Sell-off across globe continues unabated following a statement by German authorities yesterday that a resolution to euro zone debt crisis may not come quickly. Mirroring global sentiments, the BSE Sensexfell 323 points to 16,701.7 and the NSE Nifty crashed 96 points to 5,022.
European markets fell 1.5-2% in the opening trade. Richard Gibbs, global head of Macquarie Securities believes that more clarity on the situation (measures to solve European debt crisis) will come only on November 4 at the Cannes meet.
In context of global markets, Gibbs believes that volatility will remain high till the year-end and capital preservation will be foremost thought on everyone’s minds. “Policy resolution is vital to reduce global market volatility,” he adds.
Back home, the BSE IT Index tumbled over 3.5%. Realty, Metal, Bank, Auto and Capital Goods indices were down 2-3%.
The fall in technology players like TCS and HCL Tech post their quarterly numbers, was neck-to-neck; both plunged nearly 8%. Wipro was down 3.7% and Infosys down 1.4%.
Tata Motors wiped out all yesterday's gains, losing 5%. Heavyweights Reliance Industries, ICICI Bank, SBI and L&T tumbled 2-3%. ONGC too turned red, falling over 1%.
Metal stocks like Hindalco, Tata Steel, SAIL, JSPL and Sterlite dropped 2.5-4.5%.
However, Coal India continued to attract buyers, rising 1.8%. NTPC, Hero Motocorp, BPCL, GAIL, Power Grid and Tata Power were other gainers with moderate gains.
The broader indices were down 1% and about four shares declined for every share gaining.
At 11:42 hours IST : Sensex sheds 300 pts; TCS, HCL Tech fall over 7%
The BSE Sensex shed nearly 300 points led by fall in heavyweights like TCS, Reliance Industries, SBI, ICICI Bank and L&T. Weak global cues dented investors' sentiment today post German Finance Minister said European governments will not resolve the crisis at the EU meeting scheduled for October 23. The 50-share NSE Nifty tanked 88 points to 5,030 and the 30-share BSE Sensex fell 295 points to 16,729.
Meanwhile, Asian markets like Nikkei, Straits Times, Taiwan, Kospi and Shanghai were down 1.4-1.9%. Hang Seng slipped further - was down nearly 4%.
It is a very bad market for trading and volatility will continue to remain at elevated levels, reiterated Sandeep Bhatia, executive director and head of sales, Kotak Institutional Equities. “This is not a trending market where one can make easy money,” he said.
TCS and HCL Tech were not showing any sign of recovery, both falling over 7.5% post their second quarter numbers. Wipro and Infosys fell 3% and 1.4%, respectively.
Major largecaps like Reliance Industries, SBI, ICICI Bank and L&T plunged 2-3%. ADAG stocks like Reliance Power, Reliance Communications and Reliance Infrastructure dropped 3%.
Metal space was getting hammered quite sharply - Sterlite and Hindalco crashed 4% each. Tata Steel, SAIL and JSPL slipped 2.5%.
However, Coal India, NTPC, GAIL, Hero Motocorp, BPCL and Sun Pharma were only gainers on Nifty.
About four shares slipped for every share rising on National Stock Exchange.
Nifty slips over 1.5%; metals, banks, tech nosedive
Equity benchmarks slipped more than 1.5% led by a fall in technology, telecom, financial, capital goods and metal stocks. Asian markets have remained under pressure, falling between 1.5% and 3% post downward move in US markets. The 30-share BSE Sensex was trading at 16,752.55, down 272.5 points. Meanwhile, the 50-share NSE Nifty fell 83 points to 5,035.15 led by fall in 40 stocks.
TCS and HCL Tech turned biggest losers post their numbers for the July-September quarter; both crashed 7% each. Wipro was down 3% and Infosys fell 1%.
Heavyweight Reliance Industries dropped another 2% today and L&T dipped 2.5%. From the financial space, ICICI Bank, SBI and Axis Bank were down 2-3%; HDFC Bank slipped just 0.8%.
From the telecom space, Bharti Airtel declined 1.7% and Reliance Communications plunged 3%.
Tata Motors was witnessing profit booking after yesterday's 4.5% rally, falling 3.6%. However, Hero Motocorp and Maruti gained over 0.5%.
Metals and mining space too were on sellers' radar - Sterlite, JSPL, Tata Steel, Hindalco and SAIL tumbled 2-4%. However, Coal India gained nearly 2% as company solved bonus issue with workers.
No comments:
Post a Comment