May 23 ,2011
MUMBAI: Indian markets were witnessing profit booking as sentiments turned bearish globally on concerns of global economic recovery. Banks, metals and auto stocks led the decline while FMCG space showed some resistance.
"Things have turned a little sour for world equity markets in May. Investors seem to have taken the old axiom of 'sell in May and go away' seriously; and they have been lucky so far. India has been no exception with the key indices on a mostly downward spiral. The slide is likely to persist at least at the start of the last week of the month.
The US and European stocks slid amid lingering worries over the precarious fiscal conditions of Greece and other peripheral eurozone nations. The dollar has advanced while the euro has hit a record low versus the Swiss franc. Asian stock markets are down 1-2% this morning. Crude oil is hovering around $100 a barrel mark.
Indian markets did recover some ground late last week, but the overall outlook remains murky. Things could get volatile in view of the F&O expiry on Thursday. The near-term sentiment will hinge on global cues and results of a few top companies. The onset of monsoon will be another key event to keep an eye on," said IIFL report.
At 9:45 am; National Stock Exchange's Nifty was at 5432.25, up 54.10 points or 0.99 per cent. The broader index touched a high of 5456.70 and low of 5417 in trade so far.
Bombay Stock Exchange's Sensex was at 18159.68, down 166.41points or 0.91 per cent. The 30-share index hit a high of 18269.06 and low of 18106.99 in early trade.
BSE Midcap Index slipped 0.55 per cent and BSE Smallcap Index moved up 0.42 per cent lower.
Amongst sectoral indices, BSE Bankex was down 1.53 per cent, BSE Metal Index moved 1.46 per cent lower and BSE Auto Index slipped 1.29 per cent. BSE FMCG Index was up 0.37 per cent.
Sesa Goa (-3.74%), IDFC (-2.51%), HDFC (-2.25%) Tata Motors (-2.13%) and Kotak Bank (-2.13%) were the top Nifty losers.
GAIL (0.96%), ITC (0.91%), BHEL (0.71%), Bharti Airtel (0.16%) and Siemens (0.05%) were amongst the major gainers.
Market breadth was negative on the NSE with 1051 declines as compared to 649 advances.
Meanwhile, Asian markets were witnessing some selling pressure. Nikkei 225 was down 1.34 per cent, Hange Seng fell 1.74 per cent and Taiwan Weighted slipped 1.31 per cent.
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