The BSE Sensex was down 396.82 points or 2.36% at 16383.64, and the Nifty down 133.25 points or 2.66% at 4874.65. About 498 shares advanced while 2,443 shares declined and 187 shares were unchanged.
In the largecap space, ITC, Power Grid Corp, Suzlon Energy and Tata Power were only gainers in the Nifty. On the losing side, Mahindra and Mahindra, Tata Steel, DLF, Unitech and Tata Motors were down 5-6%.
FMCG major Hindustan Lever was trading at Rs 261.00 down 1.08% from its previous close of Rs 263.85. Index heavyweight Reliance was trading at Rs 1,025.70 down 1.54% from its previous close of Rs 1,041.70. Tech major Infosys was trading at Rs 2,510.15 down 1.09% from its previous close of Rs 2,537.85.op gainers on the BSE Midcap: Cadila Healthcare, Cummins, OnMobile Global, Torrent Pharma and GlaxoSmith Con were up 2.7-7%. Top losers on the BSE Midcap: Guj NRE Coke, Emami, Hind Oil Explor, Indiabulls Real and Kingfisher Airlines were down 7-8.5%.
Top gainers on the BSE Smallcap: Amtek India, Modern India, OCL Iron, Centrum Finance and Ahmednagar Forging were up 4-9%.
Top losers on the BSE Smallcap: VST Tillers, Nirlon, Orbit Corporation, Mount Everest and Kewal Kiran were down 9-10%. Nifty hits 4900; M&M, Tata Motors, Hindalco top losers
At 12:03 hours IST, the benchmark Nifty has tested the 4900 mark on the back of further sell-off in banking, realty, auto, technology and metal stocks. However, ITC, Power Grid, Suzlon Energy and Tata Power were the only losers. he Nifty touched an intraday low of 4899.15. It was trading at 4,900, down 108 points and the Sensex was at 16,443, down 336 points.
On the sectoral front, BSE Realty, Auto, Metal and Bank indices fell 3-4%. Healthcare, IT, Capital Goods, TECk and Power indices lost 1-2%.
Ambareesh Baliga of Karvy Stock Broking sees the Nifty heading to around 4,800-4,825. "If it consolidates there, then one can take it as a positive signal. But in case it does not stop there, then it could go deeper."
In the banking space, ICICI Bank was down 4.25% and SBI down 3.92%. Axis Bank, Kotak Mahindra, PNB, HDFC Bank and Bank of Baroda fell 1.5-3.5%.
M&M tumbled 6% (top loser) in the auto segment. Tata Motors, Ashok Leyland and Hero Honda were down 4-4.6%. Maruti Suzuki, Bharat Forge and Bajaj Auto lost 2-3%.
In the realty space, Indiabulls Real slipped 6.64%. DLF, HDIL and Unitech declined 3-3.6%.
Tata Steel, Hindalco and Sesa Goa plunged 4-4.6% in the metal segment. SAIL, Hindustan Zinc, Sterlite Industries, Jindal Saw, NALCO and Jindal Steel lost 1.7-3.7%.
The broader indices also declined in-line with benchmark indices; the BSE Midcap was down 1.7% and Smallcap down 2.1%.
Sensex slips further; financials, metals, auto drag
At 10:29 hours IST - the benchmark Sensex remained under pressure, on the back of selling in banking & financial, realty, metal, auto, technology, capital goods and pharma stocks. L&T, HUL and ONGC were also the losers in trade. The Nifty was hovering around the 4950 level.
However, buying in power stocks along with Reliance Industries, ITC and Reliance Communications capped the losses to major extent.
The Sensex was trading at 16,607, down 172 points and the Nifty was at 4,952, down 55 points. The Nifty January future was trading with 5 points discount.
Shankar Sharma, Vice-Chairman and Joint Managing Director, First Global says the Sensex can touch 12,000-12,500 in the first half of 2010. "We expect markets to claw back before the budget. It can recover to 17,000 in the second-half."
Top losers in the largecaps - Hero Honda, M&M, SBI, Tata Steel and Tata Motors fell 3-4%. However, Suzlon Energy was up 1.9% and Power Grid Corp up 1.56%. Reliance Communications, ITC, Reliance Industries and Tata Power gained 0.2-1%.
The BSE broader indices were down 0.8% each, as about 980 shares advanced while 1897 shares declined. Nearly 251 shares were unchanged.
Lanco Infratech has bagged order of Rs 5,675 crore. The stock was up just 0.5%.
Edelweiss Capital rose 2.6%, as it is going to buy Anagram Capital for Rs 164 crore in cash.
Jaiprakash Power Ventures launched USD 200 million FCCB issue. The stock was down 1%.
Jai Corp, SBI, Tata Steel, Hindustan Copper, National Fertiliser, ICICI Bank and Reliance Industries were the most active shares on the bourses.
