Markets extend losses

The markets have once again slipped deeper into red on the back of a fresh round of selling. The Sensex is now down 335 points at 91,356. The Nifty has shed 100 points at 5804.
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(Updated at 1337 hrs)

Markets recovered some of its losses, the Sensex was down 280 points at 19,411 and the S&P CNX Nifty was at 5817 lower by 86 points.

Larsen & Toubro was the top loser among the Sensex stocks, the stock was trading at Rs 1,778 lower by 3.7%.

BHEL, HDFC Bank, HDFC, Hero Honda and Wipro were trading lower by 2.3%. Jindal Steel, NTPC, Bajaj Auto and Cipla were also among the losers.

On the other hand Sterlite Industries, Infosys, Reliance Infrastructure, Bharti Airtel, State Bank of India and Tata Motors were among the gainers.

On the sectoral front, IT and Teck indices managed to recover from the low levels but soon slipped into the red. BSE Capital Goods index extended its losses, the index was at 14,235 lower by more than 3% or 446 points, followed by Consumer Durables, Power, Bankex and Healthcare indices down more than 1.4% each.

Larsen & Toubro was the top loser among the capital goods stocks, followed by BHEL, Praj Industries, Siemens, Usha Martin, Alstom Projects and Areva T&D, downn more than 2% each. Amonfg the consumer durable stocks Bajaj Electricals, Whirlpool, Gitanjali Gems, Rajesh Exports, Titan Industries and VIP Industries were the among the top loser.

Banking stocks witnessed the selling pressure consecutively for the second week on rate hike fears, Indusind Bank was the top loser the stock shed 4% and was trading at Rs 222 followed by Kotak Mahindra Bank, HDFC Bank, ICICI Bank, Yes Bank and Bank of India, down more than 1% each.

The broader markets continued to witness the selling pressure, the small-cap index was at 9214 down 148 points or 1.6% and the mid-cap index was lower by 86 points or 1.1% at 7383. The BSE 500 market breadth was extremely negative 394 stocks declined while 104 stockas advanced.

Kiri Dyes was the top loser among the small-cap stocks, down 15% at Rs 403 followed by Jindal Cotex, Ridhi Sidhi, Well Pack Papers, Oscar Investments, Gabriel India, Aqua Logistics and Bodal Chemicals, down more than 7.3% each. Eicher Motors, Sintex Industries, Gujarat NRE Coke, Mahindra & Mahindra Financial Services, Money Matters Financial Services and KGN iNdustries were among the top losers on the mid-cap index, down more than 5% each.

On the corporate front Jindal Poly films anounced its third quarter financial results, the Q3 net profit came in at Rs 221 crore compared to Rs 34.8 crore during the same quarter previous year.