Across-the-board selling pressure dragged the key benchmark indices down further in the mid-morning trade. IT and banking stocks extended losses. Weakness in Asian markets and spiraling crude oil prices spoiled investor sentiments today.
Oil prices for June 2008 delivery fell 6 cents to $123.47 a barrel in electronic trading on the New York Mercantile Exchange today, 8 May 2008, in Asia after jumping to a record of $123.93 a barrel yesterday, 7 May 2008.
Asian markets were trading mostly in red today, 8 May 2008. Key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.23% to 2.24%. However, China’s Shanghai Composite was up 0.06%.
US markets suffered sharp losses on Wednesday, 7 May 2008, on worries about inflation and higher interest rates as oil jumped to a record. Financials stocks took a beating on concerns that new disclosure requirements for investment banks will limit their profits. The Dow Jones industrial average slumped 206.48 points, or 1.59%, to 12,814.35. The Nasdaq Composite index fell 44.82 points, or 1.80%, to 2,438.49. The S&P 500 shed 26 points at 1,393.
At 11:20 IST, the 30-share BSE Sensex was down 234.67 points or 1.35% at 17,104.64. The index lost 288.48 points at day’s low of17,050.83, hit in mid-morning trade.
The broader based S&P CNX Nifty was down 51.75 points or 1.01% at 5083.75.
The market breadth was poor on BSE with 710 shares advancing as compared to 1537 stocks that declined. 57 stocks remained unchanged.
The BSE Mid-Cap index was down 0.80% at 7,144.12 and the BSE Small-Cap index was down 0.85% at 8,652.62.
The BSE IT index was down 3.86% at 4,242.75. Satyam Computer (down 4.76% at Rs 466), TCS (down 4.48% at Rs 922.95), Infosys Technologies (down 4.11% at Rs 1,767.50), Wipro (down 3.74% at Rs 480.50), and HCL Technologies (down 1.77% at Rs 288.20), tumbled.
The BSE Bankex was down 2.38% at 8,802.14. Bank of India (down 3.72% at Rs 326.25), Kotak Mahindra Bank (down 2.63% at Rs 814), HDFC Bank (down 2.54% at Rs 1,503.75), Bank of Baroda (down 2.38% at Rs 310), Axis Bank (down 1.79% at Rs 890.90) and State Bank of India (down 1.31% at Rs 1,745), slipped.
India's largest private sector bank by assets ICICI Bank fell 2.74% at Rs 893.70.
The BSE Oil & Gas index was down 0.64% at 11,648.43. Reliance Natural Resources (down 2.84% at Rs 114.45), Indian Oil Corporation (down 2.21% at Rs 449), BPCL (down 1.79% at Rs 376), GAIL India (down 1.69% at Rs 428.10), HPCL (down 1.11% at Rs 241.35) and ONGC (0.64% at Rs 1,033), declined.
India's biggest private sector firm by market capitalisation and oil refiner Reliance Industries fell 0.27% at Rs 2,675.10.
Steel makers declined after they agreed 5-10% price reductions on Wednesday, 7 May 2008, following government pressure to cut prices. Steel Authority of India (down 2.54% at Rs 169.15), Jindal Steel & Power (down 2.18% at Rs 2227), Jindal Stainless (down 1.18% at Rs 146), JSW Steel (down 0.13% at Rs 876.10), Bhushan Steel (down 0.28% at Rs 780.50), and Uttam Galva (down 2.25% at Rs 39.15), , slipped.
India's largest steel maker by output Tata Steel rose 0.37% at Rs 827.80 after the firm said it raised Rs 2000 crore, including a greenshoe option, through a private placement of bonds.
Oil refiner Mangalore Refinery And Petrochemicals fell 3.85% to Rs 98.70. The firm reported 23.9% rise in net profit to Rs 225.34 crore on 40.7% increase in net sales to Rs 9465.13 crore in Q4 March 2008 over Q4 March 2007.
Tata Communications rose 3.78% to Rs 506 on reports the government is planning to divest its residual 26.12% stake in the company
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