Markets Lower By 1%, All Sectors Negative

As mentioned our the morning market update, the Indian markets opened on a negative note today in line with the global cues. Some kind of measures were expected from the ECB yesterday, but these hopes were let down after the bank made a lot of statements but did not convert that into action.

At present, both the major indices are trading lower, down by almost 1%. All the sectors are trading in the negative territory. Metals, Power, Capital Goods and Auto are the major indices that are trading lower by over 1%, while IT, Teck and Healthcare are marginally in the red zone.

In the other Asian markets, Hang Seng and Nikkei are trading 0.91% and 1.16% down respectively, while Shanghai has maintained its positive trend, up by 0.40%. The markets are taking cues from the overnight developments.

Back home, the Metals pack plunged today. Sterlite Industries, Hindalco and Tata Steel are the leading index losers, with losses of over 2% as of now. Banking heavyweights ICICI Bank and SBI are also trading lower by 1.67% and 1.48% respectively. Others like M&M, L&T, Wipro, Coal India etc are trading lower by more than 1%. Stocks like HUL, HDFC Bank, NTPC and Infosys are trading marginally in the red zone.

The gainers list includes only three stocks, i.e. Dr Reddy’s Labs, Hero MotoCorp and GAIL India.

Mahindra Satyam zoomed up 6.81% to Rs 89.35, marking a new 52-week high after the company posted a good set of quarterly numbers. According to reports, the company's consolidated EBITDA jumped 39.8% to Rs 408 crore in Jun 2012 (Q1) over Mar 2012 (Q4).

The market breadth, which indicates the overall health of the market, is weak at the moment. On the BSE, 1076 shares have declined, 636 shares have advanced and 85 shares are unchanged.