Markets deep in the red, Nifty below 5K
Vidrum / 17 Nov 2011
Indian markets ended the day in the deep red, with the Nifty going below the 5K mark. Both the bourses closed 2% lower, with the selling pressure coming in during the last hour of trade. All the sectors closed in the red, with oil & gas, power, metals and realty stocks taking the most beating.
European markets extended their losses after borrowing costs rose at a Spanish government bonds sale.
| Benchmark Indices | ||
| Index | Closing | % Change |
| Sensex | 16442.36 | -1.99 |
| Nifty | 4927.2 | -2.05 |
| Hang Seng | 18817.47 | -0.76 |
| Nikkei | 8479.63 | 0.19 |
| Shanghai | 2463.05 | -0.16 |
| Live | ||
| FTSE | 5447.09 | -1.12 |
| DAX | 5852.05 | -1.04 |
| CAC | 3023.88 | -1.34 |
Asian markets closed in the mixed bag, with the Nikkei closing marginally in the green zone while the Hang Seng closed in the red. Shanghai closed on a very flat on the prospects of the central bank maintaining a tight monetary policy.
Dow Jones Futures is currently trading 25 points or 0.21% up at 11870, indicating a positive sentiment in the US markets.
| Sectoral Indices | |||
| Category/Index | Close | Change(Pts) | Change (%) |
| Broad | |||
| MIDCAP | 5,775.92 | -76 | -1.3 |
| SMLCAP | 6,301.73 | -73.06 | -1.15 |
| BSE-100 | 8,514.24 | -168.65 | -1.94 |
| BSE-200 | 1,994.20 | -38.53 | -1.9 |
| BSE-500 | 6,253.96 | -115.03 | -1.81 |
| Sectors | |||
| IT | 5,653.81 | -42.33 | -0.74 |
| TECk | 3,433.14 | -32.55 | -0.94 |
| HC | 5,907.11 | -83.52 | -1.39 |
| BANKEX | 10,250.30 | -152.33 | -1.46 |
| FMCG | 4,132.58 | -62.37 | -1.49 |
| CD | 6,075.07 | -96.69 | -1.57 |
| AUTO | 8,641.88 | -156.56 | -1.78 |
| PSU | 6,905.79 | -150.15 | -2.13 |
| CG | 9,598.00 | -214.87 | -2.19 |
| REALTY | 1,633.10 | -40.12 | -2.4 |
| METAL | 10,571.16 | -269.05 | -2.48 |
| POWER | 1,988.09 | -58.62 | -2.86 |
| OIL & GAS | 8,298.32 | -291.29 | -3.39 |
Among the Sensex stocks, Jaiprakash Asso. was the leading Index loser, down 6.11% to Rs 62.95. Oil & gas heavyweights RIL and ONGC closed down by 4.59% and 2.53% respectively. Selling pressure was also seen in stocks like Sterlite Industries, BHEL, Tata Motors, DLF, ITC, NTPC etc., all of which closed down between 2.5%-4.5%. There were only 3 stocks which gained on the Index today. Hero MotoCorp, Sun Pharma and Cipla closed marginally in the green.
Patni Computer Systems ended the day at its highest point, up 10.28% to Rs 428.60 after the news that the US listed software company iGATE plans to delist the shares of its unit Patni Computer from the stock exchanges.
Zensar Technologies closed 0.87% higher to Rs 122.10 after the news that it has won multi-million dollar deals in key geographies. Lupin closed down 2% to Rs 446.65 after the company acquired I’rom Pharmaceuticals through its Japanese subsidiary.
BGR Energy was up more than 4% in early trade, but ended the day by increasing just 0.59% to Rs 280.35 after the news that it had bagged engineering, procurement and construction orders worth Rs 1698 cr from TRN Energy.
The market breadth, which indicate the overall health of the market, was negative. Out of the 3281 stocks traded on the BSE, 2209 declined, 945 advanced and 127 stocks remained unchanged.
In conclusion, we expect the markets to remain volatile as of now, as investors are very jittery to invest in markets that fail to provide any concrete direction. We advise our readers to stay cautious.
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