Nearly two hours after Europe began to trade, the 30-share BSE Sensex gave away to volatility and was trading down over 150 points. The market was struggling hard to sustain the 300-point recovery that it witnessed soon after Europe opened. The breadth had improved on the National Stock Exchange since morning with 4 stocks registering a decline for every 1 stock registering an advance. The rato was 1:20 in the morning trade.
Sensex was trading at 17,150 and the 50-share NSE was trading at 5,171 in the late afternoon trade, still significantly down from its earlier close.
Experts called the slide as sentimental impact of US downgraded. However, they feel the Nifty would not fall below 5,000-mark. Lalit Thakkar, managing director, Angel Broking said the market is unlikely to go below 5000-4950 levels.
The battered pack remained the same — technology, metal, telecom and realty. However, PSU oil & gas, cement, select banking and auto stocks were on buyers' radar after a sharp fall in last few sessions.
Sensex recovers over 400 pts; banks, cement, oil & gas up
The Sensex regained more than 400 points from the day's low as investors bottom-fished post positive opening in European markets.
The Dow futures, which fell 250 points in early trade, recovered 100 points indicating that the US market opening might not be as disastrous as expected post the downgrade.
European markets like France's CAC and Britain's FTSE were up 0.8-1.5%. Germany's DAX rose 0.4%.
The 30-share BSE Sensex slipped 108 points to 17,197 and the 50-share NSE Nifty fell 24 points to 5,187.
Financial, auto, cement and oil & gas companies' shares helped the markets to get recovered.
Even technology, metal, realty and capital goods companies' shares saw huge buying at lower levels, though they were down 1-4%.
_PAGEBREAK_
At 12:35 hours IST: Europe turns saviour, Sensex claws back above 17K
The guesswork has paid off. The Sensex recovered more than 250 points from day's low of 16,759.45 as European markets resisted sharp falls like its Asian peers. France's CAC, Germany's DAX and Britain's FTSE were down just 0.4-1% in the opening trade, which gave the much-needed respite to jittery investors.
The Sensex clawed back to the 17,000-mark, and other Asian markets too recovered; Nifty had reclaimed 5100 a short-while back.
The 30-share BSE Sensex was trading at 17042, down 263 points and the 50-share NSE Nifty fell 73 points to 5,137. The market breadth saw remarkable improvement to 1:6 from 1:20 in the initial trade.
GAIL, ONGC, BPCL, Kotak Mahindra Bank, NTPC, ACC, Bajaj Auto, Hero Honda, M&M, IDFC and Ambuja Cements were on buyers' radar, gaining 0.5-1.5% each.
At 11:45 hours IST: Nifty reclaims 5100 as Europe opening draws closer
There is some amount of hope sorrounding European opening as Sensex recovered over 100 points from the day's low.
The 30-share BSE Sensex recovered mildly to trade 384 points lower at 16,920. Nifty retraced back to the psychological 5100 level.
Sanjay Dutt of Quantum Securities doesn't see buying coming into the market anytime soon due to technical reasons. However, from a valuation standpoint he sees India as one of the most competing markets in the world.
Technology stocks like TCS and Infosys were down 5.5%. Wipro tanked nearly 5% and HCL Tech plunged close to 8%. Dutt continues to remain bearish on the IT sector. He suggests investors to stay away from the IT stocks for sometime.
At 11:45 hours IST, about 13 shares were falling for every one share rising on the National Stock Exchange, which looked better than advance:decline ratio of 1:20 in initial trade.
Crude oil prices slipped further. Brent crude was trading at USD 105.79 a barrel, down USD 3.58.
At 10:56 hours IST: Sensex suffers over 450-point cut, ACC a surprise winner
The Indian market was possibly witnessing one of the toughest fights in recent times. The Sensexcontinued to trade sharply lower though there was a bit of buying at lower levels. The Nifty hasn't had a chance since morning to climb above the 5100-mark. The impact of the S&P downgrade of the US has spilled over to India, although there was a theory that India may see a bounce-back on Monday
The 30-share BSE Sensex was trading at 16,854, down 451 points and the 50-share NSE Nifty went down 131 points to 5,080 led by fall in 45 shares.
In the largecap space, DLF, Tata Motors, Wipro, TCS, Sterlite Industries and HCL Tech were top gainers, slipping 5-8%. However, ACC, Ambuja Cements, BPCL, GAIL and ONGC were only gainers on the Nifty.
On the global front, Asian markets like Shanghai, Hang Seng, Straits Times, Taiwan and Kospi fell 4-5%. Japan's Nikkei declined over 2%.
Nifty slips 2.5% as Asia falls further; IT, realty face rout
With US index futures like Dow Jones and Nasdaq futures showing a cut of over 2.5%, indicating that the US market will open sharply down, sell-off across Asia continued unabated. At 10.30 hours IST,Nifty was trading down 139 points at 5,072 and the Sensex was down 488 points at 16,817.
