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| Markets extend losses, RIL down 3% |
| SI Reporter / Mumbai Feb 16, 2012, 11:25 IST |
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Markets have extended the losses with the Sensex and the Nifty declining by almost 0.5% each. Weak global markets, index heavyweight Reliance Industries and banking shares have weighed over the local markets. At 11:25, the Sensex was down 114 points at 18,090 and the Nifty fell 35 points at 5,497 levels.
On the global front, Asian shares are trading weak on Thursday as another delay in cementing a crucial bailout for stricken Greece underscored how far Europe is from resolving a debt crisis that threatens the stability of the financial system. Hang Seng, Nikkei, Strait Times, Taiwan Weighed and Kospi are down by almost 1% each.
Back home, index heavyweight Reliance Indices has extended yesterday’s weakness, down by almost 3%. HSBC downgrades Reliance Industries yesterday to 'underweight' from 'neutral' in view of the recent stock run-up in response to its buyback announcement.
Banking and financial shares like HDFC Bank, ICICI Bank and HDFC are down by almost 1% each.
From the Metal segment, Hindalco is the top Sensex loser, down nearly 4%. Coal; India, Sterlite and Tata Steel have fallen between 1-3%.
Among Auto space, Tata Motors and M&M have declined between 1-2%.
On the gaining side, Tata Power is the top Sensex gainer, up 3%. Shares of power generation companies have gained for the second straight sessions after the Prime Minister Manmohan Singh on Wednesday directed Coal India Ltd (CIL) to import coal to ensure supplies for 20 years to 50,000-mw power plants that are proposed to be commissioned by March 2015.
Capital Goods stocks like BHEL and L&T have gained between 1-3%.
The broader markets are trading marginally higher in today’s trade. BSE Midcap and Smallcap indices gained between 0.1-0.5%.
Gayatri Projects has rallied 13% ahead of its proposed Rs 144 crore rights issue. The company has fixed February 23, as the record date for the purpose of determining the shareholders who would be eligible to apply for equity shares in the proposed rights issue.
Aviation stocks like Jet Airways, Kingfisher Airlines and Spicejet took off by 1.5-2% each as the state-owned oil companies slashed down jet fuel prices by a marginal Rs 350 per kilolitre, the second reduction in this month. This reduction comes on back of a 3% cut in rates effected from February 1.
The overall market breadth remains slightly positive as 1,298 stocks are advancing while 1,144 are declining.
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