Bears continue to dominate

The markets have turned volatile in late morning deals as the market breadth turned extremely negative. Out of 2,788 stocks traded so far on the BSE, 2,516 have declined. Only 229 stocks are on the advancing side.

After opening at 19,391 levels, the 30-share index has extended its losses and its currently trading 1.2% or 234 points lower at 19,084 levels. In broader markets, the Nifty is trading lower by 79 points at 5,720.

The Sensex opened at 19,391 and dropped into the red. It has extended losses and is at the day's low of 19,084 - down 234 points (1.2%).

The Nifty is down 79 points (1.3%).

The corporate loan bribery scam has taken many stocks into the red. The Central Bureau of Investigation (CBI) has named several more companies and will be investigating the issue further. This comes after the arrests of chiefs of LIC Housing Finance, Bank of India, Central Bank of India, Money Matters and LIC, among others.

In international markets, funds based in US USA and Europe may see volatility, volatilit as investors in these two nations are expected to resort to will take to year-end profit booking. The US markets were closed on Thursday on account of Thanksgiving.

Asian stocks fell in choppy trade today. The key benchmark indices in South Korea, Taiwan, China, Indonesia were down 0.04% to 0.38%. Japan's Nikkei was barely changed on the day, with strength in larger exporter shares offset by weakness in retailers and industrial stocks.

Back home, the BSE realty index has slumped 7.6% to 2,659 and is the worst hit among the sectoral indices. Jaiprakash Associates has tanked 12% to Rs 102 after being names by the CBI in the report. Parsvnath Developers has crashed 20% to 46. Orbit Corporation, Indiabulls Real Estate are also trading in the red.

DB Realty - one of the stocks named in the scam- is down 10% at Rs 212. HDIL, Peninsula Land, Unitech, DLF, Phoenix Mills and Ackruti CIty have shed 5-10% each.

Reliance Infrastructure has tumbled 5% to Rs 867. Sterlite, Mahindra & Mahindra, HDFC and ACC have shed in late morning trades as well.

BSE mid and small-cap indices have underperformed. The Small cap index has tumbled 5% to 9,464., while the Mid-cap index is down 4.5% at 7,501.

However, the BSE IT index has managed to hold some of its gains and trade in the positive zone so far.

In the primary markets MOIL's IPO opens for subscription today. Analysts feel that apart from strong business fundamentals, the IPO pricing is reasonable and could result in good returns for investors. Care Ratings has given a rating of 5/5 for the IPO. Hindustan Copper and SCI would also see share sale in the coming months.