However, the Indian rupee has been appreciating to 45 per USD, up 0.29. Foreign institutional investors' have net sold Rs 1,800 crore worth of equities on Friday. They could be net sellers in today's trade as well.
Among sectoral indices, the BSE IT and Realty saw a sharp crack, falling 5% each. Metal, Auto, Capital Goods, Healthcare, Bank, Power, FMCG and Oil & Gas indices were down 1.7-3.7%.
Sensex tanks 500 pts; HCL Tech, Wipro slip over 7%
At 9:56 hours IST, Indian equity benchmarks took a sharp knock as its Asian peers fell further. TheNifty dangerously tilting towards the 5050 level. Speaking to CNBC-TV18, Laurence Balanco of CLSA asked investors to watch out for 4700 and 4200 levels.
Amid this bloodbath, where 18 shares were in red for every one share in green, the 30-share BSESensex fell 528 points to 16,777 and the 50-share NSE Nifty lost 155 points to 5,056.
Out of 50 stocks on the Nifty, 48 stocks were under selling pressure. Heavyweights like TCS, Reliance Industries, Infosys, Bharti, ICICI Bank and ONGC were down between 2% and 5%. Wipro and HCL Tech hit hard, falling 7-8%.
On the global front, Asian markets like Hang Seng, Straits Times and Kospi plunged 4-5%. Taiwan and Shanghai fell nearly 4%. Nikkei slipped over 2%.
At 9:41 hours IST: S&P's punishes US, Nifty below 5100; GAIL, BPCL in green
Indian market was trading at a 14-month low as spooked investors fled the street looking for a safe haven. On the first day of trade post post rating agency S&P's downgrade of the US to AA+ from AAA last week, Nifty fell below the 5100 level. Rest of Asia were coping with a 2-4% cut.
The 30-share BSE Sensex was trading at 16,850, down 455 points and the 50-share NSE Nifty fell 133 points to 5,078.
In the largecap space, Wipro, TCS, Tata Motors, Infosys, Tata Steel and HCL Tech were down between 4.5% and 7%.
There were two stocks that had refused to join the falling rally. GAIL and BPCL, both from the oil & gas space, gained 0.5% rejoicing a fall in crude oil prices. Brent crude slipped 3% to USD 106.5 a barrel.
Reliance Industries, SBI, Tata Steel, L&T, Infosys and TCS were the most active shares on exchanges.
At 9:18 hours IST: Sensex opens below 17000, IT butchered
The opening bell on Monday reflected the sufferings of Asian Markets, which had broadly tanked 3% after the downgrade of US by rating agency Standard & Poor's. With Dow futures down significantly, most analysts were expecting a massive cut on the Sensex. The benchmark Sensex dipped below the psychological 17,000-mark in the opening trade while the Nifty slipped below the 5,100 level. Technology stocks — due to their exposure to the US — were completely butchered with TCS taking a knock of 4%. The oil & gas heavyweight Reliance Industries opened 3% down and the Reliance ADAG pack were discarded like dirt by investors.
The 50-share NSE Nifty was trading at 5,080, down 132 points and the 30-share BSE Sensex fell 457 points to 16,848.
Commodity related stocks too saw sharp knock. Sterlite, Hindalco, Cairn and Sesa Goa were down 4%.
HUL, DLF, Bharti Airtel, ICICI Bank and Axis Bank tumbled 3%.
Engineering stocks BHEL and L&T declined over 1%.
The CNX Midcap slipped 201 points to 7,490. About 51 shares advanced as against 873 shares declined on NSE.
Global cues
Asian markets like Shanghai, Hang Seng and Straits Times fell nearly 4%. Kospi and Taiwan lost nearly 3%. Nikkei was down over 1%.
The US equity markets witnessed huge volatility on Friday. It surged post ECB plans to buy Spanish and Italian bonds & better than expected payroll data but retraced post talks of US downgrade.
The Dow Jones Industrial Average ended up 61 points at 11,444, after seeing swing of 416 points during the day. It came off 111 from day's high of 11,555 and recovered 305 points from day's low of 11,139.
NASDAQ Composite ended down 24 points at 2,532, after seeing swing of 130 points during the day. It came off 60 from day's high of 2,592 and recovered 69 pts from day's low of 2,465.
S&P 500 Index ended flat at 1,199, after seeing swing of 50 points during the day. The index came off 19 from day's high of 1,218 and recovered 31 points from day's low of 1,168.
US Debt downgrade
S&P lowered US long-term sovereign credit rating to 'AA+' from 'AAA', first time since 1941
S&P affirmed the 'A-1+' short-term rating. It removed both the short- and long-term ratings from CreditWatch negative.
