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Asian stock markets tastes trouble waters on Wednesday

January 16th, 2008

The news of the Citi Group’s losses has triggered the Asian markets to trade in the red. Almost all of the Asian stock markets are in the red with the Nikkei 225 down by 468 points witnessing a 2-year low. Korea Composite Index is down 2.4%. Shanghai Composite is down by 2.81% with much of the selling witnessed in the Financial and Property stocks. The Indian stock markets are no differed and the BSE Sensex is down by over 382 points while the NSE Nifty is down by 2.28%.

Stock selling is witnessed all across the board with the Reality and Metal counters to be blamed the most amongst the sectors. On the Nifty, the gainers of the day include SAIL, ICICI Bank, Bharti Airtel, Zee Limited and BPCL while the losers pack is led by HDFC Bank, Sterlite, Unitech and Reliance Communication (all of which are down by over 6%). Tata Power is down by 5%.

Except for ICICI Bank, all stocks on the Bank Nifty are down. Axis Bank is down 3.3% while Canara Bank, Punjab National Bank, Corporation Bank, Oriental Bank of Commerce and Union Bank of India are down by 2%. State Bank of India closed at Rs. 2451.55

IT stocks too had a bad day. MPhasis that witness selling pressure in the past few trading sessions picked up today. The scrip closed at Rs. 276.1 and is up 5.25%. TCS managed to close in green while other large cap IT stocks managed to close marginally in the red.

Realty stocks Omaxe Ltd, India Bulls Realty, Unitech, Puravankara and DFL Ltd all closed in the red today.

Entry Filed under: Equity Markets, BSE, NSE, Closing Bell, Global Markets