Markets close at a 25 month low on heavy selling
Chandrakant / 16 Dec 2011
After having a firm session throughout the day, the Indian markets went down to their lowest levels in the last 2 years. Both the indices were significantly down by 2% each. The announcement by the RBI to maintain the policy rates kept the markets firm for most of the day. However, due to heavy selling in the last trading session, the markets went down drastically by 300 points and also lost all their previous gains.
| Benchmark Indices | ||
| Index | Closing | % Change |
| Sensex | 15491.35 | -2.18 |
| Nifty | 4651.6 | -2.00 |
| Hang Seng | 18285.39 | 1.41 |
| Nikkei | 8401.72 | 0.29 |
| Shanghai | 2224.84 | 1.97 |
| Live | ||
| FTSE | 5433.3 | 0.60 |
| DAX | 5733.35 | 0.05 |
| CAC | 2991.81 | -0.23 |
The Asian markets, however, extended their early gains and closed on a strong positive note. Better-than-expected US economic data and positive European markets lifted the investors’ confidence.
The European markets continued to remain on a positive note with marginal gains. This was amid optimism that the US economy will strengthen further after showing better-than-expected economic growth in the last quarter.
Back home, all the BSE sectoral indices closed in the deep red, with losses between 0.3%-4%. Consumer Durables took most of the beating and closed down by 4%, while Realty, Bankex and Power closed down by 3% each.
| Sectoral Indices | |||
| Category/Index | Close | Change(Pts) | Change (%) |
| Broad | |||
| MIDCAP | 5,273.17 | -96.44 | -1.80 |
| SMLCAP | 5,682.73 | -98.31 | -1.70 |
| BSE-100 | 7,997.03 | -181.47 | -2.22 |
| BSE-200 | 1,870.92 | -41.42 | -2.17 |
| BSE-500 | 5,846.53 | -127.60 | -2.14 |
| Sectors | |||
| HC | 5,864.98 | -29.15 | -0.49 |
| IT | 5,734.44 | -35.73 | -0.62 |
| AUTO | 8,117.01 | -51.22 | -0.63 |
| TECk | 3,358.87 | -30.58 | -0.90 |
| CD | 5,233.83 | -76.49 | -1.44 |
| FMCG | 3,956.51 | -68.63 | -1.71 |
| OIL&GAS | 7,656.03 | -197.86 | -2.52 |
| PSU | 6,399.79 | -178.83 | -2.72 |
| METAL | 9,656.46 | -284.13 | -2.86 |
| POWER | 1,796.83 | -65.76 | -3.53 |
| BANKEX | 9,377.92 | -350.29 | -3.60 |
| REALTY | 1,439.52 | -57.86 | -3.86 |
| CG | 8,372.78 | -438.79 | -4.98 |
All the Sensex shares closed down in the deep red. SBI, Sterlite, JP Associates and Jindal Steel are all leading with losses by 4%-5%. Other losers such as BHEL, Coal India, DLF, HDFC Bank, ICICI Bank, NTPC, Reliance Industries and Tata Power closed down by nearly 3% each. All other stocks closed down with losses between 1%-3%.
Dow Jones Futures is currently trading 52 points or 0.44% down at 11874, indicating a positive sentiment in the US markets.
The market breadth, which indicates the overall health of the market, was negative. Out of the 3193 stocks traded on the BSE, 2171 declined and 903 advanced, while 119 stocks remained unchanged.
| Advance-Decline Table | |||
| Index | Advances | Declines | Unchanged |
| BSE 30 | 3 | 27 | 0 |
| BSE 200 | 31 | 167 | 2 |
| BSE 100 | 12 | 86 | 2 |
| BSE 500 | 103 | 392 | 5 |
| Others | 754 | 1499 | 110 |
In conclusion, we expect the markets to remain volatile. Investors remain jittery about investing in markets that fail to provide any concrete direction. We advise our readers to stay cautious.
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