 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
At 13:50 hours IST - the benchmark Nifty broke another psychological level of 4700, after the European markets feel more than 1-1.5% in early trade. The bears have weighed on all global markets, which have been bleeding since yesterday post the credit default from Euro Zone countries. 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. According to the European Commission's forecasts, Portugal's public debt will rise to 91% of GDP by 2011, up from 77% and Greece's debt will increase to 135% of GDP, from 113%, and Spain's will increase to 74% from 54%. The Nifty was trading at 4699, down 145 points and the Sensex was at 15743, down 481 points. The market breadth worsened-about 80 shares advanced while 1200 shares declined on the NSE. The broader indices fell over 3%. All sectoral indices were in the red. Realty and Metal indices were the major lower, down over 5% each. Bank and Oil & Gas Indices slipped nearly 3.5%. IT, Capital Goods, Auto, Power and Pharm indices declined 1.5-2.8%. Top loser in the largecap, Hindalco, Jaiprakash Associates, Tata Steel, DLF, ICICI Bank, Ranbaxy Labs and SAIL were down 4-6.5%. In the midcap space, Godrej Consumer, Torrent Pharma, GlaxoSmith Consumer, Bajaj Finserv and Kirloskar Oil gained 1.3-2.9%. However, Jai Corp, Indiabulls Real, Eicher Motors, Bombay Dyeing and BF Utilities fell 7-9.3%. In the smallcap space, Graviss Hosp, Jindal Worldwid, TRF, Arshiya Intl and Hind Nat Glass were up 2-5%. However, HBL Power, Shree Ashtavinayak, Sakthi Sugars, Dharani Sugars and Falcon Tyres lost 10-11.7%.
Entities: BSE Sensex, Nifty
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