Markets continue drifting lower; bankex dips sharply

Commentary

oi-Sneha

By Sneha B K

Published: Wednesday, May 9, 2012, 9:53 [IST]

Markets continued to drift lower, after falling sharply on Tuesday, with the benchmark indices tracking weak Asian cues.

Asian stocks fell in trade early Wednesday, due to political uncertainty arising out of a fractured mandate in Greece and question marks over austerity measures. The possibility of Greece exit from Euro have increased with anti bailout parties gaining an upperhand in the elections. The Nikkei 225 was down by 1.54%, while the Hang Seng lost 1%, the Shanghai Composite was down 1.33%.

At 9.30 am IST, the Sensex was trading at 16,497.29 points, down 48.89 points or 0.30% and the Nifty was at 4983.30 points, down 16 points or 0.33%.

All the sectors on the BSE were trading in the red, except FMCG which was up by 1.29%. The Bankex was badly hit and was trading lower by 1.01% during morning trade.

Among the stocks that gained today in early trade were ITC, Ranbaxy Laboratories, BHEL and TCS.

While on the losing side, the stocks that failed to lure investors in the morning trade were the Hindalco, Kotak Mahindra, Ambuja Cements and SAIL.

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