Indian frontline equity indices have gone on to
recover some part of ground lost in the session after touching intraday
lows in late morning trades. There appeared some tentative recovery in
investors' sentiments as they tracked European equity markets which
swiftly recuperated and surged by around a percent gains after a somber
opening with large cuts of around one and half a percent. The local
benchmarks too have regained the psychological 4,800 (Nifty) and 16,000
(Sensex) levels despite the bleak leads that Asian peers are exhibiting
which is evident from the fact that most benchmarks in the region
suffered nasty cuts especially Indonesia which got bludgeoned by over
5%. Marketmen lacked the conviction to initiate fresh positions in
morning trades as Euro-zone leaders and policy makers struggled to find a
plan to solve the crisis. On the domestic front, sentiments also got
some support from reports that the finance ministry may consider a cut
in securities transaction tax (STT) and propose a concession on stamp
duty on equities. On the sectoral front, all the gauges traded in the
negative territory with indices like Consumer Durables and Metal
suffering nasty lacerations in the range of 3-5%. Though there were no
secotral gainers, some recovery was seen in IT stocks while among
individual gainers, Wipro, Bharti Airtel and ICICI Bank gained some
traction.
Moreover, the broader markets too plummeted in afternoon trades after showing some positive moves in early part of the session and currently trading with large cuts of over two percent. The bourses declined on very large volumes of over Rs 1 lakh core while the market breadth on BSE was dominantly in favor of declines in the ratio of 2066:486 while 76 scrips remained unchanged.
The BSE Sensex is currently trading at 15,956.34 down by 205.72 points or 1.27% after trading as high as 16,209.19 and as low as 15,801.01. There were 3 stocks advancing against 27 declines on the index.
The broader indices were trading on a somber note; the BSE Mid cap index plunged 2.07% and Small cap sank 2.09%.
On the BSE sectoral space there were no gainers while Consumer Durables down 5.17%, Metal down 3.42%, CG down 2.10%, PSU down 2.06% and Oil & Gas down 1.86% were the major losers on the index.
Wipro up 0.91%, Bharti Airtel up 0.36% and ICICI Bank up 0.15% were the only gainers on the Sensex, while Coal India down by 5.60%, Sterlite down 4.44%, Hindalco down 4.36%, Hero Moto down 2.47% and L&T down 2.22% were the major losers on the index.
Meanwhile, India and China at their first comprehensive Strategic Economic Dialogue (SED), have reached to an understanding to deepen their bilateral investment cooperation, by opening their domestic market for each other and improve the investment environment.
The high level delegations led by Montek Singh Ahluwalia Deputy Chairman Planning Commission (India), and Zhang Ping Chairman, National Development and Reform Commission (China) had very optimistic successful dialogue on stepping up cooperation and coordination on a host of economic issues.
Both the nations have agreed to stay committed to deepening bilateral investment cooperation, further opening markets and improving the investment environment in both the nations to put down a strong foundation for pragmatic cooperation between the businesses of the both the economic power houses on the basis of complementarities, mutual benefits and win-win outcome.
In order to promote sustainable development, along with the businesses and investment cooperation, both the economies agreed to strengthen their cooperation on energy efficiency and conservation as well as on environment protection. India and China also agreed to speed up the cooperation on energy, including the removable energy sector.
Given the current global economic situation, increased exchanges in these spheres would provide additional opportunities to grow the businesses activities, and new engine for greater cooperation between the two sides, the SED minutes said.
The S&P CNX Nifty is currently trading at 4,796.45, lower by 71.30 points or 1.47% after trading as high as 4,879.80 and as low as 4,758.85. There were 3 stocks advancing against 47 declines on the index.
The top gainers on the Nifty were Wipro up 0.50%, Bharti Airtel up 0.45% and ICICI Bank up 0.07%.
Cairn down 4.87%, Sterlite down 4.73%, Hindalco down 4.30%, Axis Bank down 3.94% and R Power down 3.18% were the major losers on the index.
Moreover, the broader markets too plummeted in afternoon trades after showing some positive moves in early part of the session and currently trading with large cuts of over two percent. The bourses declined on very large volumes of over Rs 1 lakh core while the market breadth on BSE was dominantly in favor of declines in the ratio of 2066:486 while 76 scrips remained unchanged.
The BSE Sensex is currently trading at 15,956.34 down by 205.72 points or 1.27% after trading as high as 16,209.19 and as low as 15,801.01. There were 3 stocks advancing against 27 declines on the index.
The broader indices were trading on a somber note; the BSE Mid cap index plunged 2.07% and Small cap sank 2.09%.
On the BSE sectoral space there were no gainers while Consumer Durables down 5.17%, Metal down 3.42%, CG down 2.10%, PSU down 2.06% and Oil & Gas down 1.86% were the major losers on the index.
Wipro up 0.91%, Bharti Airtel up 0.36% and ICICI Bank up 0.15% were the only gainers on the Sensex, while Coal India down by 5.60%, Sterlite down 4.44%, Hindalco down 4.36%, Hero Moto down 2.47% and L&T down 2.22% were the major losers on the index.
Meanwhile, India and China at their first comprehensive Strategic Economic Dialogue (SED), have reached to an understanding to deepen their bilateral investment cooperation, by opening their domestic market for each other and improve the investment environment.
The high level delegations led by Montek Singh Ahluwalia Deputy Chairman Planning Commission (India), and Zhang Ping Chairman, National Development and Reform Commission (China) had very optimistic successful dialogue on stepping up cooperation and coordination on a host of economic issues.
Both the nations have agreed to stay committed to deepening bilateral investment cooperation, further opening markets and improving the investment environment in both the nations to put down a strong foundation for pragmatic cooperation between the businesses of the both the economic power houses on the basis of complementarities, mutual benefits and win-win outcome.
In order to promote sustainable development, along with the businesses and investment cooperation, both the economies agreed to strengthen their cooperation on energy efficiency and conservation as well as on environment protection. India and China also agreed to speed up the cooperation on energy, including the removable energy sector.
Given the current global economic situation, increased exchanges in these spheres would provide additional opportunities to grow the businesses activities, and new engine for greater cooperation between the two sides, the SED minutes said.
The S&P CNX Nifty is currently trading at 4,796.45, lower by 71.30 points or 1.47% after trading as high as 4,879.80 and as low as 4,758.85. There were 3 stocks advancing against 47 declines on the index.
The top gainers on the Nifty were Wipro up 0.50%, Bharti Airtel up 0.45% and ICICI Bank up 0.07%.
Cairn down 4.87%, Sterlite down 4.73%, Hindalco down 4.30%, Axis Bank down 3.94% and R Power down 3.18% were the major losers on the index.
Asian
markets traded on a depressing note, Shanghai Composite plunged 1.74%,
Hang Seng got decimated 3.25%, Jakarta Composite got bludgeoned by
5.82%, KLSE Composite nosedived 3.33%, Nikkei 225 got butchered by
2.15%, Straits Times slumped 2.46%, Seoul Composite deposed 2.64% and
Taiwan Weighted shaved off 2.40%.
The European markets traded on a bleak note as
France's CAC 40 plunged 1.60%, Germany's DAX sank 1.20% and Britain's
FTSE 100 shaved off 1.33% 
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