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Sensex down 95 points as weakness persists

Source : SIFY
Last Updated: Mon, Mar 04, 2013 08:44 hrs
Commuters walk past the BSE building in Mumbai

Though a few front line stocks from banking, oil and healthcare sectors have recovered some lost ground on support at lower levels, the market continues to languish in the red due to sustained selling in several stocks from realty, metal and capital goods sectors.

Shares from consumer durables, FMCG, power and automobile sectors too are mostly trading weak. Information technology stocks are trading off their morning highs.

At 18,824, the Sensex is now down with a loss of 94.52 points or 0.5%. The Nifty is down 39 points or 0.7% at 5680.70.



Among the stocks in the Realty index, DLF, Anant Raj Industries, Indiabulls Real Estate, Oberoi Realty and Sobha Developers are trading lower by 2% - 4%. Prestige Estates is down with a loss of 1.6%, while HDIL and Unitech are down with modest losses. Godrej Properties, Parsvnath Developers and Phoenix Mills are up with notable gains.

Consumer durables stocks Bajaj Electricals, Blue Star, Rajesh Exports, Titan Industries and Whirlpool are down 1.6% - 3.2%. Gitanjali Gems, TTK Prestige and VIP Industries are down with modest losses, while Videocon Industries is bucking the trend and trading nearly 2% up.

Ambuja Cements, ACC, Sesa Goa, Jaiprakash Associates, Reliance Infrastructure, Jindal Steel & Power, Hindalco, Larsen & Toubro, Bajaj Auto, Ultratech Cement, Hindustan Unilever, IDFC, Maruti Suzuki and Cairn India are down 1.5% - 4%.

Tata Steel, Punjab National Bank, Siemens, Ranbaxy Laboratories, ITC, Axis Bank, Infosys, Cipla and Grasim Industries are also trading notably lower.

Dr Reddy's Laboratories, BPCL, Power Grid Corporation, State Bank of India, HDFC Bank, Reliance Industries, Bharti Airtel, ICICI Bank and Bank of Baroda are up in positive territory with modest gains.

Jet Airways is trading sharply lower amid huge volumes today. According to reports, the company has approached the Aviation Ministry to acquire 6 of the vacant slots of Kingfisher Airlines. It may be recalled that the government had withdrawn Kingfisher Airlines' international flying rights and domestic slots last week, which remains grounded since October 1 last. The government has decided to allot them to other domestic airlines.

Moody's Investor Service has stated that India's budget pursues realistic fiscal consolidation, and is a credit positive for the sovereign. Last Thursday, India announced that the central government's budget deficit for the fiscal year ending 31 March 2013 would equal 5.2% of GDP, and that it would target a deficit of 4.8% of GDP in fiscal 2014.

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