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Nifty ends below 4500; banks, realty, IT stocks hammered

Published on Tue, Jun 10, 2008 at 09:24 | Source : Moneycontrol.com

Updated at Tue, Jun 10, 2008 at 23:39

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Nifty

BSE | NSE 30/05/12

Are Mutual Funds betting on Nifty?

Markets @ 11:54 am : Markets southbound; Ranbaxy, RIL, BHEL top gainers

The markets are trading in negative terrain on the back of weakness in technology, telecom, FMCG, banking and realty stocks. Asian markets are witnessing selling pressure, which also added to negative sentiments. Hang Seng is down over 3.5%, Shanghai over 7%, and Nikkei 1%. However, buying in healthcare, and capital goods stocks is giving support to markets for not slipping too much.

Market breadth is in favour of declines; about 1276 shares have advanced, 1661 shares declined, and 179 shares are unchanged.

At 11:54 am, the Sensex was down 113 points at 14,953 and the Nifty down 48 points at 4,452.

Biggest gainers were Ranbaxy Labs, Reliance, BHEL and Sun Pharma while losers - HDFC, HDFC Bank, TCS and ONGC.

Ranbaxy Labs shot up over 5% on the rumours that the company is scouting for tie up with overseas company.

BSE IT Index was down over 3%, TECk 2.3%, Realty 1.8%, FMCG 1.7% and Bankex 1.6%. However, Healthcare index rose by 2.4%, Capital Goods 0.62%.

Mixed trend has seen in oil and gas space, Reliance Industries, IOC, BPCL, HPCL, and Essar Oil have gained while ONGC, Cairn India, GAIL and RNRL lost ground.

SpiceJet has jumped over 5% on the news that Paramount is in talks to buy out the company.

Another buzzing counter, Spice Communication went up nearly 6% after the news that Idea Cellular is planning to buy out the company.

Apollo Sindhoori Capital has locked at upper circuit of 5% as there is news that AV Birla group is going to acquire majority stake in the company.

Markets @ 10:52 am : Mkts weak; HDFC Bank, HDFC, Satyam, Infy top losers

The markets are consolidating a bit with southward bias and witnessing some choppiness. Selling has seen in technology, FMCG, realty and banking stocks while buying in pharma stocks. Midcap and small cap indices are flat. On the global front, Asian markets are trading lower; Hang Seng down nearly 3.5% and Shanghai down 7%.

At 10:52 am, the Sensex was down 123 points at 14,942 and the Nifty down 42 points at 4458. Market breadth is negative, about 1214 shares have advanced, 1717 shares declined, and 185 shares are unchanged.

Top losers were HDFC Bank, Satyam, HDFC, Wipro, Infosys and Tata Communications while gainers - Ranbaxy Labs, BHEL, Cipla and Hindalco.

Selling in technology stocks like Tech Mahindra, Infosys, Satyam, HCL Tech, TCS, Wipro, Patni Computer and Mphasis have pushed the Index lower by 3.2%.

Bankex slipped nearly 1.5% on the back of sell off in HDFC Bank, Canara Bank, Andhra Bank, SBI, ICICI Bank, Bank of Baroda and Kotak Mahindra.

FMCG stocks also plunged, which includes United Breweries, GSK Cons, ITC, Godrej Consumer, Nestle and United Spirits. Index fell 1.8%.

Realty stocks like Realty Indiabulls Real, Ansal Properties, HDIL, Sobha Developers, Akruti City and Unitech have collapsed. Index lost 1.6%.

Healthcare is the only sector outperforming other sectors. Index was up over 2% due to buying in Ranbaxy Labs, Cadila Health, Matrix Labs, Aurobindo Pharma, Aventis Pharma and Cipla.

There is a mixed trend in oil & gas space though the index in positive terrain, up 0.73%. Buying has seen in Reliance Industries, BPCL, HPCL and IOC while selling in Cairn India, ONGC, RNRL, GAIL and Petronet LNG.

Markets @ 10:14 am : Markets flat; Nifty still below 4500

The markets have shown some recovery from day's low and are trading flat. The Sensex is back above 15000 mark while the Nifty still below 4500 level. Market breadth has started improving as midcap and small cap indices are trading higher. Buying has seen in pharma, oil & gas, and some power, realty and metal stocks while selling in FMCG, technology, banking and auto stocks.

At 10:14 am, the Sensex was down 28 points at 15,037 and the Nifty down 18 points at 4,482. Nearly 535 shares have advanced while 396 shares declined on the NSE.

Top gainers among frontliners were Ranbaxy Labs, BHEL, Reliance Infra and Tata Power while losers HDFC Bank, TCS, ITC, Tata Communication and Cairn India.

Reliance Industries, Reliance Petroleum, Sesa Goa, Ranbaxy Labs and Reliance Capital were most active counters on the bourses.

BSE Midcap and Small cap indices have gained 0.5 a percent. Healthcare Index went up 2.5%.

Markets @ 9:55 am : Sensex slips below 15K in opening trade

Markets have carried on yesterdays downtrend further and opened lower following weak Asian cues. Selling in power, oil, banking and realty stocks is also putting pressure. Midcap and small cap indices are trading lower.

At 9:55 am, the Nifty was down 47 points at 4,453 and the Sensex down 115 points at 14,950.

Amongst frontliners, Unitech, NTPC, JP Associates, Rel Petro, Suzlon, ONGC, Cairn, Power Grid, PNB, ICICI Bank, DLF, TCS and HPCL were down. However, gainers were Ranbaxy and RPL.

RPG Life Sciences has re-listed at Rs 49.80 and was trading at Rs 45.50, up 468.75%. There is no circuit filter for the stock today.

Asian markets were trading lower. Nikkei was down nearly 0.9%, Hang Seng down 3.5%, Straits Times 1%, Kospi 1.8% and Taiwan Weighted 1.3%.

US markets finished mostly higher following a choppy trading day. Weakness in tech companies and the financials thwarted a more substantial rally. The Dow advanced 70.51 points, or 0.58%, to 12,280.32. The Standard & Poor's 500 index gained 1.08 points, or 0.08%, to 1,361.76, while the Nasdaq composite index was down 15.10 points, or 0.61%, to 2,459.46.

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