The Sensex has registered a new intra-day low of 18,336, down 70 points from the opening for the second consecutive hour. The Sensex is down 45 points at 18,363 and the Nifty is at 5,519 down 24 points.The midcap index has slipped 0.3% while the smallcap index is in line with the benchmark index down 0.1%
On the BSE sectoral indices, FMCG up 0.5% has pared some of its initial gains, but continues to lead the charts. Power too continues to be marginally in the positive. However, Realty index has extended its losses and is down 1.6%.The draggers here are HDIL and DLF down 2% each followed by Sobha Dev, Anant Raj Industries and Peninsula Land shedding 1.8% each.
On the global front too there is bad news for the realty sector sector as Chinese property developers are facing strained cash flows and are forced to cut prices beginning in the fourth quarter stated a state newspaper report, citing several bankers. For quite some time, Beijing had been strictly controlling financing real estate developers by limiting their lending from banks and fund raising from capital markets, in its efforts to cool speculative purchases and prevent prices from rising too fast.
Reliance Communications up 2% at Rs 167 is the highest gainer on the Sensex followed by Bharti Airtel gaining 1.7% at Rs 322, TCS adding 1% at Rs 879 and BHEL up 0.4% at Rs 2511.
Hindalco down 2.5% at Rs 171 is the top losers on the Sensex. DLF sheeding 2% at Rs 324, HDFC Bank slipping 1% at Rs 2170 are the other significant losers. Market heavyweight RIL is marginally down 0.04% at Rs 976.
Market breadth continues to be negative. Of the total 2737 stocks traded on the BSE, 1400 stocks declined while 1253 advanced.