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| Markets have a soft start |
| SI Reporter / Mumbai Jul 30, 2010, 09:17 IST |
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The markets have begun the new derivatives series on a disappointing note. After trading directionless through most of the week, the benchmark indices have succumbed to pressure on the downside, with global markets being the culprits. The Sensex is quoting at 17980, lower by 62 points and the Nifty is at 5288, down 20 points.
The US stocks sagged in volatile trading on Thursday after weak outlooks from technology companies and downbeat comments from a Federal Reserve official gave investors little reason to press the buy button. The Dow dropped 30 points to 10,467 and Nasdaq lost 12 points to 2,251. And the Asian markets have edged lower in early trades; Hang Seng has lost 19 points and Nikkei is down 145 points.
The top losers on the Sensex are Hero Honda (weakened by 2.2% at Rs 1828), Tata Motors (shed 1.1% at Rs 855) and Sterlite (lost 1% at Rs 176). ITC, ONGC and ICICI Bank are the other notable losers.
On the other hand, Maruti has strenghthened by 0.89% at Rs 1208, M&M has added 0.7% at Rs 648 and Jindal Steel has gained 0.4% at Rs 625. And index heavyweight RIRIL has arrested its 2-day decline by inching higher by 0.3% at Rs 1014.
The market breadth is positive. Out of 1891 stocks traded on the BSE, there are 1125 advancing stocks as against 703 declines.
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