Business Standard

Markets extend losses, financials drag

Tata Motors down over 6%

Related News

The benchmark indices extended losses in the late morning trades on account of weak global cues and selling in financials and auto counters. The BSE benchmark index, shed 291 points at 16,037 and the lost 87 points at 4,858.
 
In the broader markets, the midcap and the smallcap indices slipped 0.8% each but have managed to outperform the Sensex which is down nearly 2%

According to Somil Mehta,Sr Technical Analyst (Equity), Sharekhan, the bias for Nifty remains negative with key support around 4770 & 4500 and key resistance around 4980 and 5125.
 
across Asia too are in the red as Greece failed to form a government, setting the stage for a re-election in June that could raise the risk of Athens abandoning the euro and deepening the euro zone's debt crisis. Hang Seng, Jakarta Composite, Kospi and Taiwan Weighted crashed 2% each followed by Nikkei and Straits down 1.5%.
 
Back home, selling pressure was witnessed across sectors with Auto, Metal, Power, Realty and Banking indices down 2% each. Oil&Gas index is the only exception which is flat with a positive bias.
 
Among the losers, Tata Motors slipped over 6% at Rs 272 after the company said its global sales remained flat in April at 87,377 units over the same period last year. Technical charts too suggest weakness and is expected to move down till 240 levels. Support for the scrip would be around 285 & 295 and resistance would be around 270 and 255, says Somil Mehta.

The other notable losers were HDFC, BHEL, Maruti Suzuki, ICICI Bank and DLF down between 3-4%

Gail India up 0.8% and ONCG marginally up at 0.2% are the only gainers among the Sensex stocks.
 
Among other stocks, Chettinad Cement Corporation has tanked 10% to Rs 718, its maximum down limit of the day, after its promoters set the floor price for delisting at Rs 540 a share, much below the current market price.

The market breadth is very negative. 1475 stocks declined as compared to 728 advanced on the BSE.

Read more on:   
|
|

Markets extend losses, financials drag

Tata Motors down over 6%

The benchmark indices extended losses in the late morning trades on account of weak global cues and selling in financials and auto counters.

The benchmark indices extended losses in the late morning trades on account of weak global cues and selling in financials and auto counters. The BSE benchmark index, shed 291 points at 16,037 and the lost 87 points at 4,858.
 
In the broader markets, the midcap and the smallcap indices slipped 0.8% each but have managed to outperform the Sensex which is down nearly 2%

According to Somil Mehta,Sr Technical Analyst (Equity), Sharekhan, the bias for Nifty remains negative with key support around 4770 & 4500 and key resistance around 4980 and 5125.
 
across Asia too are in the red as Greece failed to form a government, setting the stage for a re-election in June that could raise the risk of Athens abandoning the euro and deepening the euro zone's debt crisis. Hang Seng, Jakarta Composite, Kospi and Taiwan Weighted crashed 2% each followed by Nikkei and Straits down 1.5%.
 
Back home, selling pressure was witnessed across sectors with Auto, Metal, Power, Realty and Banking indices down 2% each. Oil&Gas index is the only exception which is flat with a positive bias.
 
Among the losers, Tata Motors slipped over 6% at Rs 272 after the company said its global sales remained flat in April at 87,377 units over the same period last year. Technical charts too suggest weakness and is expected to move down till 240 levels. Support for the scrip would be around 285 & 295 and resistance would be around 270 and 255, says Somil Mehta.

The other notable losers were HDFC, BHEL, Maruti Suzuki, ICICI Bank and DLF down between 3-4%

Gail India up 0.8% and ONCG marginally up at 0.2% are the only gainers among the Sensex stocks.
 
Among other stocks, Chettinad Cement Corporation has tanked 10% to Rs 718, its maximum down limit of the day, after its promoters set the floor price for delisting at Rs 540 a share, much below the current market price.

The market breadth is very negative. 1475 stocks declined as compared to 728 advanced on the BSE.

image

Read More

Markets post best gains in 3-months on Fed optimism

The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE

Recommended for you

Advertisements

Quick Links

Market News

Nifty holds 8450; SBI ends 2.4% lower post results

Sensex ends 148 points higher at 27,957. HDFC, ONGC, TCS gain

Sensex ends above 27,900 amid volatile session

Provisionally, the Sensex gained 134.71 points to end at 27,944.06 and the Nifty rose 27.80 points to close at 8,448.80

Sangam (India) zooms over 50% in four days on stake hike by promoter

The stock is currently trading at its record high of Rs 125 and has rallied 54% from Rs 81 on May 19.

Sagar Cements surges after turnaround in Q4

The stock surged 16% to Rs 408 after reported net profit of Rs 21.70 crore in March quarter against loss of Rs 11.36 crore in the year ago ...

SBI pares early gains post Q4 results

The stock surged 5% to Rs 305 after reported 23% year on year jump in standalone net profit at Rs 3,742 crore in March quarter.

 

Back to Top