Nifty nosedives; ICICI Bk, HDFC Bk, L&T, BHEL plunge
At 14:09 hours IST - the 50-share NSE Nifty slipped below 5800-mark again, led by selling in almost all sectors. About 45 shares declined as against one share advanced on Nifty.
January 10, 2011 / 14:59 IST
At 14:09 hours IST - the 50-share NSE Nifty slipped below 5800-mark again, led by selling in almost all sectors. About 45 shares declined as against one share advanced on Nifty; financial, oil & gas and capital goods companies' shares were leading the fall followed by pharma, auto and select technology sectors.
However, buying in Infosys, Bharti Airtel, Tata Motors, ACC and Ambuja Cements were only gainers. Even traders as well as investors were buying at lower levels, which was quite supportive.The Nifty plunged 103 points to 5,801 and the Sensex was trading at 19,357, with fall of 335 points from Friday's closing value. Broader indices were following the same trend; the BSE Midcap index was down 1.7% and Smallcap down 2%.Among largecaps, HDFC Bank, HDFC, L&T, BHEL, ICICI Bank, Hero Honda and GAIL tanked 3.5-4.8%. Heavyweights ONGC and Reliance Industries were down 2.1% & 1.3%, respectively.NTPC, TCS, Wipro and SBI slipped 1-2.3%. Weak European cues also weighed on markets; France's CAC lost 1% and Britain's FTSE went down 0.5%. In midcap space, United Breweries, Apollo Hospital, Cholamandalam, HCC and Rei Agro gained 2-4% while Eicher Motors, Rolta, Gujarat NRE Coke, Sintex India and ARSS Infra fell 5.5-7.6%.In smallcap space, Splash Media, Centrum Finance, Modern India, Maharashtra Ele and Foseco India were up 4-5.4%. However, Kiri Dyes Chemical, Bodal Chemicals, Riddhi Siddhi, Jindal Cotex and Prraneta Ind lost 8-15%.Breadth was completely in favour of declines; about 192 shares advanced as against 1117 shares declined on National Stock Exchange._PAGEBREAK_Nifty tests 5800; capital goods, power, pvt banks downAt 12:28 hours IST - the 50-share NSE Nifty has seen heavy sell-off in afternoon trade, tested even the 5800-level, which is the major support level, says technical analysts. Capital goods stocks were extremely under pressure, which could be ahead of earning season; the respective Index tanked 3.4%. However, the Nifty showed a bit of recovery after testing that support level.Oil & gas, private financial, metal, auto, healthcare and FMCG companies' shares were on sellers' radar; respective indices fell 1-2%. However, buying in Bharti Airtel, Infosys, Sterlite and SBI was trying to cap those losses a bit.The fall was always on the cards with spiralling inflation and high crude oil prices, says Ajay Srivastava, CEO of Dimensions Consulting.
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