Markets negative again on global, domestic issues
Shrikant / 22 Dec 2011
After yesterday’s robust performance, the markets have returned to the downward motion that has persisted for quite some time now. The market's performance in the last few days also confirms that there is more downside to the market due to issues like the Euro zone debt crisis and falling domestic industrial production.
IT stocks have been hammered by 2% in early trades, as the world's #3 software maker, Oracle Corp, reported dismal quarterly numbers in USA. This has sent a wave of negative sentiment across the technology and IT sector.
Benchmark Indices
Index
Rate
% Change
Hang Seng
18,318.39
-0.53%
Nikkei
8,406.31
-0.63%
Shanghai
2,181.52
-0.44%
Sensex
15,562.20
-0.78%
Nifty
4,664.00
-0.62%
The Asian indices have also continued to trade in the negative after yesterday’s short-lived strong momentum. Earlier, the European and American markets had closed in the red after the positive signals sent by the Asian rally failed to sustain for a long time in their markets.
Back home, FMCG and CD are leading the gains among the sectoral indices, up by 0.75% and 0.52% respectively. The HC and Power indices are also marginally up. All the other sectoral indices are trading down. Beside IT and Teck, Metals is also taking a major beating.
From the Sensex stocks, Hindustan Unilever is up by 1.57%, and is the major gainer at this hour. The financial shares of Maruti Suzuki and NTPC have gained by over 1%. Stocks of Cipla, HDFC, HDFC Bank, ITC, BHEL, Jaiprakash Associates and ONGC are also trading marginally up. Infosys, Wipro and TCS are leading the losers list, after Oracle Corp’s dismal performance.
Ranbaxy is trading up by 1.45% after it announced to pay the USFDA US$ 500 million. Gujarat Fluorochemicals has gained over 5% in this market. The shares of Shree Renuka Sugars and Aurobindo Pharma are also up by over 3%.
In the major corporate announcements, Thinksoft Global Services has signed a Rs 5 cr deal with the RBI, and is trading up by 10%. Global agri and food company, Bunge, is acquiring the edible oils business of Amrit Banaspati Company, and the scrip of Amrit Banaspati is currently trading up by 3.5%.
The market breadth, which indicates the overall health of the market, is negative. Out of a total of 2267 stocks traded, 1300 stocks declined and 884 stocks advanced. 83 stocks remained unchanged.
In our opinion, the markets will remain volatile ahead in the day due to weak global cues.
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