Mkts weak despite recovery; RIL, ONGC, TCS, SBI dip

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The benchmark indices have recovered some losses but are still trading in negative terrain. Sell-off continues in capital goods, oil & gas exploration, technology, banking, pharma and select metal stocks.

The Sensex was trading at 9,561, down 85 points and the 50-share NSE Nifty was at 2,912, down 22 points, at 1:55 hours IST. Broader indices like BSE Midcap and Small Cap indices are flat.

Buying is seen in NTPC, Idea, SAIL, HDFC, Maruti, Reliance Communication, Bharti, Tata Power, ACC, Siemens and Hero Honda. However, ONGC, Reliance Industries, SBI, TCS, Infosys, Reliance Infrastructure, Tata Steel, HDFC Bank, Wipro, BHEL, Grasim, DLF and L&T are still under pressure.

European markets are marginally positive; FTSE gained 12 points at 4,225. CAC rose 5 points, to 3,025 and DAX up 14 points, to 4,519.

Markets @ 12:52 pm : Mkts under pressure; banking, CG, IT, RIL, ONGC drag

Continuous selling in shares of oil & gas exploration, capital goods, banking, technology, and metal companies as well as in Bharti Airtel, Reliance Infrastructure, and DLF are putting pressure on benchmark indices.

The Nifty is struggling at around 2900 mark since morning trade. It was trading at 2,896, down 38 points and the Sensex was at 9,500, down 146 points, at 12:52 hours IST. BSE Midcap and Small cap indices fell around 0.2-0.5%.

Leading contribution to this fall is seen from Reliance Industries, Bharti, ONGC, Infosys, SBI, TCS, L&T, ICICI Bank, HDFC Bank, BHEL and Reliance Infrastructure. However, NTPC, Idea, Maruti, BPCL and Siemens are on buyers' radar.

Sources said cabinet approved capital infusion in three PSU banks. Vijaya Bank got capital infusion from government while UCO Bank said will get capital infusion of Rs 450 crore in first tranche. Both stocks gained 3-4%.

BSE Metal, Oil & Gas, IT, Realty, TECK, Bankex and Capital Goods indices tumbled 1-1.9%. Healthcare, Power and FMCG fell 0.5-1%.

Markets @ 11:48 pm : Mkts southbound; Tata Steel, Rel Infra, L&T, ONGC slip

The sell-off continues in the benchmark indices, as shares of oil & gas, banking, technology, capital goods, private metal companies and Bharti Airtel are under pressure. However, broader indices are marginally weak.

The Sensex was trading at 9,502, down 144 points and the Nifty was at 2,897, down 37 points, at 11:48 hours IST. BSE Midcap and Small Cap indices declined 0.2-0.5%.

Among frontliners, Tata Steel, Reliance Infra, DLF, ONGC, L&T and Tata Communication are top losers. However, Idea Cellular, Hero Honda, Maruti Suzuki, BPCL and NTPC are gainers.

Metal stocks like SAIL, Tata Steel, Hindalco and Sterlite Industries tumbled after Arcelor Mittal Q4 numbers. The company's net loss was at USD 2.6 billion and EBITDA stood at USD 2.8 billion.

Market breadth is weak; about 1287 shares have advanced while 1522 shares declined. Nearly 205 shares are unchanged.

Top percentage gainers like GSS America Info, De Nora India, UTI Sunder, Nu Tek India, Piramal Life, Titagarh Wagons, TTK Healthcare and VST Tillers jumped 10-12%.

Camlin Fine, Eldeco Housing, Apollo Sindhoor, Metrochem, Surana Inds, Advani Hotels, Zee Entertainment, Jayant Agro-Org and Rane Madras lost 7-11%, these are the top percentage losers on the bourses.

Markets @ 10:50 am : Nifty struggles @ 2900; banking, IT, RIL, ONGC, Bharti dip

The benchmark indices continue to reel under selling pressure. Technology, banking, capital goods, oil & gas exploration, cement and metal stocks are weak. Broader indices are a bit soft as well.