US Treasury responded by saying that S&P made a USD 2 trillion mistake, “presented a judgment about the credit rating of the US that was based on a USD 2 trillion mistake.”
Moody’s and Fitch both affirmed their AAA credit ratings on August 2
Sensex was trading at 17,150 and the 50-share NSE was trading at 5,171 in the late afternoon trade, still significantly down from its earlier close.
Experts called the slide as sentimental impact of US downgraded. However, they feel the Nifty would not fall below 5,000-mark. Lalit Thakkar, managing director, Angel Broking said the market is unlikely to go below 5000-4950 levels.
The battered pack remained the same — technology, metal, telecom and realty. However, PSU oil & gas, cement, select banking and auto stocks were on buyers' radar after a sharp fall in last few sessions.
Sensex recovers over 400 pts; banks, cement, oil & gas up
The Sensex regained more than 400 points from the day's low as investors bottom-fished post positive opening in European markets.
The Dow futures, which fell 250 points in early trade, recovered 100 points indicating that the US market opening might not be as disastrous as expected post the downgrade.
European markets like France's CAC and Britain's FTSE were up 0.8-1.5%. Germany's DAX rose 0.4%.
The 30-share BSE Sensex slipped 108 points to 17,197 and the 50-share NSE Nifty fell 24 points to 5,187.
Financial, auto, cement and oil & gas companies' shares helped the markets to get recovered.
Even technology, metal, realty and capital goods companies' shares saw huge buying at lower levels, though they were down 1-4%.
_PAGEBREAK_
At 12:35 hours IST: Europe turns saviour, Sensex claws back above 17K
The guesswork has paid off. The Sensex recovered more than 250 points from day's low of 16,759.45 as European markets resisted sharp falls like its Asian peers. France's CAC, Germany's DAX and Britain's FTSE were down just 0.4-1% in the opening trade, which gave the much-needed respite to jittery investors.
The Sensex clawed back to the 17,000-mark, and other Asian markets too recovered; Nifty had reclaimed 5100 a short-while back.
The 30-share BSE Sensex was trading at 17042, down 263 points and the 50-share NSE Nifty fell 73 points to 5,137. The market breadth saw remarkable improvement to 1:6 from 1:20 in the initial trade.
GAIL, ONGC, BPCL, Kotak Mahindra Bank, NTPC, ACC, Bajaj Auto, Hero Honda, M&M, IDFC and Ambuja Cements were on buyers' radar, gaining 0.5-1.5% each.
At 11:45 hours IST: Nifty reclaims 5100 as Europe opening draws closer
There is some amount of hope sorrounding European opening as Sensex recovered over 100 points from the day's low.
The 30-share BSE Sensex recovered mildly to trade 384 points lower at 16,920. Nifty retraced back to the psychological 5100 level.
Sanjay Dutt of Quantum Securities doesn't see buying coming into the market anytime soon due to technical reasons. However, from a valuation standpoint he sees India as one of the most competing markets in the world.
Technology stocks like TCS and Infosys were down 5.5%. Wipro tanked nearly 5% and HCL Tech plunged close to 8%. Dutt continues to remain bearish on the IT sector. He suggests investors to stay away from the IT stocks for sometime.
At 11:45 hours IST, about 13 shares were falling for every one share rising on the National Stock Exchange, which looked better than advance:decline ratio of 1:20 in initial trade.
Crude oil prices slipped further. Brent crude was trading at USD 105.79 a barrel, down USD 3.58.
At 10:56 hours IST: Sensex suffers over 450-point cut, ACC a surprise winner
The Indian market was possibly witnessing one of the toughest fights in recent times. The Sensexcontinued to trade sharply lower though there was a bit of buying at lower levels. The Nifty hasn't had a chance since morning to climb above the 5100-mark. The impact of the S&P downgrade of the US has spilled over to India, although there was a theory that India may see a bounce-back on Monday
The 30-share BSE Sensex was trading at 16,854, down 451 points and the 50-share NSE Nifty went down 131 points to 5,080 led by fall in 45 shares.
In the largecap space, DLF, Tata Motors, Wipro, TCS, Sterlite Industries and HCL Tech were top gainers, slipping 5-8%. However, ACC, Ambuja Cements, BPCL, GAIL and ONGC were only gainers on the Nifty.
On the global front, Asian markets like Shanghai, Hang Seng, Straits Times, Taiwan and Kospi fell 4-5%. Japan's Nikkei declined over 2%.
Nifty slips 2.5% as Asia falls further; IT, realty face rout
With US index futures like Dow Jones and Nasdaq futures showing a cut of over 2.5%, indicating that the US market will open sharply down, sell-off across Asia continued unabated. At 10.30 hours IST,Nifty was trading down 139 points at 5,072 and the Sensex was down 488 points at 16,817.
