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Fear of recession sends Sensex down by 199 points
Among the Nifty stocks, Reliance Power gained the most with 3.37%. it was followed by Cipla and Grasim, they were up by 2.09% and 2.02%. Meanwhile, Nifty losers list was topped by Tata Motors that fell by 5.37%. This was followed by Hindalco, this stock fell by 4.02%.
The most traded stock on the NSE was JP Associate. It gained 0.75%.
Heavyweights Reliance Industries and L&T closed 2% lower each. Cipla and Tata Power were up 1-2%. Reliance Power was the top gainer on Nifty - rallied 4%.
However, Bharti Airtel, NTPC and SBI gained nearly 1% each. However, ITC, Wipro and Maruti were only marginally in the green.
About 400 shares advanced as against 1045 shares declined on the NSE on high volumes.
Renewed fear of recession in US and Europe gripped markets world over in the absence of a co-ordinated action. European markets like France's CAC, Germany's DAX and Britain's FTSE were also down 1-2% amid volatility. The Dow Jones futures fell more than 1%.
A major reason for the weakness in the equity markets is the negative news flow emerging from Europe, mainly Greece. Economist and expert from UBS, Duetch and others have said that the Greece could potentially default within the next few quarters.
4:20 p.m.
Markets pare losses. But Sensex still down by 100 points
The major indices recovered a lot of their losses but they remained in the negative. Sensex was down by 0.64% at 16,256 and Nifty was down by 0.47% at 4,900. Though the broad trend was still downward on both the
Of all 10 stocks gain on Sensex and the other 20 fell.
Cipla and Tata Powers were leading the gains on the Sensex with 2.23% and 1.27% gains respectively.
Meanwhile it was Tata Motors, Hindalco and HDFC Bank that were the biggest losers, as their share price had fallen by 3.58%, 3.3% and 3.28% respectively.
Among the broader indices, Small Cap fell by 1.31% and midcap by 0.91%.
JP associate was the most traded stock on the national stock exchange.
1:30 p.m.
Following foreign peers Sensex falls by 150 points
The Indian stock market dwindled as its Asian peers fell like Straits Times fell 41.25; Hang Seng drags 261.08 along with Taiwan Index 259.28. Meanwhile KOSPI went down by 103.11 and Shanghai Composite index fell by 25.82.
Amid selling pressure Sensex went to a low of 16,052.47 reflecting a fall of 300 points. But then on position covering, it recovered on some of the losses. Sensex was trading at 16,212 down by 148 points or 0.91%.
Meanwhile Nifty too treaded a similar path. It was trading at 4,885.20 reflecting a fall of 38.45 points or 0.78%.
The gains of the sectoral index Information Technology was reduced, it was left with only 0.24% gain.
Among the gainers on the Nifty was Cipla, the pharmaceutical company with gains of 2.77%. However the stock which had lost the most among the Nifty constituents was Cairn India with loss of 4.56%. HDFC Bank, SAIL, Tata Motors and Hindalco were down between 3.26%-3.66%.
The India rupee was trading at 49.77 per dollar, down 0.3% - lowest in more than 28 months. Global events have sent the rupee down.
12:15 p.m.
Stock markets on negative sentiment. Sensex down by 105 points
The stock markets aroudn the globe kept falling on poor sentiment. The Bombay stock Exchange benchmark, Sensex opened and fell over 200 points initially. Then it recovered some of its losses and was trading at 16,255.78, down by 105 points and 0.64%. Meanwhile, the National Stock Exchange Bencmark, Nifty fell by 41.75 points or 0.85% to 4,881.90.
Among the Nifty constituents, HCL technologies was up by 2.23% followed by Tata Power which had gained 1.88%. Other gainers included Reliance Capital, Wipro and TCS.
On the losers lists among Nifty stocks was Cairn India, Tata Motors and SAIL, each fell over 3%. Followed by Axis Bank and Sterlite that were down by 2.98% and 2.84% respectively.
The most traded stock was KS oils followed by JP associates on NSE India.
Among the sectoral indices the worst hit was BSE Metal, down by 1.89%. This was followed by Bankex 1.66%. Then, the best performing sector was Information Technology, that was up by 1.43% on Rupee devaluation. Other than that TECk and FMCG were also in the positive zone.
Among midcaps, KGN Industries, Sunteck Realty, Trent, Patni Computer and Redington gained 1-5%. However, Puravankara Projects, SKS Microfinance, Prism Cement, S Kumars Nationwide and BF Utilities fell 5%.
10:10 a.m.
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