The Indian equity markets have made a gap down start on the back of weak cues from global equity indices as rising fears of another recession hammered the investors' sentiment. The US markets suffered sharp drop on Thursday and the major indices lost 4-5 percent for the day on getting bleak economic reports while, all the Asian counterparts were trading in the negative terrain at this point of time, indicating somber investors' sentiment. Back home, deteriorating global economic outlook pulled BSE's Sensex and NSE's Nifty below their crucial 16,300 and 4,900 mark respectively in the early trade. On the sectoral front, realty remained the lone gainers while, software, technology and capital goods remained the top losers on the BSE sectoral space. Meanwhile, heavy selling was witnessed in IT and banking stocks, with blue-chips like Infosys, ICICI Bank, TCS and HDFC Bank falling sharply. Stocks like RIL and Tata Motors were also down. The broader indices too were struggling to get some traction and were bleeding badly at this point of time while, the market breadth has made a negative start; there were 333 shares on the gaining side against 1,583 shares on the losing side while 49 shares remained unchanged.
The BSE Sensex opened at 16,237.78; about 232 points lower compared to its previous closing of 16,469, and has touched a high and a low of 16,245.64 and 16,118.42 respectively.
The index is currently trading at 16,191.20, down by 278.59 points or 1.69%. There were just 8 stocks advancing against 22 declines on the index.
The overall market breadth has made a negative start with 16.95% stocks advancing against 80.56% declines. The broader indices too were clobbered out of shape in the early trade; the BSE Mid cap and Small cap indices were down by 1.60% and 1.96% respectively.
Realty up by 0.04% remained the lone gainer in the sectoral indices on the BSE. While, IT down by 5.58%, TECk down by 4.06%, CG down by 3.05%, CD down by 2.46% and Bankex down by 1.50% were the top losers on the index.
The top gainers on the Sensex were Coal India up by 0.76%, ONGC up by 0.69%, Bharti Airtel up by 0.57%, M&M was up by 0.46% and ITC was up by 0.32%.
On the flip side, Infosys down by 6.61%, TCS down by 4.79%, L&T down by 3.94%, Wipro down by 3.80% and Tata Motors down by 3.29% were the top losers on the index.
Meanwhile, the Ministry of Finance has decided to impose anti-dumping duty of up to $515.94 per tonne on imports of Sodium Nitrite, chemical from China, which are used in the industries such as pharmaceuticals and dyeing, for five years in order to protect domestic industry. In 2006, government has imposed anti-dumping duty on Sodium Nitrite, mainly used in meat processing and textile industry.
'The anti-dumping duty imposed shall be levied for a period of five years (unless revoked, superseded or amended earlier)...,' the department of revenue under the ministry of finance, said in notification.
The decision comes following a review carried out by the government on continuation of duty on Sodium Nitrite. The commerce ministry had recommended continuation of the duty. The anti-dumping duty was originally imposed after it was found that the shipments were exported to India from China at below the normal price. As per the finding, it was concluded that the domestic industry had suffered a material injury due to dumping of the chemical at a predatory price.
Anti dumping duties are different from safeguard duties, they vary from product to product and from country to country. Countries started anti-dumping duties probes to find whether domestic industry has been hurt due to increase in cheap imports. Since it is a counter measure, countries impose it in the multilateral WTO regime. Anti-dumping measures are taken to protect domestic players and to ensure fair trade. It is not a measure to restrict imports or reason for unfair increase in the cost of production.
Dumping occurs when the export price of goods imported into India is less than the normal value of like articles sold in the domestic market of the exporter. Imports at cheap or low prices do not per se indicate dumping. Anti-dumping action can be taken only when there is an Indian industry which produces "like articles" when compared to the allegedly dumped imported goods. The Indian industry must be able to show that dumped imports are causing or are threatening to cause material injury to the Indian 'domestic industry'. Material retardation to the establishment of an industry is also regarded as injury.
The S&P CNX Nifty opened at 4,859.30; about 85 points lower compared to its previous closing of 4,944.15, and has touched a high and a low of 4,880.50 and 4,839.50 respectively.
The index is currently trading at 4,864.35, down by 79.80 points or 1.61%. There were 11 stocks advancing against 39 declines on the index.
The top gainers of the Nifty were IDFC up by 2.38%, BPCL up by 1.39%, M&M up by 0.73%, Dr Reddy up by 0.67% and Bharti Airtel up by 0.64%.