However, the Indian rupee has been appreciating to 45 per USD, up 0.29. Foreign institutional investors' have net sold Rs 1,800 crore worth of equities on Friday. They could be net sellers in today's trade as well.
Among sectoral indices, the BSE IT and Realty saw a sharp crack, falling 5% each. Metal, Auto, Capital Goods, Healthcare, Bank, Power, FMCG and Oil & Gas indices were down 1.7-3.7%.
At 9:56 hours IST, Indian equity benchmarks took a sharp knock as its Asian peers fell further. TheNifty dangerously tilting towards the 5050 level. Speaking to CNBC-TV18, Laurence Balanco of CLSA asked investors to watch out for 4700 and 4200 levels.
Amid this bloodbath, where 18 shares were in red for every one share in green, the 30-share BSESensex fell 528 points to 16,777 and the 50-share NSE Nifty lost 155 points to 5,056.
Out of 50 stocks on the Nifty, 48 stocks were under selling pressure. Heavyweights like TCS, Reliance Industries, Infosys, Bharti, ICICI Bank and ONGC were down between 2% and 5%. Wipro and HCL Tech hit hard, falling 7-8%.
On the global front, Asian markets like Hang Seng, Straits Times and Kospi plunged 4-5%. Taiwan and Shanghai fell nearly 4%. Nikkei slipped over 2%.
At 9:41 hours IST: S&P's punishes US, Nifty below 5100; GAIL, BPCL in green
Indian market was trading at a 14-month low as spooked investors fled the street looking for a safe haven. On the first day of trade post post rating agency S&P's downgrade of the US to AA+ from AAA last week, Nifty fell below the 5100 level. Rest of Asia were coping with a 2-4% cut.
The 30-share BSE Sensex was trading at 16,850, down 455 points and the 50-share NSE Nifty fell 133 points to 5,078.
In the largecap space, Wipro, TCS, Tata Motors, Infosys, Tata Steel and HCL Tech were down between 4.5% and 7%.
There were two stocks that had refused to join the falling rally. GAIL and BPCL, both from the oil & gas space, gained 0.5% rejoicing a fall in crude oil prices. Brent crude slipped 3% to USD 106.5 a barrel.
Reliance Industries, SBI, Tata Steel, L&T, Infosys and TCS were the most active shares on exchanges.
At 9:18 hours IST: Sensex opens below 17000, IT butchered
The opening bell on Monday reflected the sufferings of Asian Markets, which had broadly tanked 3% after the downgrade of US by rating agency Standard & Poor's. With Dow futures down significantly, most analysts were expecting a massive cut on the Sensex. The benchmark Sensex dipped below the psychological 17,000-mark in the opening trade while the Nifty slipped below the 5,100 level. Technology stocks — due to their exposure to the US — were completely butchered with TCS taking a knock of 4%. The oil & gas heavyweight Reliance Industries opened 3% down and the Reliance ADAG pack were discarded like dirt by investors.
The 50-share NSE Nifty was trading at 5,080, down 132 points and the 30-share BSE Sensex fell 457 points to 16,848.
Commodity related stocks too saw sharp knock. Sterlite, Hindalco, Cairn and Sesa Goa were down 4%.
HUL, DLF, Bharti Airtel, ICICI Bank and Axis Bank tumbled 3%.
Engineering stocks BHEL and L&T declined over 1%.
The CNX Midcap slipped 201 points to 7,490. About 51 shares advanced as against 873 shares declined on NSE.
Global cues
Asian markets like Shanghai, Hang Seng and Straits Times fell nearly 4%. Kospi and Taiwan lost nearly 3%. Nikkei was down over 1%.
The US equity markets witnessed huge volatility on Friday. It surged post ECB plans to buy Spanish and Italian bonds & better than expected payroll data but retraced post talks of US downgrade.
The Dow Jones Industrial Average ended up 61 points at 11,444, after seeing swing of 416 points during the day. It came off 111 from day's high of 11,555 and recovered 305 points from day's low of 11,139.
NASDAQ Composite ended down 24 points at 2,532, after seeing swing of 130 points during the day. It came off 60 from day's high of 2,592 and recovered 69 pts from day's low of 2,465.
S&P 500 Index ended flat at 1,199, after seeing swing of 50 points during the day. The index came off 19 from day's high of 1,218 and recovered 31 points from day's low of 1,168.
US Debt downgrade
S&P lowered US long-term sovereign credit rating to 'AA+' from 'AAA', first time since 1941
S&P affirmed the 'A-1+' short-term rating. It removed both the short- and long-term ratings from CreditWatch negative.
US Treasury responded by saying that S&P made a USD 2 trillion mistake, “presented a judgment about the credit rating of the US that was based on a USD 2 trillion mistake.”
Moody’s and Fitch both affirmed their AAA credit ratings on August 2
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