Mumbai: The benchmark indices are trading lower amid volatility. Sell-off is seeing in technology, power, capital goods, metal, banking and power stocks as well as in Bharti Airtel.
Midcap and small cap stocks are also reeling under pressure. On the global front, Asian markets are weak; Nikkei lost nearly 3% and Kospi fell 2%. Straits Times, Shanghai and Hang Seng fell marginally.
The Sensex is trading below 8800 level, down 89 points to 8,724, at 10:30 hours IST. The Nifty slipped 28 points to 2,685. BSE Midcap Index lost over 1.4% and Small cap Index fell nearly 1%.
Infosys, BHEL, Wipro, NTPC, HUL, TCS, L&T, Bharti, ICICI Bank, SAIL, and SBI are draggers while Reliance Industries, Cipla, ONGC, Idea, Reliance Communication and Reliance Infrastructure are trying to support the markets.
Market breadth is in favour of declines due to broader indices; about 889 shares have advanced while 1754 shares declined. Nearly 310 shares are unchanged.
BSE Realty, IT, Metal, Power and Capital Goods indices tumbled over 2%. Auto and Bankex fell over 1%.
Markets @ 9:56 am : Mkts quiet; RIL gains on better-than-expected Q3 nos
The benchmark indices have opened mildly on a weak note and started trading with some volatility. The Nifty is hovering around 2700 mark while the Sensex is struggling at 8800 level. Reliance Industries gained over 2% on the back of better-than-expected Q3 FY09 numbers though numbers declined on a year-on-year basis.
At 9:56 am, the Sensex went down 19 points to 8,794 and the Nifty fell 8 points at 2,705. CNX Midcap 100 lost just 7 points at 3,367.
Nalco, M&M, Hero Honda, L&T, Infosys, Unitech, DLF and Tata Steel were losers.
Reliance Industries gained over 2% on the back of better-than-expected Q3 numbers though numbers declined on YoY basis.
Among others, Idea Cellular gained 5% and Cipla up 2.8% on good set of numbers.
Kotak Mahindra Bank continued to drift down due to weak NII and net profit in third quarter. Ranbaxy Labs slipped 4% on poor numbers.
Ashak Leyland jumped 3.5%, as the company bagged order to supply 875 busses worth Rs 480 crore from DTC. Satyam jumped nearly 9% in early trade
Asian markets are trading slightly mixed. Nikkei lost 2.2% and Kospi fell 1.5%. Shanghai and Straits Times slipped marginally. However, Hang Seng gained 0.4%.
NYMEX March crude declined on bigger than forecast inventories. Weak corporate earnings and poor economic data are also putting pressure on crude prices. Crude oil inventories gained 6.1 million barrels to 332.7 million bbls. It is currently trading at USD 43 a barrel.
Copper declined 4%, zinc down 3% and tin down 3%.
Baltic Dry Index is at 3-month high and settled up 5% at 945 yesterday.
US markets ended down on the back of disappointing corporate results from Microsoft, Nokia etc and dismal economic data. Dow Jones ended down 1.3% or 105 points at 8123. The Nasdaq was down 2.7% or 42 points at 1,465. S&P 500 was down 1.5% or 12.7 points at 827.5.
Market cues:
FIIs net sell USD189 million in equity on January 21
MFs net sell Rs 254 crore in equity on January 21
NSE F&O Open Int up by Rs 1,765 crore to Rs 54,672 crore
Big results today: Rel Comm, HCL Tech, Tech Mah & Punj Lloyd
F&O cues:
Marketwide rollover at 22%, Nifty rollover at 29%
High rollover seen in auto stocks: Tata Motors, Maruti & Hero Honda witness nearly 50% rollover
Nifty ends up 0.3%, total Nifty Fut Open Int up by 17.3 lakh shares (+4.5%)
Total Fut up Rs 702 cr in Open Int, total Options add Rs 1,063 cr in Open Int
Nifty Jan Fut discount at 22 pts, Feb discount at 25 pts
Total Stock Fut add 1.5 cr shares in Open Int
Nifty Open Int Put-Call ratio unchanged at 0.81
Nifty Calls add 19.2 lakh shares in OI, Puts add 16.1 lakh shares in Open Int
Nifty 2700 Call adds 9.5 lakh shares in Open Int (+33%)
Nifty 2700 Put adds 8.2 lakh shares in Open Int (+22%)
Nifty Feb 2700 Put adds 3.5 lakh shares in Open Int
Nifty Feb 2500 Put adds 2.2 lakh shares in Open Int
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