The Sensex continues to hover around the day's low with the BSE benchmark index down 250 points at 19,333 and the Nifty down 74 points at 5,799. Bankex and Power indices have slipped further and is down 1% each along with FMCG, Capital Goods and Auto indices.
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(Updated at 1138 hrs)
After opening in the negative on the back of weak global cues, the Sensex has slipped further to touch a low of 19,314, down 282 points from the day's opening. Currently the Nifty is down 70 points at 5,803 while the Sensex continues to hover around the day's low. However, in the broader markets, the smallcap and the midcap indices are outperforming down 0.5% and 0.4% respectively as compared to the Sensex losing 1%.
Political worries related to 2G spectrum allocation along with the drop in the market heavyweights like Reliance Industries which is down nearly 1% for the second consecutive day weighed on the market. Chandan Taparia, Derivatives and Technical analyst from Anand Rathi Financial Services comments, "Nifty has been facing selling pressure at around 5900-5930 levels whereas on downside it has strong support around 5700 levels. Looking at the OI concentration we believe that Nifty is likely to consolidate in a narrow range of 5780-5880 levels in next two trading sessions."
All the sectoral indices are trading in the negative. FMCG, Capital Goods and Auto indices are leading the losses followed by Bankex, Power and metal indices losing 0.9% each. The least affected in the downtrend are Realty and Teck shedding 0.2% each.
Reliance Communications up 0.7% and Bharti Airtel adding 0.5% are the only gainers among the Snsex stocks.
HDFC, Hindustan Unilever, ITC, Sterlite and Mahindra & Mahindra down 2% each are the major losers on the Sensex.
The market breadth is very negative. Of the total 2605 stocks traded on the BSE, 1577 stocks declined while 930 advanced.