The 50-share NSE Nifty is hovering around 2900 mark and was trading at 2904, down 29 points, at 10:50 hours IST. The Sensex was at 9,519, down 127 points. 

Reliance Industries, Bharti Airtel, SBI, ICICI Bank, L&T, ONGC, Infosys, TCS, BHEL, DLF, HDFC and Reliance Infrastructure are leading contributors to this fall. However, SAIL, NTPC, Idea, Reliance Communication, Maruti and Ranbaxy are witnessing buying interest.

Texmaco, Kernex Microsystems, Stone India, Titagarh Wagons and Kalindee Rail Nirman have surged 2-12% ahead of Railway Budget.

Oil marketing companies like BPCL, IOC and HPCL went up 0.35-1% on reports of Petroleum Ministry seeking oil bonds worth Rs 13,000 crore from the government.

Market breadth is in favour of declines; about 1245 shares have advanced while 1568 shares declined. Nearly 200 shares are unchanged.

Asian markets are a bit mixed. Hang Seng tumbled 3.2% and Kospi fell 1%. Nikkei and Straits Times fell 0.3% each. However, Shanghai and Taiwan gained marginally.

Markets @ 9:56 am : Skepticism on US fin rescue stops two-day mkt rally

The benchmark indices have given up two days of gains on weak global cues. Overnight the US markets crashed on skepticism about the USD 2 trillion bank rescue plan. Selling is being seen across the board. All sectoral indices are trading in the red. Metal, realty, banking, and capital goods stocks are seeing huge selling.

At 9:56 am, the Sensex was trading at 9,501, down 145 points and the Nifty was at 2,894, down 40 points. CNX Midcap 100 fell 46 points, to 3,401.

Among frontliners, DLF, Hindalco, ICICI Bank, ONGC, HDFC Bank, Tata Steel, Jaiprakash Associates, Sterlite, Tata Motors, Reliance Capital, Reliance Infrastructure, SBI and Reliance Industries are losers.

Ranbaxy went up 4%, as the company received USFDA nod for generic Imitrex, which had filed ANDA from Ohm labs in US.

Zee Entertainment fell 4%, as it will be excluded from Nifty from March 27.

Maytas Infra locked at 5% lower circuit despite the reports that IL&FS is going to take control of the company.

There are reports SEBI will probe circular trading in Spice Communication and asked data from SEs. The stock tumbled 9%.

Asian markets are trading weak. Hang Seng went down 3% and Kospi fell 1.5%. Shanghai, Taiwan, Straits Times and Nikkei lost 0.23-0.56%.

Treasury Secretary, Timothy Geithner has unveiled revamped plan of around $2 trillion to stabilize ailing financial institutions and revive lending. However, US markets crashed as market remains skeptical about the effectiveness of Treasury's bank rescue plan.

Dow Jones ended 382 points or 4.6% down at 7,889 and Nasdaq was down 67 points or 4.2% at 1,524.7. S&P 500 was down 42.4 points or 4.9% at 827.2.

Crude oil is trading around USD 37.9 a barrel on the NYMEX.

Market Cues:

FIIs net buy $71.7 million in equity on February 09

NSE F&O OI up by Rs 1,472 crore to Rs 53,749 crore

US mkts slide nearly 4.5%; investors skeptical about bank rescue plan

Asian markets open down 1-2%

Crude declines 5% after gaining nearly 5% intraday

F&O cues:

Nifty ends up 0.5%; February open interest (OI) down 0.1%

Total Futures OI up Rs 319 cr, total Option OI up Rs 1,153 crore

Nifty Feb Futures discount at 6.5 points versus 8.5 points

Stock Futures add 2.27 crore shares in OI

Unitech accounted for 50% of Stock Futures addition

Nifty OI unchanged at 1.34

Nifty Call adds 13.2 lakh shares; Put adds 19.7 lakh shares in OI

Nifty Feb 2800 Put adds 6 lakh shares in OI

Nifty Feb 3000 Call adds 5.3 lakh shares in OI

Nifty Feb 3100 Call adds 4 lakh shares in OI

Nifty Feb 2700 Put sheds 8.3 lakh shares in OI