The Indian equity markets have come off the day's
low, though still trading in the red with significant losses in the late
morning trades. Investors continued on a selling spree amid growing
worries about the health of the global economy. Markets across the
sphere are plunging sharply over the past couple of sessions besides
fears of another recession in the US, weak manufacturing data from China
and the fast depreciating rupee are also contributing to the sell-off
on the Indian bourses. On sectoral front, all the indices were trading
negative. Markets were witnessing huge sell off in metal, capital goods,
consumer durables, banking and realty stocks. Several stocks from
automobile, healthcare, oil and power sectors too declined sharply. FMCG
and information technology stocks, which found some strong support
earlier this morning, are drifting lower now. On the global front, Asian
stocks decreased to a 16-month low amid fears that the developed world
is stumbling back into recession, while a pledge from the G20 to
preserve financial stability left investors largely unimpressed. Back
home, the market breadth favoring the negative trend; there were 577
shares on the gaining side against 1,888 shares on the losing side while
74 shares remained unchanged.
The BSE Sensex is currently trading at 16,133.04, down by 228.11 points or 1.39%. The index has touched a high and low of 16,311.84 and 16,052.47 respectively. There were just 6 stocks advancing against 24 declines on the index.
The broader indices too were bleeding badly; the BSE Mid cap and Small cap indices were down by 1.51% and 1.82% respectively.
All the sectoral indices on the BSE were in red. Metal down by 2.89%, CG down by 2.46%, CD down by 2.22%, Bankex down by 2.12% and Realty down by 2.10% were the top losers on the index.
The top gainers on the Sensex were Cipla up by 1.31%, Wipro up by 0.69%, Tata Power up by 0.55%, NTPC up by 0.33% and ONGC up by 0.14%.
On the flip side, Hindalco Industries down by 4.34%, Tata Motors down by 4.29%, HDFC Bank down by 3.24%, L&T down by 3.08% and Sterlite Industries down by 3.08% were the top losers on the index.
Meanwhile, finance minister Pranab Mukherjee warned international community that if the current uncertainty in the international economy deepens, then there is danger of currency war. Giving the stress on corporation among the BRICS nations (Brazil, Russia, India, China and South Africa), finance minister said that such a currency war can be avoided through dialogue and not through competitive devaluations.
Answering to the question at the headquarters of the International Monetary Fund (IMF), Mukherjee said, 'yes, if the crisis deepens further and there is greater volatility in financial flows, there is an increased risk of this (currency war) happening. 'But our view is that if such tensions arise, it should be eased through the dialogue and not through competitive devaluations,' he added.
Finance Minister noted that the currencies used in BRICS countries should be widely appreciated and should be taken into account while determining the ingredients of special drawing rights (SDR) maintained by the IMF, as these nations' contributions to global output and the economy is increasingly substantially.
However, by adding further he said, 'but we are not suggesting right now, because there are many other factors which ought to be taken into account, including free convertibility and other things which are not uniform, but the importance of these currencies has increased.' Finance minister's comment has come at a time when Indian rupee is depreciating because of the debt crisis in US and Eurozone nations. The rupee weakened to 50 against the dollar on September 23, a level not seen in more than 28-months, as investors globally continued to dump high yielding riskier assets for the safety of government bonds.
The S&P CNX Nifty is currently trading at 4,845.70, down by 77.95 points or 1.58%. The index has touched a high and low of 4,906.45 and 4,829.60 respectively. There were 9 stocks advancing against 41 declines on the index.
The top gainers of the Nifty were Cipla up by 1.39%, BPCL up by 0.86%, Wipro up by 0.85%, Reliance Power up by 0.83% and HCL Tech up by 0.78%
On the other hand, Cairn India down by 5.19%, Hindalco Industries down by 4.48%, Tata Motors down by 4.43%, SAIL down by 4.13% and Axis Bank down by 3.93% were the major losers on the index.
The BSE Sensex is currently trading at 16,133.04, down by 228.11 points or 1.39%. The index has touched a high and low of 16,311.84 and 16,052.47 respectively. There were just 6 stocks advancing against 24 declines on the index.
The broader indices too were bleeding badly; the BSE Mid cap and Small cap indices were down by 1.51% and 1.82% respectively.
All the sectoral indices on the BSE were in red. Metal down by 2.89%, CG down by 2.46%, CD down by 2.22%, Bankex down by 2.12% and Realty down by 2.10% were the top losers on the index.
The top gainers on the Sensex were Cipla up by 1.31%, Wipro up by 0.69%, Tata Power up by 0.55%, NTPC up by 0.33% and ONGC up by 0.14%.
On the flip side, Hindalco Industries down by 4.34%, Tata Motors down by 4.29%, HDFC Bank down by 3.24%, L&T down by 3.08% and Sterlite Industries down by 3.08% were the top losers on the index.
Meanwhile, finance minister Pranab Mukherjee warned international community that if the current uncertainty in the international economy deepens, then there is danger of currency war. Giving the stress on corporation among the BRICS nations (Brazil, Russia, India, China and South Africa), finance minister said that such a currency war can be avoided through dialogue and not through competitive devaluations.
Answering to the question at the headquarters of the International Monetary Fund (IMF), Mukherjee said, 'yes, if the crisis deepens further and there is greater volatility in financial flows, there is an increased risk of this (currency war) happening. 'But our view is that if such tensions arise, it should be eased through the dialogue and not through competitive devaluations,' he added.
Finance Minister noted that the currencies used in BRICS countries should be widely appreciated and should be taken into account while determining the ingredients of special drawing rights (SDR) maintained by the IMF, as these nations' contributions to global output and the economy is increasingly substantially.
However, by adding further he said, 'but we are not suggesting right now, because there are many other factors which ought to be taken into account, including free convertibility and other things which are not uniform, but the importance of these currencies has increased.' Finance minister's comment has come at a time when Indian rupee is depreciating because of the debt crisis in US and Eurozone nations. The rupee weakened to 50 against the dollar on September 23, a level not seen in more than 28-months, as investors globally continued to dump high yielding riskier assets for the safety of government bonds.
The S&P CNX Nifty is currently trading at 4,845.70, down by 77.95 points or 1.58%. The index has touched a high and low of 4,906.45 and 4,829.60 respectively. There were 9 stocks advancing against 41 declines on the index.
The top gainers of the Nifty were Cipla up by 1.39%, BPCL up by 0.86%, Wipro up by 0.85%, Reliance Power up by 0.83% and HCL Tech up by 0.78%
On the other hand, Cairn India down by 5.19%, Hindalco Industries down by 4.48%, Tata Motors down by 4.43%, SAIL down by 4.13% and Axis Bank down by 3.93% were the major losers on the index.
All
the Asian counterparts barring Jakarta Composite were trading in the
red; Shanghai Composite was down by 1.41%, Hang Seng was down by 2.16%,
KLSE Composite was down by 1.11%, Straits Times was down by 1.61%, Seoul
Composite was down by 5.56% and Taiwan Weighted was down by 3.55%.
On the flip side, Jakarta Composite was up by 0.76%, remained the lone gainer among the Asian peers. 
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