The Indian equity markets extended losses as selling
pressure continued across the board. Investors remained bearish amid
increasing worries about the global economic condition. Sensex was down
by more than 300 points while Nifty holding 4,800 mark. On sectoral
front all indices were in the red. Hefty selling witnessed in realty,
metal, bank, capital goods, and select consumer durables stocks. Several
stocks from IT, power, healthcare and FMCG sectors too are trading
notably lower. Oil and information technology stocks are trading weak as
well. However, shares of auto companies post monthly sales numbers and
Anil Dhirubhai Ambani Group post claims that Anil Ambani's name has been
cleared by the CBI, were seeing buying interest. On the global front,
all the markets in the Asian region were down with sharp losses at
present. Further concerns about the debt crisis in the euro zone,
worries about a slowdown in Chinese growth too weigh on sentiment to a
significant extent. Greece's new austerity plans will fall short of the
budget targets set by the international lenders for a second tranche of
financial aid. A statement from the Greek Finance Ministry says Greece's
government approved 6.6 billion Euros of austerity measures including
firing state workers. Back home, the market breadth favoring the
negative trend; there were 721 shares on the gaining side against 1,674
shares on the losing side while 87 shares remained unchanged.
The BSE Sensex is currently trading at 16,123.06, down by 330.70 points or 2.01%. The index has touched a high and low of 16,255.97 and 16,088.98 respectively. There were just 7 stocks advancing against 23 declines on the index.
The broader indices too were down with intense cuts; the BSE Mid cap and Small cap indices were down by 1.63% and 1.09% respectively.
All sectoral indices were in the red, however, stock from Realty down by 3.89%, Metal down by 3.19%, Bankex down by 2.86%, CG down by 2.34% and CD down by 1.74% were the top losers on the BSE Sectoral front.
M&M up by 0.93%, Coal India up by 0.69%, Maruti Suzuki up by 0.49%, Tata Motors up by 0.22% and Hero Motocorp up by 0.21% remained the top gainers on the index, while, DLF down by 5.33%, Jindal Steel down by 4.35%, Hindalco down by 3.88%, Tata Steel down by 3.85% and ICICI Bank down by 3.40% were the top losers on the index.
Meanwhile, the Indian Steel consumer industry has urged the Government to intervene and save the downstream steel consuming industry by arranging regular supply of iron ore to the steel plants, which has been hit following the recent Supreme Court order relating to mining of iron ore ban in Bellary and two other districts in Karnataka, causing panic among the small and medium scale units which depend on HR coil for running their units.
The HR coil consumers such as steel tube and cold rolling industries are worried about the future availability of HR coil because of reduced supply of iron ore to the HR coil producers. In 2010-11, out of India's total iron ore production of 215 million tonnes, 100 million went for export, and balance 115 iron ore is available for domestic purpose. Due to ban on mining and government policy, industry association and consumers are worried about shortage of iron ore in India to the extent of 50 per cent. One of the prominent steel producers in the county JSW Steel, supplying HR Coil to a large number of down the stream HR coil processing units has recently announced to shut its plant because of non availability of iron ore in Karnataka.
The gainers of the Nifty were Reliance Capital up by 1.70%, Reliance Power up by 1.50%, BPCL up by 1.42%, RCom up by 1.32% and M&M up by 0.57%.
DLF down by 5.44%, Jindal Steel down by 4.51%, Tata Steel down by 4.26%, Hindalco down by 4.22% and Wipro down by 3.81% were the major losers on the index.
All the Asian equity indices were trading in the red; Shanghai Composite down by 0.25%, Hang Seng down by 4.60%, Jakarta Composite down by 4.05%, KLSE Composite down by 2.05%, Nikkei 225 down by 1.82%, Straits Times down by 2.44% and Taiwan Weighted was down by 2.93%.
The BSE Sensex is currently trading at 16,123.06, down by 330.70 points or 2.01%. The index has touched a high and low of 16,255.97 and 16,088.98 respectively. There were just 7 stocks advancing against 23 declines on the index.
The broader indices too were down with intense cuts; the BSE Mid cap and Small cap indices were down by 1.63% and 1.09% respectively.
All sectoral indices were in the red, however, stock from Realty down by 3.89%, Metal down by 3.19%, Bankex down by 2.86%, CG down by 2.34% and CD down by 1.74% were the top losers on the BSE Sectoral front.
M&M up by 0.93%, Coal India up by 0.69%, Maruti Suzuki up by 0.49%, Tata Motors up by 0.22% and Hero Motocorp up by 0.21% remained the top gainers on the index, while, DLF down by 5.33%, Jindal Steel down by 4.35%, Hindalco down by 3.88%, Tata Steel down by 3.85% and ICICI Bank down by 3.40% were the top losers on the index.
Meanwhile, the Indian Steel consumer industry has urged the Government to intervene and save the downstream steel consuming industry by arranging regular supply of iron ore to the steel plants, which has been hit following the recent Supreme Court order relating to mining of iron ore ban in Bellary and two other districts in Karnataka, causing panic among the small and medium scale units which depend on HR coil for running their units.
The HR coil consumers such as steel tube and cold rolling industries are worried about the future availability of HR coil because of reduced supply of iron ore to the HR coil producers. In 2010-11, out of India's total iron ore production of 215 million tonnes, 100 million went for export, and balance 115 iron ore is available for domestic purpose. Due to ban on mining and government policy, industry association and consumers are worried about shortage of iron ore in India to the extent of 50 per cent. One of the prominent steel producers in the county JSW Steel, supplying HR Coil to a large number of down the stream HR coil processing units has recently announced to shut its plant because of non availability of iron ore in Karnataka.
Commenting
on the issue, Federation of Industries of India (FII) Secretary
General, H.L Bhardwaj said if the steel plants do not get regular supply
of iron ore and they are forced to shut down, the non availability of
steel like HR coil would create chaos. The shortage would impact the
prices of HR coil and of the industrial goods like steel pipes, CR coil
and sheets which are largely consumed by housing and the farm sector for
irrigation and in water supply schemes run by the Government for the
'aam adami', he added.
The S&P CNX Nifty is currently trading at
4,846.60, down by 96.65 points or 1.96%. The index has touched a high
and low of 4879.15 and 4833.50 respectively. There were just 12 stocks
advancing against 38 declines on the index. The gainers of the Nifty were Reliance Capital up by 1.70%, Reliance Power up by 1.50%, BPCL up by 1.42%, RCom up by 1.32% and M&M up by 0.57%.
DLF down by 5.44%, Jindal Steel down by 4.51%, Tata Steel down by 4.26%, Hindalco down by 4.22% and Wipro down by 3.81% were the major losers on the index.
All the Asian equity indices were trading in the red; Shanghai Composite down by 0.25%, Hang Seng down by 4.60%, Jakarta Composite down by 4.05%, KLSE Composite down by 2.05%, Nikkei 225 down by 1.82%, Straits Times down by 2.44% and Taiwan Weighted was down by 2.93%.
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