks are also following the same trend.

The Nifty's struggle is very hard at 2800 mark and is trading below the same level. It lost 97 points to 2,775 and the Sensex went down 268 points at 9,138, at 12.48 hours IST.

Among the frontliners, Reliance Industries, NTPC, Bharti Airtel, BHEL, ONGC, TCS, Wipro, Reliance Communication, SAIL, DLF, SBI, Infosys and L&T plummeted 2-10 per cent. However, only three stocks Sun Pharma, HUL and HCL Tech are in the green.

BSE Realty and Metal indices plunged 4-5 per cent. Power, Oil & Gas, Capital Goods and TECK indices fell 3-4 per cent. Bankex lost over 2 per cent.

Market breadth is in favour of declines; about 1023 shares have advanced while 1751 shares declined. Nearly 114 shares are unchanged.
2.10 PM

Market breadth in favour of declines

The benchmark indices are trading sharply lower led by sell-off in heavyweights like Reliance Industries, ONGC, NTPC, Wipro, BHEL, Bharti Airtel, Infosys, TCS, SBI, SAIL, L&T, Reliance Infrastructure and HDFC. Midcap and small cap indices have also slipped a bit. Negative Asian markets are also putting pressure on markets.

The Nifty is struggling at 2800 mark and was down by 78 points at 2,794, at 11.23 hours IST. The Sensex went down 211 points at 9,195. BSE Midcap Index fell 1 per cent and Small Cap Index lost 0.5 per cent.
11.53 AM

Benchmark tumble; Satyam surges by 62 pc

The benchmark indices tumbled in early trade and are bleeding further. Weak Asian markets are also putting pressure on our markets. Selling is seen in capital goods, technology, oil exploration, and select banking companies.

At 9.56 am, the Sensex went down 96 points to 9,300 and the Nifty fell 36 points to 2,836.

Among the frontliners, DLF, ICICI Bank, Tata Motors, M&M, Siemens, Infosys, TCS, Tata Steel, Reliance Inds, BHEL, NTPC and Tata Power are losers.

Wipro tumbled 8 per cent, as the company said is ineligible for direct contracts from World Bank till 2011. Revenues from World Bank is insignificant and not to affect business.

However, Sterlite, Sun Pharma, Tata Communication and HCL Tech are gainers.

Satyam surged 62 per cent in early trade, as the government has elected three members to the board of Satyam.
10.25 AM

OneIndia News (With inputs from Agencies)