Markets Dip Further, Europe Opens Negative

The Indian markets have gone further down since the morning session, as there are no domestic or global cues lined up for today. The BSE Sensex is down by 0.37% and Nifty is also down by 0.37%.

Meanwhile, the Prime Minister Dr. Manmohan Singh has said that the allegations made by CAG are not based in fact. The logjam in the Parliament has entered the second week, and both the houses stand adjourned.

The Asian markets have continued their weak trades. The Hang Seng is down by 0.5% as yet. Shanghai is moving towards 2% intraday losses.

The European markets have also opened in the red today. The CAC and DAX have declined by 0.3% and 0.2% respectively. The FTSE is closed today on account of a bank holiday.

Among the sectoral indices, Oil & Gas has continued to be the highest gainer. FMCG is up by 0.21% and the Healthcare index is also in 0.13% gains. All the others have slipped into the negatives, with Bankex and CG taking the greatest hit.

From the Sensex stocks, Bharti Airtel is still holding its ground, up by nearly 2%. M&M is also in the green. Cipla and HUL are other two stocks that have gained over 1% each.

On the other hand, the shares of L&T have slipped into losses on the news that the Visa Power has liquidated its bank guarantee as well as the buzz on the divestment of its plastics machinery business. Jindal Steel is the top loser on the index, down by 3.92% at this time. Tata Motors, ICICI, BHEL, SBI, Maruti Suzuki and Tata Power have also lost over 1% each.

Of the ‘A’ group stocks, Adani Enterprises has declined by 5%. Other Adani Group stocks, Adani Power and Adani Ports are also trading down. Suzlon Energy is down heavily by 4.6%. Mangalore Refinery and Petrochem, on the other hand, is holding the fort with 4.4% gains. Others like IPCA Lab, United Breweries, Apollo Tyres and RCG are also up over 2%.

The shares of Adani Ports, Lanco Infra and Punj Lloyd have fallen as the Home Ministry has barred them from participating in two major port projects on security concerns.

Singer India has rallied by 14% over buoyant investor sentiment, as the company has come into profits.

The advance-decline ratio on the BSE has turned negative, indicating a negative sentiment.