Selling pressure force markets to close lower
Mumbai, Mar 9: Indian markets witnessed heavy selling pressure throughout the day and closed on weaker note as a result of fall in all major stocks otherthan HDFC, M&M and Maruti. The 50-share NSE Nifty remained below 2600 mark and hit an intraday low of 2555.60. It shut shop at 2573.15, down 1.79 pc or 47 points. The 30-share BSE Sensex shed 165.42 points or down 1.99 pc, to settle at 8,160.40.
Major contributors which led to the fall are ITC, Reliance Industries, SBI, Infosys, L&T, Bharti Airtel, HUL, ICICI Bank, TCS, Reliance Communication, ONGC and Tata Power.
Asian markets too closed sharply lower. Nikkei of Japan closed at a 26 year low.
Markets under pressure, IT, power stocks dips
At 10:43 hours IST, the 30-share BSE Sensex was trading at 8,239, down 86 points and the Nifty was at 2,593, down 25 points. Broader indices like BSE Midcap and Small cap indices fell 0.5 a percent each.
The Indices are witnessing selling pressure as the oil & gas, technology, telecom, power, select metal and capital goods continuing their downtrend, However, the support from HDFC, HDFC Bank, L&T and Ranbaxy is not letting the markets to fall further.
Markets open weak, Nifty below 2,600 mark
Weak Asian cues led the Indian indices to open weaker on Monday, Mar 9. The National Stocl Exchange's benchmark index Nifty slipped below 2600 mark and Nifty March Futures discount increased to 10 points.
At 9.56 am the Bombay Stock Exchange's Sensex was trading at 8,243, down 82 points and the Nifty was at 2,597, down 23 points. CNX Midcap 100 went down 15 points, to 2,966. The stocks like metal, technology, oil & gas, capital goods, power and telecom are pulling the markets lower.
Major losers in the opening trade are ICICI Bank, Wipro, ABB, Siemens, PNB, L&T, Jaiprakash Associates, Infosys, Hindalco, Reliance Communication, Sterlite, Reliance Capital, HUL, Reliance Industries, Reliance Infrastructure, BHEL and TCS.