Market remained weak mid-afternoon trades. Banking and metal stocks were worst hit in today's fall. Reliance Industries reamined subdued. Weak global markets hit domestic bourses today.

The 30-share BSE Sensex was down 265.66 points or 1.38% at 19,024.17. 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 104.55 points or 1.81% at 5677.80.

The BSE Mid-Cap index was down 0.83% at 7,919.98, while the BSE Small-Cap index was lower by 0.73% at 9,624.07. Both of these index outperformed Sensex.

The market breadth was negative. On BSE, 1030 shares advanced, while 1634 declined and 66 shares were unchanged. 21 out of 30 Sensex stocks were in the red.

Reliance Industries (RIL) was down 1.19% to Rs 2729. RIL has reportedly bagged two oil blocks in Iraqs troubled Kurdish region.

Oil & Natural Gas Corporation (ONGC) fell 3.35% to Rs 1246 and Bharat Heavy Electrical (Bhel) 1.63% to Rs 2771.

ACC jumped 3.23% to Rs 1061, Hindustan Unilever was up 1.82% to Rs 195.70, Reliance Energy moved up 1.75% to Rs 1851 and Maruti Suzuki India gained 0.13% to Rs 998.10.

Telecom stocks slipped. Bharti Airtel was down 2.14% to Rs 880.95 and Reliance Communication dropped 1.84% to Rs 713.40

Metal stocks were under selling pressure. The BSE Metal index fell 2.98% to 16,850.37. Jindal Steel & Power slumped 11.27% to Rs 10,299, Steel Authority of India (Sail) dropped 3.62% to Rs 242, Tata Steel slipped 1.34% to Rs 848.50, Sterlite Industries fell 5.75% to Rs 996.20. Welspun Gujarat Stahl Rohren jumped 4.60% to Rs 337.95 and National Aluminium Company (Nalco) soared 8.69% to Rs 355.30, and Hindalco Industries moved up 1.51% to Rs 191.50.

The BSE Bankex fell 2.40% to 10,365.80. HDFC Bank slipped 3.59% to Rs 1559.90, Axis Bank gave away 2.91% to Rs 910, ICICI bank fell 2.97% to Rs 1168.05 and State Bank of India skid 2.53% to Rs 2210.

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 1.27% to 4,288.39. Wipro fell 2.26% to Rs 466.55, Infosys Technologies fell 1.37% to Rs 1720, Satyam Computers fell 1.12% to Rs 430 and TCS dropped 0.82% to Rs 990.05. Infosys hit a 52-week low of Rs 1708.

Ranbaxy Laboratories was up 0.42% to Rs 429 after the company said it has reached a settlement with drug majors Astellas Pharma and Boehringer Ingelheim on the patent infringement case in the US relating to Flomax (Tamsulosin capsules) used in the treatment of enlargement of the prostate.

Zenotech Laboratories jumped 4.52% to Rs 155 after more than 60 lakh shares or 20.86% of the company's equity changed hands in two block deals on the BSE at Rs 159 and Rs 161 each respectively.

Cerebra Intergrated Technologies was down 2.80% to Rs 34.70, off days high of Rs 37.45 after it said it plans to acquire firms in the business process outsourcing space.

European markets were trading weak. Frances CAC 40 was down 1.59% at 5,593.09, Germanys DAX was down 0.74% at 7,741.97 and UKs FTSE 100 was down 1.16% at 6,310.80.

In Asia, Hong Kongs Hang Seng lost 3.06% to 28,800.32, 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.

Asian and European markets fell today 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.

The sell-off in stocks started on Wall Street on Wednesday, 7 November 2007. 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