Local equity markets are witnessing intense selling pressure as investors are seemingly booking profits in the week of futures & options (F&O) expiry. All the Asian markets are trading in the negative terrain with Nikkei 225 being the major laggard in the pack. The US index futures were also showing down-tick in screen trade at this point of time. Back home, all the sectors are trading in the red. Fast moving consumer goods, capital goods, auto, banking and metal stocks are among the prominent losers. Power, consumer durables, healthcare and information technology stocks are also trading weak. The broader markets are also trading in the negative territory with BSE mid-cap and small-cap indices declining by 0.40% and 0.45%, respectively. The market breadth on the BSE was in favour of declines in the ratio of 1558:933 while 91 scrips remained unchanged. Political tensions also weighed on the sentiments as Central Bureau of Investigation (CBI) charged Kanimozhi Karunanithi, a Rajya Sabha member and daughter of M. Karunanidhi, who leads the Dravida Munnetra Kazhagam political party, in connection with an allegedly rigged sale of telecom licenses and bandwidth in 2008.
The BSE Sensex plummeted 220.51 points or 1.13% at 19,363.80. The index has touched a high of 19,600.79 and a low of 19,314.07 respectively.
The BSE Mid cap and Small cap indices declined 0.40% and 0.45%, respectively.
All the sectoral indices on the BSE were trading in the red. Fast Moving Consumer Goods (FMCG) down 1.88%, Capital Goods (CG) down 1.35%, Auto down 1.01%, Bankex down 0.99% and Metal down 0.97% were the top losers in the BSE sectoral space.
The top losers on the Sensex were HDFC down 2.63%, HUL down 2.49%, Sterlite Inds down 2.36%, ITC down 2.31% and Maruti Suzuki down 2.05%.
On the flip side, Bharti Airtel up 0.65% and RCom up 0.38% were the only gainers on the index.
Even as the surging trade deficit that India faces with China remains a significant policy concern, the commerce and industry ministry said on Monday that the government was working on bridging this deficit and China too has promised to take some steps that will help bring the bilateral trade more into a balance.
Commerce and industry minister Anand Sharma said that the Chinese policy was witnessing a clear and remarkable shift towards a more domestic consumer-driven economy which was likely to benefit Indian exporters and enhance trade ties between the two sides. "Recently unveiled 12th Five-Year Plan for 2012-16 of China, with a strong slant for a domestic consumer-driven economy, will give enormous opportunity for Indian exporters to access China's huge consumer market in the coming years," the commerce ministry said.
Sharma held a meeting with Jiang Jufeng, governor of Sichuan Province in China, and raised concerns over the widening trade deficit. Following the meeting he said not only was there immense opportunity for the two sides to coordinate their efforts towards a boosting bilateral trade, the Chinese government was also willing to take some India specific moves that will help curb country's trade balance with its neighbor.
Highlighting the increasing trade deficit Sharma said that the gap between India's exports and its imports from China increased to $20.02 billion for 2010, against $15.87 billion in 2009. The minister however was hopeful that with the changing focus of Chinese policy makers to domestic led growth and additional opportunities for Indian exporters as promised by China, particularly in field of pharmaceutical and information technology, the trade deficit will narrow down considerably in this fiscal year.
The S&P CNX Nifty tumbled 70.75 points or 1.20% at 5803.75. The index has touched a high and a low of 5878.25 and 5792.05 respectively.
The top losers of the Nifty were Kotak Mahindra Bank down 3.12%, HDFC down 2.85%, HUL down 2.58%, Rel Capital down 2.53% and ITC down 2.50%.
On the flip side, BPCL up 1.38%, Ambuja Cement up 0.84%, RCom up 0.67%, Bharti Airtel up 0.52% and Hero Honda up 0.25% were the only gainers on the index.
Rest of the Asian markets are trading in the red. Shanghai Composite shed 0.54%, Hang Seng declined 0.91%, Jakarta Composite slipped 0.99%, KLSE Composite dipped 0.08%, Nikkei 225 declined 1.14%, Straits Times dropped 0.38%, Seoul Composite slipped 0.50% and Taiwan Weighted dipped 0.03%
The BSE Sensex plummeted 220.51 points or 1.13% at 19,363.80. The index has touched a high of 19,600.79 and a low of 19,314.07 respectively.
The BSE Mid cap and Small cap indices declined 0.40% and 0.45%, respectively.
All the sectoral indices on the BSE were trading in the red. Fast Moving Consumer Goods (FMCG) down 1.88%, Capital Goods (CG) down 1.35%, Auto down 1.01%, Bankex down 0.99% and Metal down 0.97% were the top losers in the BSE sectoral space.
The top losers on the Sensex were HDFC down 2.63%, HUL down 2.49%, Sterlite Inds down 2.36%, ITC down 2.31% and Maruti Suzuki down 2.05%.
On the flip side, Bharti Airtel up 0.65% and RCom up 0.38% were the only gainers on the index.
Even as the surging trade deficit that India faces with China remains a significant policy concern, the commerce and industry ministry said on Monday that the government was working on bridging this deficit and China too has promised to take some steps that will help bring the bilateral trade more into a balance.
Commerce and industry minister Anand Sharma said that the Chinese policy was witnessing a clear and remarkable shift towards a more domestic consumer-driven economy which was likely to benefit Indian exporters and enhance trade ties between the two sides. "Recently unveiled 12th Five-Year Plan for 2012-16 of China, with a strong slant for a domestic consumer-driven economy, will give enormous opportunity for Indian exporters to access China's huge consumer market in the coming years," the commerce ministry said.
Sharma held a meeting with Jiang Jufeng, governor of Sichuan Province in China, and raised concerns over the widening trade deficit. Following the meeting he said not only was there immense opportunity for the two sides to coordinate their efforts towards a boosting bilateral trade, the Chinese government was also willing to take some India specific moves that will help curb country's trade balance with its neighbor.
Highlighting the increasing trade deficit Sharma said that the gap between India's exports and its imports from China increased to $20.02 billion for 2010, against $15.87 billion in 2009. The minister however was hopeful that with the changing focus of Chinese policy makers to domestic led growth and additional opportunities for Indian exporters as promised by China, particularly in field of pharmaceutical and information technology, the trade deficit will narrow down considerably in this fiscal year.
The S&P CNX Nifty tumbled 70.75 points or 1.20% at 5803.75. The index has touched a high and a low of 5878.25 and 5792.05 respectively.
The top losers of the Nifty were Kotak Mahindra Bank down 3.12%, HDFC down 2.85%, HUL down 2.58%, Rel Capital down 2.53% and ITC down 2.50%.
On the flip side, BPCL up 1.38%, Ambuja Cement up 0.84%, RCom up 0.67%, Bharti Airtel up 0.52% and Hero Honda up 0.25% were the only gainers on the index.
Rest of the Asian markets are trading in the red. Shanghai Composite shed 0.54%, Hang Seng declined 0.91%, Jakarta Composite slipped 0.99%, KLSE Composite dipped 0.08%, Nikkei 225 declined 1.14%, Straits Times dropped 0.38%, Seoul Composite slipped 0.50% and Taiwan Weighted dipped 0.03%
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