Markets at lowest level in over 2 years
Chandrakant / 23 Nov 2011
After hitting the lowest level in over 2 years, Indian markets ended the day with some recovery, with both the indices closing down by 2.2%. The Sensex closed below the 16000 mark, and Nifty managed to hold the crucial 4700 levels. Heavy selling by foreign funds in the last 2 days and weak global stocks have hurt investor sentiment.
| Benchmark Indices | ||
| Index | Closing | % Change |
| Sensex | 15699.97 | -2.27 |
| Nifty | 4706.45 | -2.20 |
| Hang Seng | 17864.43 | -2.17 |
| Nikkei | 0 | 0.00 |
| Shanghai | 2395.06 | -0.73 |
| Live | ||
| FTSE | 5170.77 | -0.70 |
| DAX | 5490.86 | -0.85 |
| CAC | 2854.01 | -0.58 |
Asian markets dropped after the poor manufacturing survey from China and weaker-than-expected US economic growth raised worries about the global growth trajectory. Weak Asian markets and later, the European markets contributed to the fall further in the day.
The European markets opened the day in the red. However, they have pared some losses, as investors bought beaten down stocks.
| Sectoral Indices | |||
| Category/Index | Close | Change(Pts) | Change (%) |
| Broad | |||
| MIDCAP | 5514.11 | -115.22 | -2.05 |
| SMLCAP | 5975.99 | -104.58 | -1.72 |
| BSE-100 | 8124.21 | -179.93 | -2.17 |
| BSE-200 | 1904.66 | -41.79 | -2.15 |
| BSE-500 | 5972.48 | -129.26 | -2.12 |
| Sectors | |||
| CD | 5756.74 | 27.85 | 0.49 |
| HC | 5854.69 | -57.73 | -0.98 |
| FMCG | 3925.27 | -61.30 | -1.54 |
| AUTO | 8269.57 | -129.63 | -1.54 |
| REALTY | 1538.20 | -25.32 | -1.62 |
| PSU | 6588.11 | -127.03 | -1.89 |
| METAL | 10023.70 | -204.22 | -2.00 |
| POWER | 1866.60 | -41.09 | -2.15 |
| BANKEX | 9649.30 | -236.93 | -2.40 |
| OIL&GAS | 7955.45 | -196.14 | -2.41 |
| IT | 5446.73 | -138.67 | -2.48 |
| TECk | 3283.19 | -89.33 | -2.65 |
| CG | 9078.67 | -284.32 | -3.04 |
In the midst of a weak economic environment and concerns from global markets, all the BSE sectoral indices ended the day in the red. Sectors like oil & gas, IT and CG have taken huge beatings by over 2.5%, while the other sectoral indices were also down between 0.78%-2%.
Dow Jones Futures is currently trading 105 points or 0.93% down at 11342, indicating a negative sentiment in the US markets.
In the financial space, ICICI Bank, HDFC Bank, HDFC and SBI were down 2%-4.5% on fears of rising defaults in a slowing economy. Both ICICI Bank and SBI hit their 52-week lows.
Realty stocks extended their recent slide triggered by weak Q2 results from the top realty firms. IT stocks fell on the back of the debt crisis in the Euro zone and on weak economic data from the US. Cipla extended its recent strong gains triggered by good Q2 results. From the oil & gas space, Reliance Industries and ONGC plunged 3% each.
| Advance-Decline Table | |||
| Index | Advances | Declines | Unchanged |
| BSE 30 | 1 | 29 | 0 |
| BSE 200 | 21 | 179 | 0 |
| BSE 100 | 10 | 90 | 0 |
| BSE 500 | 74 | 421 | 5 |
| Others | 694 | 1626 | 96 |
The market breadth, which indicates the overall health of the market, was very negative. Out of the 3246 stocks traded on the BSE, 2345 declined, 800 advanced and 101 remained unchanged.
In conclusion, we expect the markets to remain volatile, as investors are very jittery about investing in markets that fail to provide any concrete direction. We advise our readers to stay cautious.
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