For the third consecutive hour, the markets has registered a new intra-day low of 17,864, down 151 points from the day's high. The smallcap index and the nidcap index down 1.2% ecah are underperforming as compared to the benchmark index.Even a positive GDP news failed to lift the modd in the market. India's economy grew a faster-than-expected 8.8 % in the June quarter from a year earlier, as strong consumer demand boosted manufacturing activity.
Farm sector grew 2.8 per cent in the June quarter compared with 1.9 per cent rise in the year-ago quarter. Manufacturing grew 12.4 per cent, compared with 3.8 per cent. Mining output grew 8.9 per cent, compared with a rise of 8.2 per cent. Financing, insurance, real estate and business service grew 8.0 per cent versus 11.8 per cent. Construction grew 7.5 per cent versus 4.6 per cent. The economy is expected to grow 8.5 per cent on year in 2010/11, compared with an annual expansion of 7.4 per cent in 2009-10.
All the sectoral indices on the BSE has slipped into the red. FMCG and Health Care appear at the top of the chart and are the laest losers. However, Metal, Oil & Gas and Realty have extended losses to remain at the bottom.Among the metal index, the draggers are Jindal Steel and Hindalco down 2% each. Sobha Dev and Peninsula Land shedding 4% each are the major draggers in the realty index.
Tata Motors (Rs 996) up 0.4% is the top gainer on the Sensex followed by HDFC Bank (Rs 2132), Hindustan Unilever (Rs 263), Mahindra & Mahindra (Rs 609), Maruti Suzuki (Rs 1235) and NTPC (Rs 195) adding 0.03% - 0.09% round the list.
Jaiprakash Associates (Rs 108) and Reliance Communications (Rs 156) down nearly 4% ecah are the top losers on the Sensex. DLF (Rs 299), Jindal Steel (Rs 683) and market heavyweight RIL (Rs 927) down 2.4% each are the other noteable losers.
Market breadth continues to be very negative. 2076 stocks have declined while 649 have advanced on the BSE.