Nifty breaks 4700 on FY10 GDP estimates; oil & gas dip

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At 11:03 hours IST, the Nifty broke the 4700 mark and wiped out all of Saturday's gains on the back of sell-off across all the sectors. Oil & gas, technology, metal and financial shares were the major losers.

The government estimated FY10 advance gross domestic product (GDP) at 7.2% as against 6.7% while the poll of economists saw at 7%. It sees fiscal gap at 6.5%.

Manufacturing growth estimated at 8.9% versus 3.2%; mining growth at 8.7% versus 1.6%; construction growth at 6.5% versus 5.9% and industry growth at 8.2% versus 3.9%, on year-on-year basis, (YoY). However, the goverment sees decline in services and financial sectors growth. Finance services growth estimated at 9.9% versus 10.1% and services growth at 8.7% versus 9.8% (YoY).

Asian markets also extended losses; Kospi and Nikkei fell 0.7-0.8%. Jakarta lost 2.45%. Shanghai was down 0.44% and Hang Seng down 0.2%. However, Straits Times gained 0.33% and Taiwan was flat.

However, Bharti Airtel, Hero Honda and Siemens were the only gainers.

The 30-share BSE Sensex was trading at 15707, down 208 points and the Nifty was at 4688, down 68 points. The Nifty February future was trading with 10 points discount.

The market breadth was also negative; about 508 shares advanced while 689 shares declined on the NSE.

Today's new listing - Jubilant Foodworks was trading at Rs 197.20, up 36% over its issue price of Rs 145.

In the midcap space, Core Projects, Asian Star, Cox and Kings, Texmaco and Atlas Copco were up 2.7-5% while Indraprastha Gas, KGN Industries, Welspun Gujarat, Deccan Chronicle and United Breweries lost 3.5-6.7%.

In the smallcap space, Elpro Int, Reliance World, Gokul Refoils, BAG Films and Sahara One gained 5-9% while Shree Ashtavinayak, Dharani Sugars, Maharashtra Polybutenes, Hatsun Agro and Rollatainers declined 4.6-6.7%.