Markets down on renewed selling pressures
Shrikant / 20 Dec 2011
After a flat opening in the morning, the Indian markets fell by nearly 1% over renewed selling pressures. At the moment, the Sensex is trading down by 0.93%, while the 50 share Nifty is trading lower by 1.40%. High rates of inflation and increased interest rates, coupled with the Euro zone crisis are currently weighing down the market.
The scenario on the Asian indices is mixed at this hour. The Nikkei is seen trading up by 0.49%, while the Shanghai and Hang Seng are seen trading marginally down.
Meanwhile, European markets have also opened in the negative, indicating a continued bearish trend there as well.
Benchmark Indices
Index
Rate
% Change
FTSE
5,335.99
-0.54%
CAC
2,964.57
-0.32%
DAX
5,647.58
-0.41%
Hang Seng
18,017.44
-0.29%
Nikkei
8,336.48
0.49%
Shanghai
2,215.93
-0.10%
Sensex
15,237.05
-0.93%
Nifty
4,562.55
-1.10%
Among the sectoral indices, IT and Healthcare, which were earlier trading marginally up, reversed their morning gains into losses. FMCG was the only sector trading up by 0.36%. Metals, Auto, CG, Realty and Power were all seen trading down by over 2%.
From the Sensex stocks, only ONGC has gained further, and is trading firm on 253.10, up by 2.35% from yesterday’s closing. ITC, HDFC Bank, HDFC, Hindustan Unilever and Infosys are still holding their ground, while Wipro and Mahindra & Mahindra have both moved to the losers list. Jaiprakash Associates has continued its run in the red zone, along with other 24 stocks in the broader index.
Of the others, Tata Communications, Bata India and Biocon have surged up by 3% each. In the Small-Cap space, Archana Soft and HS India have touched 19% returns.
Among the major corporate announcements, Mahindra Satyam has launched Workspace-as-a-Service (WaaS), a new work space solution. The stock is trading up by 2.85% at this hour of the day.
The market breadth, which indicates the overall health of the market, is negative. Out of a total of 2996 stocks, 2019 declined, 868 advanced and 109 remained unchanged.
We expect the markets to remain volatile for the rest of the day.
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