 Nifty breaks 4700 on weak European cues; realty dips 5%Published on Fri, Feb 05, 2010 at 14:00 | Source : Moneycontrol.com Updated at Fri, Feb 05, 2010 at 14:46 Like this story, share it with millions of investors on M3
Nifty down over 100 pts; realty, metal, banks, sugar slide At 11.28 hrs IST, the Nifty was struggling to past even the 4750 mark and was down over 100 points. The Nifty had touched a low of 4718. Heavy selling was seen in realty, metal, banks, capital goods, oil&gas, auto & power stocks. All the BSE sectoral indices were down more than 1%. The BSE Midcap and Smallcap index were down 2.54% and 2.78% respectively. The BSE IPO index also lost 2%. The Sensex was down 380.55 points or 2.35% at 15844.40, and the Nifty was down 114.20 points or 2.36% at 4731.15. About 457 shares advanced, 2430 shares declined, and 258 shares were unchanged. In the largecap space, Hindustan Unilever was the only gainer on the Sensex. Tata Steel, Jaiprakash Associates, ICICI Bank, ONGC and Hindalco were down 2-4%. Sugar stocks were reeling under pressure. The prices of sugar have fallen considerably in last fortnight. Andhra Sugar, Bajaj Hindusthan, Balrampur Chini, Dhampur Sugar, Sakthi Sugars, Shree Renuka and Triveni Engg were down 2-6%. In the realty space, Indiabulls Real was the top loser with more than 6% loss. DLF, HDIL, Pantaloon Retail and Anant Raj Ind werd down 2-4%. In the metal space, NMDC, SAIL, Sterlite Industries, Jindal Steel and Hindustan Copper were down 3-5%. Top gainers on the BSE Midcap: Info Edge, Indraprastha Gas, Kansai Nerolac, Kirloskar Oil and EID Parry were up 0.3-3.1%. Top losers on the BSE Midcap: Apollo Tyres, Jai Corp, BF Utilities, Bombay Dyeing and Indiabulls Real were down 6-7%. Top gainers on the BSE Smallcap: TRF, Ashtavinayak, Graviss Hosp, Genesys Int and Jindal Worldwide were up 4-5%. Top losers on the BSE Smallcap: Uttam Galva, Subhkam Capital, Ahmednagar Forging, Bliss GVS and Sahara One were down 7-10%. Sensex below 16k on broad-based selling; breadth worsens At 10:17 hours IST, the Nifty saw a fall of over 100 points on the back of selling across all the sectors. Sharp cut in Asian and the US markets was the main trigger post debt worries in Euro Zone, which pushed the Nifty to intraday low of 4715.55 and Sensex to 15,790.49, below the 16000 mark. Among the Asian markets; Taiwan Weighted slipped the most, down 4%. Hang Seng and Kospi declined 3% each. Shanghai, Jakarta, Nikkei and Straits Times were down 1.8-2.6%. The US markets tumbled 2.5-3% on Thursday. Cost of insuring against losses on sovereign debt rose to a record high; Markit iTraxx SovX Western Europe Index of credit-default swaps on the debt of 15 governments rose 8.5 bps to 102.5. In an interview with CNBC-TV18, David G Fernandez of JP Morgan said sovereign concerns and rate hike were triggers for correction. "Sovereign risks may not be isolated to 1 or 2 countries. Correction could last for over a month. Tightening in Asia remains major concern for investors", he has said. The 30-share BSE Sensex was trading at 15878, down 346 points and the Nifty was at 4741, down 104 points. The market breadth was pathetic; about 60 shares advanced while 1180 shares declined on the NSE. Top losers among the largecaps; Tata Steel, Jaiprakash Associates, DLF, Tata Motors, Hindalco, Ranbaxy Labs, SAIL and ONGC were down 3-4%. However, only HCL Tech was the gainer on the Nifty. In the midcap space, Info Edge rose 5.6%. Prakash Industries, Kirloskar Brothers, Indraprastha Gas and MVL gained 1% each. However, Apollo Tyres, BF Utilities, Puravankara Projects, Motilal Oswal and Jai Corp fell 6-6.5%. In the smallcap space, Graviss Hosp, Arshiya Intl, Religare Techno, Maharashtra Ele and TRF were up 3-5%. However, Subhkam Capital, Uttam Galva, Reliance World, Falcon Tyres and Bliss GVS lost 6.7-10%. SpiceJet was down 2.6%, as Istithmar, one of major shareholder, sold entire 13% in the company via block deal. Istithmar confirmed the news while talking to CNBC-TV18. The company said it sold stake to mutual funds while WL Ross was not a buyer in today's block deal. Fame India rose 5%, as Inox Leisure said would make open offer for the company in line with today's deal and has bought 7.2% stake in Fame at Rs 50.75/share. Nifty loses over 100 pts on global cues; RIL below Rs 1000 The benchmark Nifty crashed in early trade following free-fall in US and Asian markets on European debt worries. Cost of insuring against losses on sovereign debt rose to a record high on Thursday. Infrastructure, realty, metal post CRB Index loses 2%, oil & gas and banking were the major losers. At 9:02 hours IST, the Nifty was trading at 4737, down 108 points and the Sensex was at 15877, down 347 points. The market breadth was very weak; about 23 shares advanced while 820 shares declined on the NSE. Among the frontliners, Suzlon, Tata Steel, Jaiprakash Associates, SAIL, DLF, Ambuja Cements, Tata Motors, DLF, Sterlite, ICICI Bank, Ranbaxy, IDFC, M&M and L&T were the major losers. ITC and HUL lost the less among the largecaps. Midcap & Smallcap space: Spicejet, Gammon Infra, UCO Bank, Lanco, IFCI, GMR Infra, Bajaj Hindusthan, Shree Renuka Sugars, Balrampur, Triveni Enng and Inox Leisure tanked 4-6%. However, Fame India gained 5% on huge buying interest. Global cues: Asian markets were trading lower. Shanghai, Nikkei, Hang Seng, Taiwan, Straits Times, Kospi and Jakarta fell 1.5-3.5%. SGX Nifty was down 2.6%. The US markets had worst single-session percentage loss since April. The Dow fell below 10,000 for the first time since last November amid sovereign debt worries. Dollar Index surged above 80. Trigger for yesterday's fall: Investors were not pleased with Trichet's comment, Portugal cut down its debt issue, CDS increased sharply. ECB President Trichet said that many members in the Euro Zone will have large, sharply rising fiscal imbalances. Commodity: CRB Commodity Index was down 2.6%, at three-month low. Crude plunged 5% to $73.14/bbl, sharpest drop since July. Gold was down 4.3% to $1064/ounce. Copper was down 3% at $6390/tonne, at 3-1/2 months low. Aluminium was down 2%, Zinc down 3.5% and Nickel down 3%. Sugar was down 7.6% this week. Market cues: FIIs were net buyers to the tune of USD 97.6 million and MFs were net buyers of Rs 6.2 crore in cash markets on February 3, reports CNBC-TV18. Total F&O open interest was up by Rs 2,021 crore at Rs 1,06,454 crore. FIIs were net sellers to the tune of Rs 153 crore while DIIs were net buyers of Rs 241 crore in cash markets on February 4, as per provisional data. FIIs net bought Rs 157 crore in F&O segment. F&O cues: - Total Futures OI (open interest) down by Rs 489 crore
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