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Post-market: Markets nosedive again to hit July 2010 lows
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Tuesday, February 8, 2011 |
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| February 08, 2011 | 5:30 PM | Markets nosedive again to hit July 2010 lows Dalal Street today saw a firm start, but only to end near day?s low. Bout of selling in frontline companies pulled the equities below their key psychological levels | | | | | | Major headlines | - Power Grid Corporation of India Q3 net profit up 21% yoy
- Adani Power Q3 net profit surges 50% yoy
- Punj Lloyd tumbles on weak Q3 results
| Indian indices Again it turned to be a bad day for markets after a one-day rally in the previous session. Continuous selling pressure across the broader markets and also in index heavyweights dragged the Sensex below the 18000 mark. The Nifty, which went above 5400 levels during the day, was unable to hold that mark at the close. Among frontliners, ONGC, M&M, Jaiprakash Associates, Kotak Mahindra Bank and Hero Honda crashed 5-6%. Reliance Communications was down 4%. However, Bajaj Auto, Tata Power and Hindalco Industries were up half to one percent, while Cipla, HDFC and BPCL too were on the buyers' radar. The broader indices were seeing more selling pressure as compared to benchmarks - the BSE Midcap and Smallcap indices tanked 2.4-3.23%. The Sensex began the trade 104 points higher at 18142 and also its day?s high. After hitting day?s high in initial trade, the index soon slipped into the negative zone, extending losses all through the day. Extreme selling pressure in all sectors and also in heavyweights led the Sensex to hit the day?s low of 17743 in late trade. | | INDEX PERFORMANCE |  | | | | | MARKET INDICATORS |  | | | | | | Fortis Healthcare | 147.40 | 5.32 | | Engineers India | 291.55 | 2.26 | | Godrej Consumer | 337.15 | 2.12 | | | Lanco Infratech | 38.50 | -16.56 | | IRB Infrastructure | 161.25 | -13.59 | | | | | | | | | | | | | | | | | | | | | | The Sensex fell 261 points to settle at 17776 and the Nifty closed at 5313, down by 83 points. Market sentiment The market breadth stood extremely weak as losing stocks outdid the gaining ones over four times. Out of the 2,986 stocks traded on the BSE, 2,299 declined while 551 advanced. Hundred and thirty-six stocks traded unchanged. Viewing volumes India's second largest developer - Unitech was traded the most, with over 0.72 crore shares changing hands on the BSE, followed by wind turbine major - Suzlon Energy (0.66 crore shares), infrastructure firm - Lanco Infratech (0.54 crore shares), infrastructure major - Punj Lloyd (0.43 crore shares) and industrial finance company - IFCI (0.38 crore shares). | Sectoral & stock screening All the sectors ended the session in the red. BSE Consumer Durables (CD) lost the most by 3.81%, followed by BSE Realty down by 3.08%. BSE Auto, BSE Bankex and BSE Oil & Gas slipped more than 2% each. Among 'A' group stocks, Fortis Healthcare was the star performer of the day rising by 5.32% on robust Q3 results, followed by Engineers India up by 2.26% and Godrej Consumer Products rose by 2.12%. On the flip side, Lanco Infratech slid the most by 16.76%, followed by IRB Infrastructure down by 13.59% and Punj Lloyd fell by 10.84% on weak Q3 numbers. |  | | | | | Global signals The European markets traded on a mixed note, with investors cautious after China raised interest rates for the second time in just over a month, intensifying its fight against inflation. The Asian markets closed lower except Japanese Nikkei that hit a new nine-month high. Shanghai Composite was shut today. The US stock index futures point to a higher opening on the Wall Street. | | | |  | | | | Manage your newsletter subscriptions | | | To know more about our products and services, click here. | | | | | | | Sharekhan Ltd. Regd Add: 10th Floor, Beta Building, Lodha iThink Techno Campus, Off. JVLR, Opp. Kanjurmarg Railway Station, Kanjurmarg (East), Mumbai ? 400 042, Maharashtra. Tel: 022 - 61150000. BSE Cash-INB011073351; F&O-INF011073351; NSE ? 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