Markets Move Lower, Sectors In Red

DSIJ Intelligence / 20 Dec 2012

The Indian markets opened the day's trades almost flat, but have now moved down to the deep red. At present, the Sensex and Nifty are down by 0.61% and 0.68% respectively.

The Indian markets opened the day's trades almost flat, but have now moved down to the deep red. At present, the Sensex and Nifty are down by 0.61% and 0.68% respectively.

All the sectoral indices are down, except for Healthcare, which is in the green zone. Auto, Bankex and Capital Goods are trading lower.

Benchmark Indices
IndexRate% change
Hang Seng 22536 -0.39
Nikkei 10055 -1.04
Shanghai 2145 -0.78
SENSEX 19356 -0.61
NIFTY 5889 -0.68
The other Asian markets are also witnessing losses. The Hang Seng, Shanghai Composite and Nikkei are lower in the range of 0.4%-1.04%. According to media reports, most major Asia stock markets came under selling pressure today, as the progress of US budget talks is coming under a shadow of doubt. The Japanese shares were still down despite a round of fresh easing from the central bank. A Bloomberg report mentioned that the Bank of Japan  expanded its asset-purchase fund to 76 trillion yen ($903 billion) from 66 trillion yen. The bank maintained its credit lending programme at 25 trillion yen.

Back home, Metals stocks are seeing some profit booking. Sterlite Industries and Tata Steel are among the worst performers, trading lower by 1.92% and 1.33% respectively. Auto stocks like M&M and Bajaj Auto are also down by 1.12% and 0.88% respectively. Other stocks like ICICI Bank, Sun Pharma, Wipro, GAIL India, Dr Reddy's Labs and Infosys are among those marginally in the red zone.

Defensive bet Cipla is the leading index gainer at this hour, up 1.82% at Rs 427.45 per share. Among other stocks trading positive are HUL, Jindal Steel and Maruti Suzuki.

The market breadth, which indicates the overall health of the market, is weak. On the BSE, 1395 shares have declined, 961 shares have advanced and 89 shares are unchanged.

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