Markets continue trading in the red, volatility to continue
Indian markets are holding their losses, with both the bourses down by more than 1.50%. All the Indices are in the red, with Capital Goods, Power and Realty taking the most beatings. IT, Teck and Healthcare are trading marginally in the red.
Benchmark Indices |
Index |
Rate |
% Change |
FTSE |
5373.6 |
-0.91 |
DAX |
5794.73 |
-0.95 |
CAC |
2985.99 |
-0.81 |
Hang Seng |
18474.93 |
-1.82 |
Nikkei |
8374.91 |
-1.23 |
Shanghai |
2416.56 |
-1.89 |
Sensex |
16291 |
-1.04 |
Nifty |
4883 |
-1.05 |
Asian markets are also trading in a similar fashion, down more than 1% amid concerns about bad loans in China’s property sector and growing evidence that Europe’s debt crisis is infecting the major economies.
The European markets declined, as the renewed Franco-German argument increased concerns that the debt crisis will worsen further.
Back home, BHEL continues to be the major Index loser, down 5.25% to Rs 269.70. Auto stocks like Tata Motors, Mahindra & Mahindra and Maruti Suzuki are down more than 2%. Other losers in the list include stocks like Jaiprakash Asso., Coal India, Tata Steel, NTPC, etc., all down by more than 2%. HUL, Infosys and Sterlite Industries are trading marginally in the red zone.
JSW Energy has created a new low, down 5.02% at Rs 43.50, on reports that the regulatory authorities have rejected the company’s request to revise power tariffs.
On the other hand, the gainers list includes Cipla, Hero MotoCorp, Sun Pharma and Bharti Airtel, which are up between 0.50%-3%.
HPCL is also up 5.60% to Rs 295.25, following the news that the company has entered into an MOU with the Greater Calcutta Gas Supply Corporation (GCGSCL) and GAIL to carry out its natural gas business in the city of Kolkata and its adjoining districts.
The market breadth, which indicates the overall health of the market, is very weak. On the BSE, 2108 shares fell, 581 shares rose and 106 shares remained unchanged.
Investors can expect the markets to remain volatile for the rest of the day.