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Indian markets take a deep correction

February 11th, 2008

The Indian markets continued the Global queues and had a weak opening. The weakness however intensified very badly that few attempts to recover did not succeed. Nifty finally closed down 5.14% while Sensex closed down by 4.78%

The CNX Nifty closed at 4857.00 down by 5.14%. Nifty Junior id down 5.42%, CNX looked better compared to the rest and closed at 3956.15 down 0.12%. Bank Nifty is down 4.51%. CNX 100 is down 5.18%, CNX 500 is down 5.27%, CNX Midcap is down 5.55% and Nifty Midcap 50 is down 7.45%

The Sensex today is down by 833.98%. The BSE Sensex opened at 17,427.34, touched an intraday hight of 17,427.34 and intraday low of 16,457.74 and finally closing at 16,630.91. The Sensex is down by 4.78 today. The Midcap and Smallcap indices are down 5.42% and 4.84% respectively. Except for the IT, all sectoral indices had a bad closing. The BSE Power Index is down 8.61% followed by Oil & Gas (down 7.07%), PSU and Realty both down by over 6% and Cosumer Goods and Consumer Durables down by over 5%

IT Stocks surely have held their mettle today. While the large cap IT stocks have held to their levels, the midcap IT stocks tumbled a bit. Infosys, TCS and Wipro closed marginally upwards while Satyam closed up 3.58%. Satyam opened the day at 411.00, touched an intraday high of 437.50 and intraday low of 401.00 and closed at 424.20.

Banking stocks on the Bank Nifty tumbled down today. SBI is down 6.44%, ICICI Bank and HDFC Bank are down 3.7% and 2.1% respectively. Kotak Bank is down by 7.11% and Corporation Bank is down by 6.99%

Reliance stocks top the losers list today. Reliance Energy is down 18.72% today. The script opened at Rs. 1890.00 and closed at 1590.60. Tata Power is down 11.45% and Unitech is down 10.47%. VSNL surprising jumped into the green as the script is up 8.71%. Zee Limited is up 2.42%

Amongst Midcap stocks, Lanco Infra is down 17%, RNRL is down 16.46%, Ansal Infra is down 13.45% and Rolta is down 12.33%. Sugar stock Bajaj Hindustan is up 5.62%. Shree Cement closed modestly upwards at 1.43%

Entry Filed under: Equities, BSE, NSE, Closing Bell