In the midcap space, OnMobile Global, Cummins, Cadila Health, Jai Corp and Godrej Industries were up 4-6% while Voltas, Ipca Labs, Emami, KGN Industries and Oriental Bank lost 5-6%.
In the smallcap space, Sanwaria Agro, Hinduja Foundries, Centrum Finance, EIH Associated Hotel and Escorts went up 4-6.7% while Mount Everest, Gujarat Alkalies, Sundaram-Clayton, Nirlon and Lok Housing fell 5-6.7%.
On the global front, Asian markets were trading mixed. Hang Seng was up 0.5% and Straits Times up 0.34%. However, Kospi fell 0.5%. Shanghai, Nikkei and Taiwan were marginally in the red.
Nifty tests 4950 on China & Japan worries; banks slip
The Nifty started the day lower reacting to the Tuesday's weak Asian markets. China closed at its lowest close in nearly three months yesterday after it implemented a previously ordered increase in reserve requirements for some banks. Yesterday, local markets were closed on account of Republic Day.
Asia is trading mixed today. China was trading below 3,000 for the first time since November 2, 2009.
The Nifty tested the 4950 in opening trade, but immediately retraced. The SGX Nifty was down over 1.5% in early trade.
At 9:02 hours IST, the Nifty was trading at 4,958, down 49 points and the Sensex was at 16,626, down 155 points. The CNX Midcap fell 38 points to 7,334 and the BSE Smallcap was down 24 points to 8,559. About 216 shares advanced while 543 shares declined on the NSE.
Among the frontliners, ICICI Bank, HCL Tech, Maruti, SAIL, Jaiprakash Associates, Unitech, DLF (ahead of numbers), L&T and BHEL were the losers in the early trade.
HUL, Hindalco, SBI and Sterlite Industries were down 1.5-2% on disappointing set of numbers.
However, ITC, Reliance Communications, NTPC and Bharti Airtel were the gainers.
Midcap & Smallcap space:
Gujarat NRE Coke was up 1.3%.
However, RCF and National Fertiliser declined.
Shree Renuka Sugar fell 0.5%.
TTML lost 2% on weak numbers
Pantaloon rose 2.5% and Cadila Healthcare gained 3%.
Global cues:
Asian markets were trading mixed. Shanghai was down 0.8% and Kospi fell 0.13%. However, Hang Seng, Nikkei, Straits Times and Taiwan were up 0.2-0.7%.
The US markets ended off day's high on reports that Senate has scheduled a hearing on President Obama's bank proposal next week.
The Dow Jones Industrial Average ended down 2.5 points at 10,194, came off 90 points from day's high of 10,285. ((Dow Jones was up 23 points, NASDAQ up 5 points, S&P 500 up 5 points on Monday)).
The Nasdaq ended down 7 points at 2204, came off 24 points from day's high of 2228. The S&P 500 ended down 4.6 points at 1092, which came off 12 points from day's high of 1104.
Asian markets on Tuesday
Asian markets were down 2-4% on Tuesday on China & Japan worries.
China implemented a previously ordered increase in reserve requirements for some banks.
There were talks that policymakers may take more aggressive action soon.
Japan's sovereign debt was put on a negative outlook from Standard & Poor's.
Commodity:
Crude oil was down 0.7% at USD 74.7/bbl, hit a low of $73.82/bbl
Gold futures ended marginally higher at $1098.3/ounce, recovers from low of $1085.2.
March silver was down 1.7% at $16.86/ounce.
Market cues:
-FIIs net sell USD 446 million on January 25
-Turnover at Rs 92202 crore versus Rs 159,665 crore on Friday
-Total F&O Open Int up by Rs 1230 crore at Rs 1,26,162 crore
-FIIs net sell Rs 1002 crore in cash on January 25 (Prov)
-DIIs net buy Rs 716 crore in cash on January 25 (Prov)
-FIIs net buy Rs 15 crore in F&O on January 25 (Prov)
F&O cues:
-Total Futures Open Int up by Rs 103 crore
-Total Options Open Int up by Rs 1,127 crore
-Stock Futures add 56.7 lakh shrs in Open Int
-Nifty Calls add 17.1 lakh shrs
-Nifty Puts adds 4.2 lakh shrs in Open Int
-Nifty PCR at 1.01 versus 1.04
-Nifty Futures add 6.2 lakh shrs
-Nifty Futures at a 6-pt disc versus 17-pt disc
-Nifty 5000 Put adds 5.5 lakh shrs in Open Int
-Nifty Feb 5200 Call adds 4.6 lakh shrs in Open Int
-Nifty 5200 Call adds 4 lakh shrs in Open Int
-Nifty 5100 Put sheds 8.3 lakh shrs in Open Int
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