Markets extend morning losses
Shrikant / 19 Dec 2011
The Indian markets opened 50 points down in the morning, and extended their losses in the later trades. Currently, the BSE Sensex is trading 235 points down at 15255.7. The Nifty is trading down by over 77 points to 4573.8 points.
Owing to the current economic scenario and depleted industrial production numbers, the Indian markets opened 50 points down in the morning. In the later trades, the markets have extended their losses. Currently, the BSE Sensex is trading 235 points down at 15255.7. The Nifty is trading down by over 77 points to 4573.8 points.
In the last week, the RBI hit a pause button after 13 straight sessions of interest rate hikes. The markets expected a cut in the CRR, but judging by the dovish tone that the central bank has maintained in its policy review, one may expect cutbacks in the interest rate and the CRR by the next policy review.
The scenario in the Asian indices is also negative at this hour, following the news of death of the North Korean leader Kim Jong Il, which heightened fears of political instability in the region. The Shanghai and Hang Seng are currently trading down by over 2%, while the Nikkei has so far dropped about 1% from the previous closing.
Benchmark Indices
Index
Rate
% Change
Hang Seng
17,833.42
-2.47%
Nikkei
8,322.11
-0.95%
Shanghai
2,167.68
-2.57%
Sensex
15,255.70
-1.52%
Nifty
4,573.80
-1.67%
Among the sectoral indices, the stocks in Oil & Gas are seen trading flat. Interest rate-sensitive stocks like Realty and Bankex have lost more than 2% each so far. Consumer Goods took a substantial beating. Other indices were also seen trading in the red.
From the Sensex stocks, Hindustan Lever is the only one trading in the investor friendly green zone. The rest of the stocks were seen losing value. The financial shares of ICICI Bank took the most of the drubbing, losing 3.85% in value. SBI and L&T are also down by over 3% each.
Only 20 among the 'A group' stocks on the BSE are trading in the green. Among them, Shree Cement and Pantaloon Retail are the only 2 stocks that have gained by over 1%.
The market breadth, which indicates the overall health of the market, is negative. Out of the total 2443 stocks, 1821 declined, 567 advanced and 55 remained unchanged.
We opine that the markets will remain volatile ahead in the day.
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