At 7: 53 am (IST), Asian markets were trading lower. China's Shanghai Composite was flat at 2,821.97. Hong Kong's Hang Seng was down 0.29% or 68.82 points at 23,717.68. Japan's Nikkei was down 0.15% or 15.39 points at 10,514.37. Singapore's Straits Times shed 0.51%or 16.65 points at 3,263.05.
BSE Capital Goods Index was down 2% and Auto Index down 1.5%. Cement stocks traded lower on negative Fitch report. Ambuja Cements ended down 5.4% and ACC was down 4.17%.
Oil prices meanwhile tumbled more than 2% on to below USD 89 a barrel as a stronger dollar and weaker US equities deterred buyers. Currently it is trading at 88.90 per barrel.
US markets ended mixed as the Dow's rally skidded to a halt as retailers reported weaker-than-expected December sales & uninspiring weekly jobless claims.
The Dow Jones Industrial Average ended down 26 points at 11,697. The Nasdaq Composite rose 8 points at 2710 while the S&P 500 Index fell 3 points at 1274.
The Nifty has given up more than 100 points for two days. This has reversed the games made last week. Towards the last week of December, we saw bit of a flourish on low volumes for FII’s that seemed to have ebbed away. This week, we are back down to the 6000 kind of levels.
Profitability at two of India's top state-run oil firms is being hurt at a time of high global crude costs, as the government delays increasing state-set fuel prices due to political pressure from high inflation.
The weakness continued at the markets for the third straight session. The Nifty shed another 30 points to close below 6,050.
Equity benchmarks dropped for third consecutive session - the NSE Nifty settled below 6050 level, dragged down by banking, realty, auto, FMCG, PSU oil & gas and cement companies' shares. However, the European cues were positive.
The rupee dropped to its lowest level in nearly three weeks on Thursday morning, weighed by broad gains in the dollar versus majors while a choppy local sharemarket provided little direction on foreign fund flows.
The BSE Sensex was barely changed on Thursday in the absence of no clear direction from Asian markets and as traders awaited weekly food and fuel inflation data due around 0600 GMT.
CNBC-TV18’s Sonia Shenoy spoke to independent market strategist Rajesh Jain for his fundamental view and Angel Broking’s technical analyst Shardul Kulkarni for his technical view on specific stocks/sectors.
At 14:53 hours IST - equity benchmarks were consistently trading lower - the Sensex lost around 150 points amid volatility. Downtrend in financial, auto and realty companies' shares were on sellers' radar on the back of news that RBI may increase interest rates in a policy meet scheduled by end of January.
In an exclusive interview with CNBC-TV18’s Mitali Mukherjee and Udayan Mukherjee, Ram Pitre of ITI says that he see gold trading at USD 1361-1386 per ounce in the international market. He maintains buy on dips strategy for gold and is bearish on crude.
At 13:34 hours IST - the benchmark Sensex shed more than 100 points in afternoon trade, dragged by FMCG, capital goods, auto, realty, cement, select financial and metal companies' shares.
Several delisting offers are open in the market right now — the likes of BOC India, Nirma, and Atlas Copco to name a few. In an interview with CNBC-TV18, Jagannadham Thununguntla of SMC Global and Aashish Tater of Fort Share Broking advice which one should investor opt for and which one should be avoided.
In an interview to CNBC-TV18, Arjuna Mahendran, Managing Director and Head of Investment Strategy Asia, HSBC Private Bank said, “Indian markets are expected to register modest gains in 2011”
At 11.57 hrs IST, the Nifty was hovering around 6050 mark with negative bias. It was a weak session for the markets on back of selling in realty, capital goods, auto and metal stocks. Selective buying was seen in telecom and IT stocks.
CNBC-TV18's Managing Editor Udayan Mukherjee says, “To be fair, the coal India management has been very forthright over the last few weeks, consistently talking about their inability to deliver on volume targets, if they do not get environmental clearances."
Udayan Mukherjee says that people have little faith about reports and the chances of their implementation. So the expectations from the reports this time are not fully priced into fertillizer stock prices as yet.
Find out why ace fund manager Samir Arora of Helios Capital thinks Indian investors are the biggest losers in the world.
CNBC-TV18's Managing Editor Udayan Mukherjee says many banking stocks have corrected quite a bit, and some of them appear quite attractive now. “In public sector bank, if they correct more and if you have a longer-term perspective, you could be starting to look at opportunities out here,” he adds.
At 10:46 hours IST - equity benchmarks continued their downtrend today as well, led by sell-off in capital goods, FMCG and cement companies' shares along with ONGC, SBI, Sterlite, ICICI Bank, Bajaj Auto, Cipla, Hero Honda, DLF and JSPL. The index was trading below 6100 level.
Abhijit Chakraborty, Fortune Financial advises investor to buy on dips. I think this kind of cautious and pessimistic approach towards the market at the beginning of the year means that all these negatives are already there in the price. So, things can only improve from here."
In an interview to CNBC-TV18, William Gross, Pimco recommended staying away from commodities as they give very little returns. As a strategy, Gross advised average investors to look at equities and bonds.