Market trading weak

The markets have lost further grounds and are trading in deep red as selling pressure continued across the board. All the sectorial indices are trading in red. The Realty index leading the losing front as it is trading with a cut of more than 5%. Even the secondary stocks are witnessing selling pressure today. Further the Banking, Consumer Durables, IT, Metal and Oil & Gas stocks are also witnessing heavy offloading. Further the sharp weakness in the Asian markets also adding to the sentiments today.

The BSE Mid Cap and BSE Small Cap index also trading lower with a cut of around 2%. The BSE Sensex is now trading below the 9,100 mark and the NSE Nifty below the 2,800 mark.

Power Grid is trading lower by (2.91%). The company’s board has approved investments of Rs.51.81 billion to strengthen its transmission network in the southern, northern and western grid. The investment will be made over the three years period.

ONGC slipped by (1.99%). ONGC has entered into a strategic alliance with M/s Weatherford, a leading international oilfield service provider to jointly work in various areas.

Unitech plunged by over 6% on the back of the report that the promoters have pledged 49.48% of their total 64.4% in the company in order to secure additional security for the loans availed by the company.

On the global markets front, the Asian markets are trading lower with the Shanghai Composite, Hang Seng, Nikkei 225, Seoul Composite and Straits Times index are trading lower by (2.29%), (3.41%), (1.35%), (4.11%) and (1.91%) respectively. The Shanghai Composite index also gave up its winning rally due to lack of new stimulus measures from Beijing.

The overall market breadth is negative as 541 stocks are advancing while 1491 stocks are declining and the 73 stocks remain unchanged on BSE.

Ranbaxy Laboratories reported the top gainer from the BSE Sensex pack as it is trading higher by (0.88%) at Rs. 206.85 while DLF the top loser down by (6.57%) at Rs. 145.70.

The BSE Mid cap is lower by 63.91 points at 2,860.84 and the BSE small Cap slipped by 59.91 points to trade at 3,264.23.

At 12.34 pm, BSE Sensex was at 9,065.71 down by 239.74 points and the NSE Nifty was at 2,777.55 down by 70.95 points.

BSE Realty index dropped by 71.41 points to 1,447.96 as DLF (6.54%), Penland (5.69%), Mahindra Life (4.68%), Ansal Infra (4.35%) and Unitech (4.98%) are trading lower.

BSE Oil & Gas index slipped by 112.58 points to 6,152.09 as Gail India (3.18%), Aban Offshore (3%), Reliance Industries (2.48%), RNRL (2.16%) and ONGC (1.99%) are trading in negative.

BSE IT index decreased by 68.42 points to trade at 2,047.78 as Wipro (3.52%), Infosys Technologies (3.40%), TCS (3.09%), Patni Computer (2.80%) and Mphasis (2.72%) are trading in red.

BSE Metal index slipped by 144.84 points to 4,886.18 as Gujarat NRE (4.12%), Tata Steel (3.88%), SAIL (3.35%), Sesa Goa (3.25%), JSW Steel (3.28%) and Hindal Co Industries (3.27%) are trading lower.

BSE Capital Goods index decreased by 71.54 points to 6,177.94. The main losers are Praj Industries (4.19%), BEML (3.33%), ABB (3.33%), Punj Lloyd (2.94%), Reliance Industrial Infra (2.82%) and Siemens (1.47%).

BSE Auto index is trading lower by 47.16 points at 2,538. The major losers are Mahindra & Mahindra (4.95%), Maruti Suzuki (3.16%), Ashok Leyland (1.48%) and Tata Motors (1.29%).

BSE Bankex index is trading lower by 135.44 points at 4,659.34. The main losers are ICICI Bank (4.69%), HDFC Bank (3.70%), Kotak Bank (2.64%), AXIS Bank (2.09%), SBI (2.46%) and PNB (2.91%).

BSE Power index declined by 31.58 points to 1,747.95. Leading the losers are Suzlon Energy (4.92%), Tata Power (3.34%), Power Grid (2.91%), Reliance Power (1.32%).