Markets are facing the first major correction in nearly
6 weeks and the Sensex has declined almost 200 points.
Asian markets continue to be weak and Europe has also
opened with losses.
is trading lower by 197 points at 11722 at 01.10 PM.
is now trading lower by 60 points at 3412.
stocks have lost further ground in early afternoon trades.
Hindalco remains the worst performer among index stocks
and has lost more than 4 per cent.
other metal stocks, Sterlite Industries has slipped 4.5
per cent while Nalco is down more than 3.5 per cent. Tata
Steel has lost more than 3 per cent and SAIL has declined
after a firm start.
utilities have also lost further after the weak opening.
Tata Power is now down 4 per cent and Reliance Energy
has lost nearly 3 per cent.
is a major loser in early afternoon trades and has lost
4 per cent. MTNL has slipped more than 2.5 per cent.
index heavies, Reliance Industries is down nearly 2.5
per cent and ONGC has lost well over a per cent.
has lost over 2 per cent while Satyam and Infosys have
shed nearly 1.5 per cent each. Wipro is down nearly 2
stocks which were weak in morning trades have also lost
further ground. HLL is now down 3.5 per cent and IPCL
has lost more than 3 per cent. Tata Motors has lost close
to 3 per cent.
are only a handful of gainers among Nifty stocks. Hero
Honda is holding on to its 2 per cent gains and is the
best performer among index stocks.
Airways also remains firm and is still trading more than
1.5 per cent higher.
Tele has come off its highs and is now trading nearly
1.5 per cent higher.
Communications has also shed part of its gains and is
now up more than 0.5 per cent.
is holding on to modest gains of less than 0.5 per cent.
and small caps have also come under pressure in early
afternoon trades. The NSE mid-cap index is now trading
with losses of nearly 1.4 per cent. BSE mid-cap index
has lost close to 1.3 per cent and the small-cap index
is down 1.4 per cent. Market breadth on the NSE is very
negative with more than 3.5 stocks declining for every
Leela, Bluestar, Sakuma Exports, Exide Industries, Orient
Gujarat Ambuja Exports, Subhash Projects, Precision Wires,
Balkrishna Industries, and INOX Leisure are among the
major mid-cap gainers.
BEPL, RCF, ITI, IVRCL Infrastructure, Jaysree Tea and
Emami Limited are the major mid-cap losers.