Markets opened sharply lower
| The markets opened sharply lower today as investors sentiments got hurt on the back of the unexpected rate by RBI on Friday after the market hours last week. India”s central bank increased the repo rate by 25 basis points to 5.0% and its reverse repo rate by 25 basis points to 3.5% with immediate effect. This particular rate hike was announced a month before the Monetary Policy for 2010-11 on April 20. Further the investor’s remained cautious ahead of the expiry of equity derivative contracts on Thursday. Further the negative Asian markets also dampened the sentiments in the early trade. The Realty, Banking, Metal and Auto index are witnessing the most selling pressure in the early trade. The broader market indices are also witnessing some selling pressure as the BSE Mid Cap index is now trading with a cut of more than 0.6% and the BSE Small Cap with a cut of more than 0.4% in the early trade. The BSE Sensex is now trading around 17450 mark and the NSE Nifty below the 5250 mark in the early trade.
At 09.33 IST, the BSE Sensex is trading down by 128.08 points or (0.73%) at 17,450.15 and the NSE Nifty is trading lower by 39.40 points or (0.75%) at 5,223.40. The BSE Mid Cap is trading down by 41.71 points or (0.62%) at 6,722.36 and the BSE Small Cap is trading down by 36.88 points or (0.43%) to 8,457.70. Gainers from the BSE Sensex pack are Bharti Airtel up by (1.64%) at Rs. 316.95 followed by ACC up by (0.73%) at Rs. 985, HDFC Bank up by (0.64%) at Rs. 1,829.90, Grasim Industries up by (0.61%) at Rs. 2,931.65, TCS up by (0.55%) at Rs. 824.70. Losers from the BSE Sensex pack are Jai Prakash Associates down by (2.09%) at Rs. 150.20 followed by ICICI Bank down by (1.88%) at Rs. 936.90, DLF down by (1.84%) at Rs. 306.95, HDFC down by (1.68%) at Rs. 2,647.90, Reliance Infra down by (1.28%) at Rs. 1,011. The Overall market breadth is negative as 718 stocks are advancing while 1111 stocks are declining and the 71 stocks remained unchanged on BSE. Bharti Airtel has arranged the $8.5 billion financing requirement for the proposed acquisition of Zain’s African unit. Company said in a statement that it will get $7.5 billion overseas loans from a consortium of banks led by Standard Chartered and Barclays. Company will also get a rupee loan from State Bank of India (SBI) worth $1 billion, which would partly cover transaction costs. Bharti Airtel shares are now trading higher by (1.23%) at Rs. 315.70. The U.S market closed lower on Friday, due to lack of any positive catalyst followed by a sharp jump in the dollar dampened the mood among market participants Palm the only company to report earnings but has registered a worse than expected results. Sharp weakness in Palm shares along with broader market pressure, dragged down the Russell 2000 Small-Cap Index for a 1.1% loss. However the Health care remained in focus ahead of an anticipated weekend vote for health care reform. The Dow Jones Industrial Average (DJIA) ended with loss of 37.19 points at 10,74198, NASDAQ index fell by 16.87 points to 2,374.41 and the S&P 500 (SPX) closed lower by 5.93 points at 1,159.90. The Asian markets are trading lower today as Shanghai Composite, Hang Seng, Straits Times and Seoul Composite index are trading down by (0.17%), (1.85%), (0.42%) and (1%) respectively. BSE Realty index was at 3,281.51 down by 59.30 points or by (1.78%) The main losers are India Bulls Real Estate down by (3.18%) at Rs. 155.10, Orbit Corp down by (2.15%) at Rs.271, HDIL down by (1.99%) at Rs. 293.30, Unitech down by (1.83%) at Rs.72.35. BSE Bankex index was at 10,310.92 lower by 121.27 points or by (1.16%) The main losers are Indisind Bank down by (2.91%) at Rs.168.60, Yes Bank down by (1.62%) at Rs. 242.95, ICICI Bank down by (1.98%) at Rs. 935.95 and PNB down by (1.58%) at Rs. 948.80. |
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