Sentiments continued to remain bearish and the
domestic bourses extended their downfall with Sensex breaching its
crucial 15,800 mark amid weak Asian counterparts. The banking sector
continued waning sentiments as there are concerns regarding
Non-performing assets (NPAs) and high interest rates. NPAs, or bad
loans, are expected to rise to about 2.6 percent of the total assets of
Indian banks in the fiscal year ending March from 2.3 percent a year
ago. Moreover, the sentiments were also dampened by PSU oil marketing
companies like BPCL, HPCL and IOC which were edged lower by 2-3 percent
in the trade and Aviation stocks viz. Kingfisher Airlines, Jet Air India
and Spicejet too fell by 2-3 percent after international crude oil
prices extended their northbound journey for the sixth session in a row
which is the longest gaining streak in 13 months. The overall market
breadth on BSE is in the favour of declines which have thrashed advances
in the ratio of 1139:852, while 94 shares remained unchanged. Moreover,
investors remained on the safer side and offloaded their positions
ahead of F&O expiry.
The BSE Sensex is currently trading at 15,759.93, down by 114.02 points or 0.72%. The index has a touched a high and low of 15,887.80 and 15,738.27 respectively. There were 5 stocks advancing against only 25declines on the index.
The broader indices too were trading with a loss; the BSE Mid cap and Small cap indices dropped 0.67% and 0.34% respectively.
The top gaining sectoral indices on the BSE were Power up by 0.06% was the sole gainer while Bankex down 1.72%, Metal down 1.49%, Realty down 1.40%, Oil & Gas down by 1.08% and PSU down 1.03% were the top losers on the index.
The top gainers on the Sensex were Tata Power up by 2.33%, NTPC up by 0.48%, Hero MotoCorp was up by 0.24%, Infosys up by 0.12% and TCS up by 0.09%.
On the flip side, Jindal Steel down by 3.08%, ICICI Bank down 2.50%, DLF down 1.86%, Sterlite Industries down 1.80% and SBI down 1.60% were the top loser on the Sensex.
Meanwhile, Finance Minister, Pranab Mukherjee amid concerns of a slowdown, has expressed confidence that the Indian economy will soon revert back to the path of higher growth trajectory.
The present downturn in economic growth is only temporary, Mukherjee said at the fourth meeting (this fiscal) of the Consultative Committee attached to the Finance Ministry. He said that the world economy is going through turbulent times and the Indian economy has been hit hard by the slowdown in Europe and the United States. The Euro zone crisis, downturn in external demand resulting in slowdown in exports, currency volatility and current account deficit had affected the growth performance of the Indian economy.
Though, the Indian economy grew 6.9 per cent in the second quarter ended September, the lowest quarterly growth in last two years, the Finance Minister pointed out that the food inflation has come down to 1.8 per cent and there is moderation in inflation, in general. Mukherjee further said that the savings rate had also gone up. However, the government has said it would be difficult to meet the fiscal deficit target of 4.6% of gross domestic product in the current fiscal year due to the slowdown and fresh spending commitments and subsidies.
The S&P CNX Nifty is currently trading at 4,711.75, lower by 38.75 points or 0.82%. The index has touched a high and low of 4,756.20 and 4,703.80 respectively. There were 7 stocks advancing against 43 declines on the index.
The top gainers of the Nifty were Tata Power up by 2.04%, Ambuja Cement up by 0.80%, Reliance Power up by 0.62%, NTPC up by 0.45% and PowerGrid up by 0.40%.
On the flip side, Jindal Steel down by 3.16%, Axis Bank down by 2.74%, ICICI Bank down 2.46%, PNB down 2.10% and IDFC down by 2.07% remained the top losers on the index.
The BSE Sensex is currently trading at 15,759.93, down by 114.02 points or 0.72%. The index has a touched a high and low of 15,887.80 and 15,738.27 respectively. There were 5 stocks advancing against only 25declines on the index.
The broader indices too were trading with a loss; the BSE Mid cap and Small cap indices dropped 0.67% and 0.34% respectively.
The top gaining sectoral indices on the BSE were Power up by 0.06% was the sole gainer while Bankex down 1.72%, Metal down 1.49%, Realty down 1.40%, Oil & Gas down by 1.08% and PSU down 1.03% were the top losers on the index.
The top gainers on the Sensex were Tata Power up by 2.33%, NTPC up by 0.48%, Hero MotoCorp was up by 0.24%, Infosys up by 0.12% and TCS up by 0.09%.
On the flip side, Jindal Steel down by 3.08%, ICICI Bank down 2.50%, DLF down 1.86%, Sterlite Industries down 1.80% and SBI down 1.60% were the top loser on the Sensex.
Meanwhile, Finance Minister, Pranab Mukherjee amid concerns of a slowdown, has expressed confidence that the Indian economy will soon revert back to the path of higher growth trajectory.
The present downturn in economic growth is only temporary, Mukherjee said at the fourth meeting (this fiscal) of the Consultative Committee attached to the Finance Ministry. He said that the world economy is going through turbulent times and the Indian economy has been hit hard by the slowdown in Europe and the United States. The Euro zone crisis, downturn in external demand resulting in slowdown in exports, currency volatility and current account deficit had affected the growth performance of the Indian economy.
Though, the Indian economy grew 6.9 per cent in the second quarter ended September, the lowest quarterly growth in last two years, the Finance Minister pointed out that the food inflation has come down to 1.8 per cent and there is moderation in inflation, in general. Mukherjee further said that the savings rate had also gone up. However, the government has said it would be difficult to meet the fiscal deficit target of 4.6% of gross domestic product in the current fiscal year due to the slowdown and fresh spending commitments and subsidies.
The S&P CNX Nifty is currently trading at 4,711.75, lower by 38.75 points or 0.82%. The index has touched a high and low of 4,756.20 and 4,703.80 respectively. There were 7 stocks advancing against 43 declines on the index.
The top gainers of the Nifty were Tata Power up by 2.04%, Ambuja Cement up by 0.80%, Reliance Power up by 0.62%, NTPC up by 0.45% and PowerGrid up by 0.40%.
On the flip side, Jindal Steel down by 3.16%, Axis Bank down by 2.74%, ICICI Bank down 2.46%, PNB down 2.10% and IDFC down by 2.07% remained the top losers on the index.
All
the Asian equity indices were trading in the red; Shanghai Composite
was down 14.23 points or 0.66% to 2,151.97, Hang Seng was down 125.50
points or 0.67% to 18,503.67, Jakarta Composite was down 16.31 points or
0.43% to 3,773.11, Straits Times was down 6.36 points or 0.24% to
2,667.26, Seoul Composite was down 20.12 points or 1.09% to 1,821.90,
Taiwan Weighted was down by 29.61 points or 0.42% to 7,055.42 and Nikkei
225 was down by 12.93 points or 0.15% to 8,427.63.
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