Markets Plunge, Sensex Below 17K
Vidrum / 04 May 2012
The Indian markets have extended their morning losses and are trading in the negative territory. The Sensex has breached the psychological 17000 mark, and it seems that there is a negative sentiment in the market.
The Indian markets have extended their morning losses and are trading in the negative territory, with both the broader indices trading lower by more than 1%. The Sensex has breached the psychological 17000 mark, and it seems that there is a negative sentiment in the market. This might be on speculations that the economy's current and fiscal account deficit may worsen with the falling rupee. Among the sectoral indices, Capital Goods, Bankex and Realty are trading on a weak note, down by more than 2%, while Healthcare is the only index that is trading higher.
The other Asian markets are trading in a mixed bag. The Hang Seng is down, while Shanghai is trading marginally in the green. The Nikkei market is closed for the day. The markets are looking nervous after Australia’s central bank cut its economic growth forecast on the back of an uncertain macro environment. The US service industries data came in below street expectations, raising concerns that the US economy is not able to come back to the growth track.European markets have also opened on a negative note. The CAC, DAX and FTSE are trading lower in the range of 0.3%-0.6%. Investors are awaiting the elections in France, Greece, Italy and other countries and also for the US payroll reports, which will provide further cues.
Back home, Capital Goods heavyweight, BHEL, continued to be the biggest index loser, down 5% at Rs 214. Auto stocks, viz. Hero MotoCorp and Bajaj Auto, are both trading lower by 4.17%. Other stocks like DLF, SBI, L&T, etc. are trading lower by more than 3%. The Metals pack continues to show a lacklustre performance with Tata Steel, Hindalco, Sterlite Industries, etc. trading lower in the range of 2%-3%. Others like Sun Pharma, Bharti Airtel, HDFC and HUL are trading marginally in the red zone.
Only three index stocks are trading higher at this time. Cipla is the leading gainer, up 2.39% at Rs 325. The other two are Wipro and Tata Power, which are trading marginally in the positive.
Bank of Baroda plunged 4.55% to Rs 697.65 after reporting its Mar 2012 quarter results. The bank reported a net profit of more than 17% growth to Rs 1518 crore. However, in Mar 2012, the bank's Net NPAs increased to 0.54% from 0.51% on a sequential basis.
The market breadth, which indicates the overall health of the market, is weak. On the BSE, 1967 shares declined, 624 shares gained and 101 shares remained unchanged.
We expect the markets to remain volatile ahead, and advise readers to play with caution.
| Benchmark Indices | ||
|---|---|---|
| Index | Rate | % Change |
| FTSE | 5747 | -0.34 |
| DAX | 6671 | -0.35 |
| CAC | 3206 | -0.54 |
| Hang Seng | 21132.3 | -0.55 |
| Nikkei | 9380.25 | 0.00 |
| Shanghai | 2453.17 | 0.54 |
| SENSEX | 16954.84 | -1.14 |
| NIFTY | 5126.5 | -1.19 |
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