After touching a low of 18,175, the Sensex has inched a few points higher. It is at 18215, up 95 points and the Nifty has shed 28 points at 5476. In the broader markets,the smallcap index is down 1.3% while the midcap index is down 1.1%.The benchamrk index down only 0.5% is in a better shape as compared to the broader index.
Among the sectoral indices there is not much movement.FMCG and IT up 0.1% each to lead and remain in the green.Al the other stocks are in the negative.Out of the negative ones, Auto down 1.3%, Metal down 1.8% and Realty down 2.2% are the major losers.
The fall in the metal index was inevitable as the shares of metal companies fell more than 2% after LMEX, a gauge of six metals traded on the London Metal Exchange (LME), closed near its one month low value of 3,250.50 yesterday on global growth concerns. The index had declined by more than 4% in the last six trading days. Tata Steel is the largest loser, down 3.5% at Rs 495, on buzz that the ompany’s plans for a $5 billion integrated steel plant in Vietnam is coming apart because of stiff competition from a Taiwan-based firm, Formosa Plastics, and unhelpful local Vietnamese authorities.
As the news of global growth faltering came around, the realty index too took a hit. The index is down 2.2% and is at the bottom of the sectoral indices chart on the BSE. The draggers in this space are Orbit Corporaion and HDIL down 3% each foolowed by
Anant Raj Industries, Unitech and Pheonix Mills shedding 2% each.
The major gainers on the Sensex are TCS up 0.6% followed by Hindustan Unilever, ONGC and ACC gaining 0.4% each.
On the losers side, apart from Tata Steel,Hindalco, DLF and Hero Honda down 2% each are the major losers. Tata Power, Bharti Airtel, Wipro and Jaiprakash Associates shed 1.4-1.8% are the other significant losers.
Market breadth remains negative. 1994 share have declined while 790 have advanced.