Infosys down by 6.33%, HCL Tech down by 5.68%, TCS down by 5.02%, Wipro by 4.21% and L&T was down by 4.12%, were the major losers on the index.
The BSE Sensex opened at 16,237.78; about 232 points lower compared to its previous closing of 16,469, and has touched a high and a low of 16,245.64 and 16,118.42 respectively.
The index is currently trading at 16,191.20, down by 278.59 points or 1.69%. There were just 8 stocks advancing against 22 declines on the index.
The overall market breadth has made a negative start with 16.95% stocks advancing against 80.56% declines. The broader indices too were clobbered out of shape in the early trade; the BSE Mid cap and Small cap indices were down by 1.60% and 1.96% respectively.
Realty up by 0.04% remained the lone gainer in the sectoral indices on the BSE. While, IT down by 5.58%, TECk down by 4.06%, CG down by 3.05%, CD down by 2.46% and Bankex down by 1.50% were the top losers on the index.
The top gainers on the Sensex were Coal India up by 0.76%, ONGC up by 0.69%, Bharti Airtel up by 0.57%, M&M was up by 0.46% and ITC was up by 0.32%.
On the flip side, Infosys down by 6.61%, TCS down by 4.79%, L&T down by 3.94%, Wipro down by 3.80% and Tata Motors down by 3.29% were the top losers on the index.
Meanwhile, the Ministry of Finance has decided to impose anti-dumping duty of up to $515.94 per tonne on imports of Sodium Nitrite, chemical from China, which are used in the industries such as pharmaceuticals and dyeing, for five years in order to protect domestic industry. In 2006, government has imposed anti-dumping duty on Sodium Nitrite, mainly used in meat processing and textile industry.
'The anti-dumping duty imposed shall be levied for a period of five years (unless revoked, superseded or amended earlier)...,' the department of revenue under the ministry of finance, said in notification.
The decision comes following a review carried out by the government on continuation of duty on Sodium Nitrite. The commerce ministry had recommended continuation of the duty. The anti-dumping duty was originally imposed after it was found that the shipments were exported to India from China at below the normal price. As per the finding, it was concluded that the domestic industry had suffered a material injury due to dumping of the chemical at a predatory price.
Anti dumping duties are different from safeguard duties, they vary from product to product and from country to country. Countries started anti-dumping duties probes to find whether domestic industry has been hurt due to increase in cheap imports. Since it is a counter measure, countries impose it in the multilateral WTO regime. Anti-dumping measures are taken to protect domestic players and to ensure fair trade. It is not a measure to restrict imports or reason for unfair increase in the cost of production.
Dumping occurs when the export price of goods imported into India is less than the normal value of like articles sold in the domestic market of the exporter. Imports at cheap or low prices do not per se indicate dumping. Anti-dumping action can be taken only when there is an Indian industry which produces "like articles" when compared to the allegedly dumped imported goods. The Indian industry must be able to show that dumped imports are causing or are threatening to cause material injury to the Indian 'domestic industry'. Material retardation to the establishment of an industry is also regarded as injury.
The S&P CNX Nifty opened at 4,859.30; about 85 points lower compared to its previous closing of 4,944.15, and has touched a high and a low of 4,880.50 and 4,839.50 respectively.
The index is currently trading at 4,864.35, down by 79.80 points or 1.61%. There were 11 stocks advancing against 39 declines on the index.
The top gainers of the Nifty were IDFC up by 2.38%, BPCL up by 1.39%, M&M up by 0.73%, Dr Reddy up by 0.67% and Bharti Airtel up by 0.64%.
Infosys down by 6.33%, HCL Tech down by 5.68%, TCS down by 5.02%, Wipro by 4.21% and L&T was down by 4.12%, were the major losers on the index.
All the Asian equity indices were trading in the red; Shanghai Composite was down 33.92 points or 1.33% to 2,525.55, Hang Seng was down 475.67 points or 2.38% to 19,540.60, Jakarta Composite was down 110.92 points or 2.76% to 3,910.07, KLSE Composite was down 18.53 points or 1.23% to 1,484.77, Nikkei 225 was down 170.13 points or 1.90% to 8,773.63, Straits Times was down 73.84 points or 2.61% to 2,751.12, Seoul Composite was down 96.72 points or 5.20% to 1,763.86 and Taiwan Weighted was down by 284.52 points or 3.74% to 7,330.45.
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