Mid Session Market for October 18, 2010

The Indian benchmark indices are trading lower on the back of continuous selling in several blue chip stocks, the market remains deep down in the negative terrain during mid morning trade. Further, a flat close on Wall Street last Friday and weakness in some parts of the Asian region has stimulated negative sentiment among the domestic investors and made them a bit cautious. Besides, with the major public offering from Coal India hitting the market, investors are worried about a possible liquidity crunch in the very short term. On the sectoral front, FMCG and Realty declined by 1.92% and 1.76% respectively. The broader market indices are trading negative as BSE Mid Cap and Small Cap are trading lower by 0.84% and 0.54% respectively. The key benchmark indices are currently trading in negative with BSE 30-share Sensex below the 19,960 mark, while Nifty is below the 6,010 mark.

At 12.30 PM BSE SENSEX was trading at 19,959.95 down by 165.09 (0.82%) and the NSE Nifty was trading at 6,008.90 down by 53.75 (0.88%).

The BSE MIDCAP was at 8,232.9 down by 78.76 (0.84%) and the BSE SMLCAP was at 10,571.94 down by 57.70 (0.54%).

On the economic front, the government data stated that Indias food price index and the fuel price index rose 16.37% and 11.14% respectively in the year to October 2 against the annual food and fuel inflation at 16.24% and 10.73% respectively in the previous week. The primary articles index rose 18.54% in the week ended October 2 while the wholesale price index rose 8.62% in September.

On the corporate front, Shiva Cement is up by 19.96% at Rs 10.70 after the company informed that its cement dispatches reported yoy growth of 12.6% in September 2010.

Shares of Sasken Communication Technologies Ltd. surged 4.42% to Rs 210.05 as company informed that it will consider on Oct. 21 a proposal to buy back shares.

At present, the market breadth indicating the overall health is negative with 1,818 stocks declining, 946 shares advancing and 91 stocks are left unchanged. Further, the overall market breadth is negative as all13 sectoral indices are trading lower.

Losers from the Sensex Pack till now are - ACC (2.72%), ITC (2.53%), JP Asso (2.33%), L&T (2.05%), HDFC (1.97%), Bharti Airtel (1.87%) and HUL (1.79%).

The BSE FMCG index was at 3,538.25 down by 69.26 points or by (1.92%). The main losers were Godrej Cons (2.98%), ITC (2.53%), 1.79 (2.35%), Tata Global Beverages (1.58%), Mcleod Russel (1.42%) and Ruchi Soya (1.36%).

The BSE Realty index was at 3,812.97 down by 68.23 points or by (1.76%). The main losers were Anant Raj Inds (3.98%), Parsvnath Dev (3.66%), Orbit Corp (3.18%), Sobha Dev (2.33%) and Phoenix Mills (2.16%).

The leading Asian bourses are trading negative as Hang Seng, Taiwan Weighted, Seoul Composite, Jakarta Composite and Taiwan Weighted are trading lower by 265.03, 144.76, 26.87, 22.35 and 10.34 points respectively. On the flipside, Shanghai Composite is trading higher by 21.58 points.

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