The markets have opened on a weak note following negative cues from Asian and US markets as Crude has hit a new all time high of USD 135 a barrel. Selling in banking, metal, realty and auto stocks is also putting pressure. The Sensex dipped below its psychological level of 17000 while Nifty is still holding above 5000 mark.Market breadth is unhelpful. Midcap and small cap stocks also caught up in negative terrain.
At 9:56 am, the Sensex was down 185 points at 17,057 and the Nifty down 51 points at 5,066. The CNX Midcap fell 55 points at 6,901.
BPCL, PNB, M&M, Unitech, HDFC Bank, Tata Motors, L&T, Nalco, ICICI Bank, Tata Comm, Rel Infra, ONGC and HUL were gainers while Satyam, Infosys, Cairn and Ambuja Cements gainers.
Asian markets were trading lower following weak US markets cues. Shanghai Composite fell 1.42% or 50.48 points at 3,493.71. Hang Seng slipped 2.435 or 617.45 points at 24,842.84. Nikkei 225 Average fell 0.91% or 126.42 points at 13,799.88. Jakarta Composite was down 1.05% or 26.08 points at 2,468.63. Straits Times fell 40.57 points or 1.27% at 3,156.33. Seoul Composite slipped 1.47% or 27.24 points at 1,820.27. Taiwan Weighted lost 71.30 points or 0.79% at 8,944.27.
US markets tumbled, posting their biggest losses in two weeks. The Federal Reserve signaled it is done cutting interest rates and record oil prices threatened to reduce profits at consumer companies. The Dow tumbled 227.49 points, or 1.77%, to 12,601.19. The Standard & Poor’s 500 index declined 22.69 points, or 1.61%, to 1,390.71, while the Nasdaq composite index plunged 43.99 points, or 1.77%, to 2,448.27.
Crude oil shot up by 4% and hit a high of USD 135 per barrel on the Nymex
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