Markets Slide Into Red; Europe, Asia Also In Losses

The Indian market are not making much headway on either side and are hovering around Friday’s closing trades. At present, the markets have turned into the red, down from the marginal gains seen earlier. Both the broader indices are trading marginally lower by 0.07%. The Auto, Bankex, FMCG and Metals indices are trading lower, while Consumer Durables, Realty and Oil & Gas are up by over 0.50%.

The Asian markets continue to trade in losses, with the Hang Seng and Nikkei lower by 0.33% and 0.07% respectively. The Shanghai market has plunged by 1.51% to the 2136 levels after media reports about China's Jul 2012 trade surplus narrowing to US$25.1 billion from US$31.7 billion in Jun. Further ahead, the trade surplus for Aug 2012 would continue to shrink as the exports growth is likely to stay weak.

The European markets have opened flat and in the red. The FTSE, CAC and DAX are trading lower around 0.01%-0.15%. The sentiments are said to be weighed down by data showing weaker-than-expected growth in Japan.

Back home, Tata Motors remains the leading index loser, moving 2.63% to Rs 225.90. The Metals stocks are also trading lower, with Hindalco and Tata Steel witnessing losses of 2.32% and 1.60% respectively. Others like Hero MotoCorp, ICICI Bank, HUL and TCS are trading lower by over 1%, while scrips like HDFC Bank, Coal India, NTPC, SBI, etc. are marginally in the red zone.

Maruti continues to be the leading gainer, up by 2.17% at Rs 1188.80. Other stocks like HDFC, Bharti Airtel, Sterlite Industries, BHEL and Sun Pharma are higher in the green zone.

Supreme Infra surged 2.15% to Rs 292.55 after the company won orders worth Rs 1237.04 crore.

Indraprastha Gas is trading 1.43% higher at Rs 255.45. The company made an announcement with reference to the Special Leave Petition filed by the Petroleum & Natural Gas Regulatory Board against the order dated Jun 1, 2012 passed by the Delhi High Court. In this regard, the company has informed that, the matter is sub-judice and the case status is available on the website of the Supreme Court of India.

The market breadth, which indicates the overall health of the market, is weak at the moment. On the BSE, 1328 shares have declined, 1191 have shares advanced and 118 shares are unchanged.