Markets continue in red; Auto, CG, Oil & Gas, Metals lead losses

Vidrum / 09 Dec 2011

Indian markets extended their morning losses, as both the bourses shed almost 2%. All the indices, except Healthcare, are trading in the red.
Indian markets extended their morning losses, as both the bourses shed almost 2%. All the indices are trading in the red, except Healthcare, which is marginally in the green zone. Auto, Capital Goods, Oil & Gas and Metals have been among the worst performers.

Other Asian markets also continued their morning losses. The Hang Seng is down 2.86%, while Nikkei and Shanghai are down 1.48% and 0.62% respectively. The decline in the markets was on the back of slower economic growth.

The European markets opened negative on the fears that the European Union summit will not help resolve the Euro debt crisis.

Back home, Auto stocks continue to fall. Tata Motors, Mahindra & Mahindra, Bajaj Auto, etc. are down 3%-4%. The Metals stocks are also trading on a weaker note, with Sterlite Industries, Tata Steel and Jindal Steel all in the red zone. Stocks like Jaiprakash Associates, BHEL, Bharti Airtel, L&T, RIL, etc are all down by more than 2%. Others like Cipla, Sun Pharma, TCS, etc. are trading marginally in the red.

Coal India is the only Index gainer, up 0.85% to Rs 315.85.

Cinemax India is down 3.07% to Rs 29.95, after the company announced that it is launching a 6-screens multiplex at Cinemax – Banglore.

Kingfisher Airlines and Jet Airways are trading down by 5.81% and 6.56% respectively, after reports of a tax audit claim.

Alfa Laval is trading marginally in the red zone, down 0.18% at Rs 2172 after news that the board of directors will consider an interim dividend.

The market breadth, which indicates the overall health of the market, is extremely weak. On the BSE, 1738 shares fell, 776 shares rose and 111 shares remained unchanged.

We expect the markets to remain volatile for the rest of the day, and advise investors to play with caution.

Benchmark Indices
Index Rate % Change
FTSE 5451.41 -0.59
DAX 5808.69 -1.12
CAC 3069.82 -0.83
Hang Seng 18562.22 -2.86
Nikkei 8536.46 -1.48
Shanghai 2315.27 -0.62
Sensex 16190.07 -1.81
Nifty 4858.3 -1.73

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