Markets expected to remain negative
Srujani Panda / 18 Oct 2011
As mentioned in our morning update markets opened on a negative note. Sensex was down by 268.06 points in the early trades. Indices of all sectors were under pressure with IT stocks taking the major beatings over the lower than expected results from software giant TCS. The G20 meeting held in the Paris last week had raised the hopes of firm solution to the European debt crisis, however after Germany played down the idea to quick fix the debt crisis yesterday, all markets are trading lower.
Asian stocks declined, extending their losses in the morning trades. Nikkei was trading 1.49 per cent lower. Hang Seng was also down by 3.34 per cent. While there is no clear indication over the debt plan, markets will take the cue from the opening of European markets.
Back home TCS shares were trading 7.82 per cent lower over its lower than expected quarterly earnings, its peer Infosys and Wipro were also trading lower in the morning trades. As we correctly pointed out Coal India shares were trading higher by 1.09 per cent as company resolved issues related to employee compensation. Maruti Suzuki after commencing partial operations at its plant in Manesar, was trading in green. Shares of Hero Motor Corp, Sun Pharma, NTPC and Tata Power were also among the gainers list. All the other Sensex stocks were in red. Onelife capital, which was listed yesterday surged 17 per cent further to Rs 171.35. Shares of MindTree Ltd gained 3.98 per cent while that of ING Vysya Bank were trading higher by 6.08 per cent as we said in the morning commentary. Shares of Eros International surged to record its new high to Rs 275.
The market breadth, indicating the overall health of the market, is negative. On BSE, 1690 shares declined, while 655 shares advanced. A total of 78 shares remained unchanged.
In conclusion, we expect the market to remain negative for the day and advice readers to watch for the European markets to open as they may provide some vital cues on the desired direction of the market trend. Nevertheless we shall keep updating you regularly through our market commentary.
| Benchmark Indices | ||
| Index | Rate | % Change |
| Hang Seng | 18243.31 | -3.34 |
| Nikkei | 8747.05 | -1.49 |
| Shanghai | 2396.34 | -1.81 |
| SENSEX | 16759.22 | -1.57 |
| NIFTY | 5036.8 | -1.59 |
Asian stocks declined, extending their losses in the morning trades. Nikkei was trading 1.49 per cent lower. Hang Seng was also down by 3.34 per cent. While there is no clear indication over the debt plan, markets will take the cue from the opening of European markets.
Back home TCS shares were trading 7.82 per cent lower over its lower than expected quarterly earnings, its peer Infosys and Wipro were also trading lower in the morning trades. As we correctly pointed out Coal India shares were trading higher by 1.09 per cent as company resolved issues related to employee compensation. Maruti Suzuki after commencing partial operations at its plant in Manesar, was trading in green. Shares of Hero Motor Corp, Sun Pharma, NTPC and Tata Power were also among the gainers list. All the other Sensex stocks were in red. Onelife capital, which was listed yesterday surged 17 per cent further to Rs 171.35. Shares of MindTree Ltd gained 3.98 per cent while that of ING Vysya Bank were trading higher by 6.08 per cent as we said in the morning commentary. Shares of Eros International surged to record its new high to Rs 275.
The market breadth, indicating the overall health of the market, is negative. On BSE, 1690 shares declined, while 655 shares advanced. A total of 78 shares remained unchanged.
In conclusion, we expect the market to remain negative for the day and advice readers to watch for the European markets to open as they may provide some vital cues on the desired direction of the market trend. Nevertheless we shall keep updating you regularly through our market commentary.
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