The market continued its weakness due to selling pressure seen in realty, metal, oil, power, capital goods, banking, pharma and FMCG stocks. Market breadth is weak; only 120 shares advanced while 926 shares declined on the NSE. Midcap and small cap stocks are down. On the global front, Asian markets are still trading mixed.
At 10:19 am, the Sensex was down 150 points at 16,586 and the Nifty down 53 points at 4,929.
Top losers were JP Associates, Reliance Infra, Hindalco, ACC, Reliance Petro and SAIL while gainers - Satyam, Nalco, HCL Tech, TCS, Infosys and Wipro.
Midcap and small caps stocks have hammered a lot, respective indices down over 2.7% each. Bharat Bijlee, GVK Power, IVR Prime, Arshiya Intl, UCO Bank, Bajaj Hind and Motilal Oswal were down 5-8%.
Realty stocks have underperformed the markets, BSE Realty Index was down 3.6% due to selling in DLF, Puravankara Proj, HDIL, Unitech and Indiabulls Real Estate.
Metal stocks also tanked, BSE Metal down 2.7% as Jindal Steel, SAIL, Tata Steel, Hindalco and Hindustan Zinc.
BSE Capital Goods, Power, Bankex and Healthcare were down over 1% each.
However, technology stocks outperformed, IT Index up 0.7%. TCS, Infosys, Satyam, Wipro and HCL Tech were the movers.
Markets open weak; metal, FMCG, banks down
The markets have opened weak following negative global cues and selling pressure in metal and banking space. Midcap and small cap stocks are in red. Market breadth is negative, nearly 167 shares advanced while 719 shares declined.
At 9:56 am, the Sensex was down 97 points at 16639 and the Nifty down 33 points at 4949.
Bharti, Infosys, Reliance Energy, JP Associates, NTPC, Hindalco, SAIL, Tata Steel, HDFC Bank and SBI were losers while gainers - Satyam and ONGC.
Metal stocks were the major losers today as government notifies 15% export duty on pig iron, CR products. SAIL, JSW Steel, Tata Steel and Hindalco were witnessing selling pressure.
Asian markets were trading mixed. Shanghai Composite was down 0.55%, Hang Seng down 1.52%, Jakarata Composite down 0.58% and Seoul Composite down 1.31% while Nikkei 225 Average rose 0.43%, Straits Times up 0.24% and Taiwan Weighted up 0.28%.
US markets fell sending the markets to its first weekly drop in a month as AIG reported huge losses and going to raise money, crude oil surged to a new high. The Dow Jones ended 120.90 points lower at 12745.88 and the Nasdaq shut shop at 2445.52 down 5.72 points.
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