Markets remain weak; consumer durable stocks tank

The markets continued to trade on a weak note in the past one hour of trade. The Sensex had shed 212 points at 18,472 and the S&P CNX Nifty was lower by 73 points at 5530.

Mahindra & Mahindra was the top loser on the Sensex, the stock was down nearly 6% at Rs 689. BHEL and Tata Motors shed 4% each and were at Rs 2143 and Rs 1144, respectively. DLF, Jaiprakash Associates, Hero Honda, Maruti Suzuki, HDFC, Larsen & Toubro and Bajaj Auto were also among the losers down 2-4% each. On the other hand Infosys, ONGC, Bharti Airtel, Wipro, ITC and HDFC Bank continue to hold gains.

On the sectoral front consumer durable, auto, realty, capital goods and healthcare stocks witnessed heavy selling pressure. The BSE consumer durable index was down 4.2% or 255 points at 6164. Auto index has shed 3.7% or 339 points at 8829. Realty, Capital Goods and Healthcare indices were down 2.8-3.4% each. Power, Metal, Bankex, PSU and Oil & Gas indices were also lower by 1.2-2% each. Meanwhile IT and TEck indices continued to hold ground as they were the only indices in the positive territory.

Blue Star was the top lopser among the consumer durable stocks, the stock was down 11% and was trading at Rs 351. Whirlpool, Gitanjali Gems, Titan INdustries, Rajesh Exports and Videocon Industries were also among the losers on the charts.

Among the Auto stocks Mahindra & Mahindra, Ashok Leyland, Apollo Tyres, Tata Motors, Maruti Suzuki, Hero Honda and Bharat Forge were the top losers. HDIL led the losers chart among the realty stocks, down 7% at Rs 144 followed by Orbit Corp, DB Realty, DLF, Anant Raj Industries, Unitech, Indiabulls Real Estate and Peninsula Land.

The broader markets were also under the intense selling pressure, the BSE mid-cap index was down 2.8% or 203 points at 6883 and the small-cap index lost 2.95% or 261 points at 8602.

Blue Star, Shree Global Tradefin, Nagarjuna Construction Company, IVRCL Infra, Sanwaria Agro, Cholamandalam Investment Services and S Kumar Nation were the top losers on the mid-cap charts.

Among the small-cap stocks Camlin, Ess Dee Aluminium, Well Pack Papers, Nahar Industrial Enterprises, Aqua Logistics, Manali Petro and Hercules Hoists were the top losers.

The overall market breadth continued to remain extremely negative as 2250 stocks declined while 484 stocks advanced.