The 30-share BSE Sensex has continued to trade with 100 points fall due to sell-off in private banking, capital goods, select technology and auto stocks. Heavyweight Reliance Industries too fell into bears' grip, falling 2%. The 30-share BSE Sensex dropped 164 points to 16,719 and the 50-share NSENifty slipped 57 points to 5,011.
Among the largecaps, SAIL, BPCL, GAIL, Hero Motocorp, Jaiprakash Associates and Coal India dropped 2-4%. BHEL was the biggest loser on the street, losing 5% while L&T crashed nearly 4%.
However, M&M, Jindal Steel, SBI, Cipla, Bharti Airtel, Reliance Communications and DLF gained 1-2%.
SBI, L&T, ICICI Bank, Idea Cellular, Tata Steel, Bharti Airtel and Axis Bank were most active shares on exchanges.
Indian rupee has depreciated by 20 paise to 50.86 a dollar today, though it showed some recovery.
PN Vijay, portfolio manager shares that the midcap damage over the past few days could be courtesy the earnings performance. He says the Q2 earnings has been primarily hit by two reasons — the rupee-dollar scenario and the demand destruction. He expects RBI’s intervention to get rupee back to sub 50 levels.
In the midcap space, DB Realty, Shriram City, Sterling Tools, Shree Global and Bajaj Hindusthan rallied 3-10% while Kwality Dairy plunged 20%. Sintex Industries, KSK Energy Ventures, Rashtriya Chemical and SKS Microfinance slipped 5-7.5%.
The market breadth has remained in favour of declines; more than three shares slipped for every share rising on the National Stock Exchange.
At -:20 hours IST : Sensex falls 100 pts in opening; rupee nears 51 per dollar
Indian equity benchmark Sensex fell 100 points in the opening trade due to depreciating rupee to near 51 a dollar (falls 0.5%). Weak Asian cues on eurozone debt crisis too weighed on the India; Shanghai, Hang Seng dropped 2%. Nikkei, Straits Times, Kospi and Taiwan fell 0.5-1%.
The 30-share BSE Sensex slipped 97.55 points to 16,785.12 and the 50-share NSE Nifty lost 34 points to 5,034.45.
Oil marketing companies like BPCL, IOC and HPCL fell 2-3% after cut in petrol prices with effective from midnight.
Capital goods space: L&T, BHEL and Siemens were down 2% each.
JSPL, SAIL, Sesa Goa, Axis Bank, ICICI Bank, HDFC Bank, HCL Tech, Cola India, Tata Power, Hero Motocorp, Ranbaxy and Reliance Industries too were under pressure.
However, Bharti Airtel, DLF, Dr Reddy's Labs and Reliance Infrastructure were on buyers' radar.
The CNX Midcap fell 25 points to 6,837. About two shares declined for every share rising on National Stock Exchange.
Stocks in news
Jet Airways lost 2% while Kingfisher Airlines was up 1.5%.
MSCI added in its portfolio: PFC was up 2% and Idea rallied 3.5%.
Educomp Solutions rose 1% on short covering as it lost 25% in previous three days.
Shree Renuka Sugars too saw short covering, gaining 2% after losing over 30% in earlier three days.
Tech Mahindra declined over 1% post Q2 numbers.
IVRCL dropped 3.5% and UCO Bank lost 2%. Sintex crashed 7%.
No comments:
Post a Comment