The markets have extended losses in line with other Asian markets. The US futures too indicate a sharply lower opening for the Dow and the Nasdaq. Prominent Asian markets like - Nikkei, Hang Seng, Shanghai, Seoul and Taiwan are down around 2-3% each.
Meanwhile, the Sensex too is now down around 2% (327 points) at 16,142. The Nifty has shed 99 points at 4,845.
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(Updated ata 1050 hrs)
It has been a disheartening session of trade as the markets have timidly followed in the footsteps of their global counterparts, belying any hopes of a sustained recovery trigerred by the gains in the Reliance pack on Monday. The Sensex is quoting at 16193, weaker by 219 points and the Nifty is at 4858, down 84 points. The midcap and small cap indices have shed more than 1% each at 6594 and 8352 respectively.
The uncertainty was obvious on Monday itself. The Sensex gave up around 300 points from its intra-day highs despite the stellar gains in the Reliance pack. And the overnight decline on Wall Street, coupled with the profit-booking in Ambani stocks, have connived to aggravate the nervousness on Dalal Street.
Reliance Communications has further extended its losses and has now weakened by 6.1% at Rs 138. Reliance Infra is placed at Rs 1018, lower by 3% and RIL is at Rs 1004, down 1.6%. Among the other major index losers, Grasim is at Rs 2277, down 4.8% and Tata Power is at Rs 1204, lower by 3.1%.
Among the gainers pack, Bharti Airtel has strengthened by 0.7% at Rs 268 and ITC has added 0.4% at Rs 269.
The market breadth is negative. Out of 2430 stocks traded on the BSE, there are 567 advancing stocks as against 1787 declines.
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