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Aug 19, 2011, 10.23 AM IST
Indian equity benchmarks fell over 1.5% following dismal global cues post European banks facing shortage of short term debt funds. The 50-share NSE Nifty was still trading below the 4900 level led by fall in 37 stocks.
“According to me, the data which we see is not correct. I maybe wrong, but anecdotally, the growth rates are not what is happening; export is not what it seems to be” he added. Therefore, he says that we should focus on the domestic front before looking for global cues.
Technology and capital goods took huge beating with respective indices falling over 5% & 3%. TCS, Infosys and HCL Tech were down 5-6%. Wipro slipped nearly 3%.
BHEL and L&T lost 2.5%-3.5%. Among others, ICICI Bank, Tata Motors, JSPL and Hindalco dropped 2-3.5%.
Heavyweight Reliance Industries and SBI dipped over 0.5%.
However, defensives like ITC and HUL gained marginally. Oil stocks like BPCL and ONGC were up 0.6-1.3% on fall in crude oil prices.
At 9:19 hours IST : Nifty maimed on Europe woes; tech gets deepest cut
Indian equity market opened with a deep cut, mirroring global phenomenon wherein investors dumped shares on worries over European economic growth. There were reports of European banks facing short-term funding stress; they had to borrow US dollar from ECB at very high cost. The 50-share NSE Nifty lost 78 points to 4,866 and the 30-share BSE Sensex dwindled 266 points to 16,203.
Technology stocks have fallen the most. Infosys plunged 5.5%. HCL Tech, TCS and Wipro were down 2.5-4.5%.
Tata Motors, Tata Steel and L&T fell 2.5%. ICICI Bank, HDFC Bank and Axis Bank slipped 2%.
Jaiprakash Associates, Sterlite, Reliance Capital and Reliance Infrastructure too were down over 2%.
Heavyweight Reliance Industries was down 1%.
However, ONGC and BPCL were on buyers' radar due to fall in crude oil prices.
The CNX Midcap fell 122 points to 7,084. About 10 shares fell for every one share gained.
DCB, PFC and IFCI slipped 3-6%.
Textile stocks like Arvind and Alok Industries lost 4%.
From the infrastructure space, IVRCL Infra, GVK Power and Lanco Infra declined 2.5%.
Tech Mahindra and Mahindra Satyam were down 4%.
May 23 2013, 10:43
- in MARKET OUTLOOK
May 23 2013, 09:33
- in Technicals