The market lost further ground in early afternoon trade. Bharti Airtel plunged. Bank stocks remained weak. Reliance Industries slipped into the red. Infosys Technologies touched 52-week low. Select Reliance group stocks recovered from major sell-off in past two days.

The wholesale price index rose 2.97% in the 12 months 27 October 2007, below the previous week's rise of 3.02% and its lowest in more than five years, government data released today afternoon showed.

The 30-share BSE Sensex was down 233.76 points or 1.21% at 19,056.07. It touched a low of 18,973.42 in early trade. At day's low of 18,973.42, Sensex had lost 316.41 points.

The broader S&P; CNX Nifty was down 69 points or 1.19% at 5713.35.

The BSE Mid-Cap index was down 0.11% at 7,977.39, while the BSE Small-Cap index was lower by 0.07% at 9,688.45.

The market breadth was negetive. On BSE, 1118 shares advanced, while 1368 declined and 84 shares were unchanged. 20 out of 30 shares fell on Sensex.

Reliance Industries (RIL) was down 0.24% to Rs 2765, off session's high of Rs Rs 2797. RIL has reportedly bagged two oil blocks in Iraqs troubled Kurdish region.

Telecom stocks drifted lower. Bharti Airtel was down 3.64% to Rs 867.50 and Reliance Communication fell 1.49% to Rs 715.90.

Bharat Heavy Electrical lost 2.02% to Rs 2764, Tata Steel lost 0.91% to Rs 852.20 and Tata Motors shed 0.12% to Rs 721.20.

ACC gained 3.86% to Rs 1067.50, Hindustan Unilever moved up 1.20% to Rs 194.50, NTPC rose 0.77% to Rs 242.85 and Maruti Suzuki was up 0.35% to Rs 1000.30. Larsen & Toubro rose 0.13% to Rs 4120,

Anil Dhirubhai Ambani (ADAG) group stocks bounced back after recent slide. Adlab Films jumped 8.58% to Rs 924, Reliance Capital moved up 3.89% to Rs 1989.80, Reliance Energy gained 2.93% to Rs 1872.50 and Reliance Natural Resources was up 1.62% to Rs 153.50.

Banking stocks were down. The BSE Bankex lost 1.72% to 10,437.75. ICICI Bank shed 2.58% to Rs 1172.80, HDFC bank lost 2.90% to Rs 1571, State Bank of India gave away 0.72% to Rs 2249 and Axis bank dropped 3.20% to Rs 907.20.

Export-driven software services companies, which are already under pressure because of a firmer rupee extended losses on concerns over a possible downturn in the United States, which accounts for more than half their revenue. The BSE IT index was down 1.41% to 4,282.27. Wipro fell 3.37% to Rs 461.25, TCS dropped 1.26% to Rs 985.70, Infosys Technologies fell 1.37% to Rs 1719.90 and Satyam Computers fell 1.46% to Rs 428.50. Infosys hit a 52-week low of Rs 1708.

The BSE Healthcare index was the only gainer among the sectoral indices on BSE. The Healthcare index gained 0.20% to 3,874.46. Fortis Healtcare jumped 4.06% to Rs 73, Ranbaxy Laboratories gained 2.12% to Rs 436.25, Glenmark Pharmaceuticals moved up 1.91% to Rs 495.75 and Apollo Hospitals grew 1.03% to Rs 465.

Sugar stocks showed signs of fatigue after yesterdays rally. Oudh Sugar Mills fell 1.56% to Rs 50.50, Upper Ganges Sugar & Industries dropped 1.04% to Rs 71.70, Balrampur Chini Mills slid 0.85% to Rs 87.85 and Bajaj Hindustan fell 0.77% to Rs 213.25. Triveni Engineering rose 1.45% to Rs 136.25 and DCM Shriram Industries moved up 0.15% to Rs 67.

Omaxe declined 0.20% to Rs 296.80 after company acquired land measuring 11 acres at Faridabad, Haryana for Rs 45 crore.

Lyka Labs hit 5% upper circuit at Rs 64.40 on BSE after the company announced during the market hours today, 8 November 2007 that it would issue upto 36,50,000 equity shares to foreign investor/business associates/body corporates and other domestic investors at Rs 55 per share.

Usha Martin rose 1.25% to Rs 100.90 on its decision to sell its entire equity stake in its subsidiary company, UM Cables, to the Manchester based B3 Cable Solutions.

Asian markets fell as investors sold financial shares on credit worries after Wall Street tumbled on Wednesday as a probe of the home loan industry by New York's attorney general drew in the country's biggest mortgage finance companies. Hong Kongs Hang Seng lost 3.65% to 28,623.49, Japans Nikkei 225 shed 2.02% to 15,771.57, South Koreas Seoul Composite lost 3.11% to 1,979.56 and Taiwans Taiwan Weighted fell 3.90% to 8,937.58.

The sell-off in stocks started on Wall Street following news of a probe of the US home loan industry by New York's attorney general and after Washington Mutual, the top US savings and loans firm, warned the housing downturn would extend well into next year. The Dow Jones industrial average sank 360.92 points, or 2.64% on Wednesday, 7 November 2007, to end at 13,300.02.

The Standard & Poor's 500 Index lost 44.65 points, or 2.94%, to 1,475.62 -- the index's worst percentage drop since 9 Aug 2007, when French bank BNP Paribas spooked global markets by freezing three funds due to subprime fears. The Nasdaq Composite Index slid 76.42 points to 2,748.76. General Motors added to the gloom by posting its biggest-ever quarterly loss due in part to a deeper-than-expected loss at former finance subsidiary GMAC.

The 30-share BSE Sensex lost 110.84 points or 0.57% at 19289.83 on Wednesday, 7 November 2007, with the index declining for a third day in a row. As per provisional data, FIIs bought shares worth a net Rs 431 crore on Wednesday, 7 November 2007. Domestic institutions bought shares worth a net Rs 95 crore on that day.

Powered byCapital Market - Live News