GetPaidIndia.com

Markets take a weak opening, recovers a bit

September 16th, 2008

Tuesday, September 16, 2008 10:31:50 AM IST

Indian markets continued to stay inline with other Asian markets and saw a heavy downside opening. Nifty is below the 4000 mark but is gradually picking upwards as buying is coming in large cap stocks. Sensex is down 284 points. Realty continues to experience the hard knock.

Nifty is trading at 3987.70 levels and is down 2.09%. CNX IT is down 2.30% with Satyam and TCS stocks having lost a few bucks today. Rumors are out that Satyam had a employee cut and with Merrill Lynch being a major client for it, markets feel Satyam would feel a bit of pain as news keeps coming. Bank Nifty is down 2.18%

CNX 100 is down 2.18% while CNX 500 is down 2.26%. Top Nifty losers include Unitech. Unitech is now trading at 134.75 levels and is down 6.46% so far in todays trade. Ranbaxy is down 5.5%. DLF, Satyam, Bharti Airtel are all down over 4%. ICICI Bank is down over 5% but soon recovered. The script is trading at 603.5 levels and is down 3.82%. HCL Tech, HDFC, Reliance Communications and Wipro are all down over 3% each.

Nifty gainers list includes Hero Honda, BPCL, IDEA, SBI and PNB.

BSE Sensex is trading at 13246.96 levels and is down by 284.31 points or 2.1%. Both BSE Smallcap and Midcap indices are down over 2% each. Realty is the biggest hit sector today. Metal, Consumer Durables, Teck, Power, Capital Goods and PSU are the other sectors hit in todays trade, Edelweiss is top BSE ‘A’ category loser today. Advances to Declines is at 319:1414

1 U.S. dollar = 45.6204 Indian Rupees
1 U.S. dollar = 105.6747 Japanese Yens
1 U.S. dollar = 0.7049 Euros
1 Ounce Gold = $774.00
1 Barrel Crude Oil = $92.04

Entry Filed under: Equity Markets, Opening trade