The markets are trading lower amid volatility. Sun Pharma, Reliance Industries, Bharti Airtel, Sun Pharma, L&T, Infosys, DLF, SAIL, Sterlite Industries, TCS, Satyam, Reliance Infrastructure, Tata Communicationm, Tata Motors, Tata Steel and M&M are under pressure. However, ONGC, SBI, HUL, Suzlon Energy, PNB, Cairn India, Unitech, Tata Power, Ranbaxy Labs and Hero Honda are gainers.
The Sensex fell 108 points to 10,229 and the Nifty lost 21 points to 3,022, at 10:44 am. BSE Midcap and Small Cap indices are flat.
Davesh Kumar, MD, Centrum Capital, sees the Sensex trading ranged between 9,000 and 11,000 for sometime. He feels the markets have seen the worse and does not expect the market to retest those lows again. He sees a lot of uncertainty in the market in 2009 due to elections. However, he said with lower inflation number and interest rates coming into play; there would be positive sentiments building up in the markets and sees a rally by mid-2009.
Market breadth is slightly weak; about 1443 shares have advanced while 1520 shares have declined. Nearly 228 shares are unchanged.
BSE Metal and IT indices declined about 2%. However, FMCG rose over 1%.
Markets @ 9:57 am : Mkts retreat; Sun Pharma, Tata Motors lag
The markets have retreated a bit in early trade, after an upsurge during the last three sessions. Selling is seen in auto, realty, technology, metal, and select banking stocks.
At 9:57 am, the Sensex fell 147 points to 10189 and the Nifty lost 36 points to 3,007. CNX Midcap 100 fell 0.71% to 3,641.
Among the frontliners, ICICI Bank, Sun Pharma, Tata Communication, Tata Motors, Maruti Suzuki, Reliance Power, Tata Steel, Infosys, DLF, Reliance Petroleum, SAIL and Reliance Industries are losers. However, gainers are BPCL, Nalco, HUL, Zee Entertainment, NTPC and ONGC.
Sun Pharma plunged over 7%, as US FDA issued warning letter to Detroit-based Caraco Pharma (subsidiary of Sun Pharma). USFDA had noted inefficiencies in quality control unit of Caraco.
Asian markets are mixed. Shanghai and Straits Times fell over 1.5%. Jakarta and Taiwan lost ground. However, Nikkei surged 4.5% (it was shut on Monday). Kospi and Hang Seng are in green.
Crude December futures declined 5% to below USD 65 a barrel on the NYMEX, on demand concerns from US, Europe and China. Auto sales in the month of October was worst, near 16 years low.
US markets ended mixed after drifting between gains and losses before the presidential election. On the worst contraction in manufacturing since 1982 and forecasts that the sagging economy will reduce profits. The ISM data fell to 38.9 from 43.5 in September. US construction spending also dropped to down 0.3% for September.
The Dow Jones lost 5.18 points, or 0.06%, to 9,319.83. The S&P 500 index slipped 2.45 points, or 0.25%, to 966.30, while the Nasdaq composite index added 5.38 points, or 0.31%, to 1,726.33.
Market cues:
FIIs net buy USD 293.3 million in equity
NSE F&O Open Interest up by Rs 3,590 crore at Rs 43,682 crore
MF AUMs down 20% in month of October: Sources
F&O cues:
Futures Open Interest up by Rs 1,611 crore, Options Open Interest up by Rs 1,979 crore
Nifty Futures add 6.5 lakh shares in Open Interest, at 2 points premium
Nifty Open Interest Put-Call ratio at 1.05 versus 1.07
Nifty Puts add 27 lakh, Calls add 30 lakh shares in Open Interest
Nifty 2800 Put adds 5.8 lakh shares in Open Interest
Nifty 3000 Put adds 4.8 lakh shares in Open Interest
Nifty 2900 Put adds 3.7 lakh shares in Open Interest
Nifty 3400 Call adds 8 lakh shares in Open Interest
Nifty 3200 Call adds 7.5 lakh shares in Open Interest
Stock Futures add 80 lakh shares in Open Interest
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