Indian shares opened 0.96 percent lower on Wednesday and quickly extended losses past 1 percent, with the fall led by Reliance Industries Ltd.
The markets have opened on a weak note following weak cues across the globe due to shot up in crude price and inflation worries in US. Profit booking has seen in banking, capital goods and technology. Midcap and small cap stocks are under selling pressure. Market breadth is weak.
Losers were HDFC, BHEL, Unitech, HDFC Bank, Maruti, ACC, Infosys, ABB, Wipro, Satyam, TCS, BPCL, Tata Comm, PNB and Zee Ent while Cairn India continued its uptrend (Nymex crude was trading above USD 129 per barrel).
At 9:56 am, the Sensex was down 163 points at 17,067 and the Nifty down 38 points at 5066. The CNX Midcap slipped 58 points at 6845. Market breadth is weak; about 1400 shares have advanced, 1521 shares declined, and 179 shares are unchanged.
Asian markets were trading sharply lower. Shanghai Composite was down 1.87% or 64.33 points at 3,378.83. Hang Seng fell 158.77 points or 0.63% at 25,010.69.
Nikkei 225 Average was down 259.25 points or 1.83% at 13,900.84. Jakarta Composite fell 27.46 points or 1.09% at 2,483.50. Straits Times fell 0.8% or 25.69 points at 3,174.19. Seoul Composite slipped 18.12 points or 0.97% at 1,855.03. Taiwan Weighted lost 15.65 points or 0.17% at 9,053.24.
US markets slid after oil prices jumped above $ 129 a barrel and a key inflation gauge rose more than expected. The Dow tumbled 199.48 points, or 1.53%, to 12,828.68. The Standard & Poor’s 500 index declined 13.23 points, or 0.93%, to 1,413.40, and the Nasdaq composite index fell 23.83 points, or 0.95%, to 2,492.26.
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