RIL, BHEL, ONGC lead Nifty’s partial recovery

The Sensex and the Nifty recovered more than half of their losses following mild bounce back in European markets. But the 50-share NSE Nifty was still struggling to get back above the 5,000 mark due to consistent sell-off in financial, PSU power, FMCG, realty and select technology companies' shares.

The index was trading 27 points lower at 4,989 and the 30-share BSE Sensex was trading down 86 points at 16,627. However, the broader indices were flat.

The recovery was led by heavyweight Reliance Industries; the stock gained nearly 1%. Even BHEL, L&T and Wipro got back into green.

However, SBI, Bharti Airtel, ICICI Bank, Sun Pharma, Power Grid, Reliance Infrastructure, Grasim, Reliance Power and Reliance Communications lost 2-3%.

DLF remained its top position in the selling list; the stock tumbled nearly 6%. ITC, TCS, Infosys, HDFC and NTPC were down over 0.5%.

Midcaps like SKS Microfinance, GSFC, Motherson Sumi, Amtek Auto and Polaris surged 4-5%. However, HDIL, MTNL, Indiabulls Real, SpiceJet and IFCI tanked 3.5-5%.

At 11:57 hours IST : Sensex falls nearly 200 pts; DLF, RComm, R Infra top losers

Investors continued to book profits for the second consecutive session today as global cues remained weak. The sell-off in telecom, technology, financial, realty and select infrastructure stocks weighed on the market. The 30-share BSE Sensex was trading at 16,528, down 185 points and the 50-share NSE Nifty was trading at 4,957, down 60 points . 

In the largecap space, DLF was the biggest loser after government approved Land Acquisition bill yesterday; the stock tumbled 6%.

Sun Pharma, SBI, Bharti Airtel, Jaiprakash Associates, Reliance Communications, Reliance Infrastructure and Reliance Capital lost 2-4%.

However, M&M surged over 2% as company raised prices by up to 2% across all models in August.

Jindal Steel, Maruti Suzuki, Tata Motors, ONGC and Ambuja Cements were up 0.7-2%.

India Securities, GSK Consumer, SBI, BF Utilities, Tata Coffee, M&M, ICICI Bank, Tata Motors and Reliance Industries were most active shares on exchanges.

In the midcap space, GSFC, SKS Microfinance, Whirlpool, GNFC and Motherson Sumi rallied 3.5-6%. However, HDIL, MTNL, Indiabulls Real, IFCI and SpiceJet fell 4-6%.

Gold futures hit fresh peak of Rs 29,091 per 10 grams on the MCX. In the international market, it was trading above USD 1900 an ounce.

At 10:49 hours IST : Nifty down to 4950; gold at record high of Rs 28,649/10gm

The Sensex has fallen over 180 points as inverstors sold off banking and technology stocks. Realty, metal, ADAG and infrastructure stocks too were under pressure. The 50-share NSE Nifty was trading at 4,953, down 64 points and the 30-share BSE Sensex dropped 189 points to 16,524. 

Heavyweights Reliance Industries and Bharti Airtel fell 1.4% and 3%, respectively.

Major stocks in the banking space crashed - SBI and ICICI Bank were down 3% each. HDFC Bank, Axis Bank and Kotak Mahindra Bank lost nearly 2%.

Realty major DLF went down over 4.5%.

In the technology space, Wipro, TCS and Infosys slipped more than 1.5%. Among other largecaps, L&T, NTPC and Power Grid declined 1-2%.

However, ONGC and Ambuja Cements were moving up; both gained 1.5% each. M&M, Tata Motors, Maruti and BPCL moved up 1%.

About two shares declined for every share gaining.

Gold -- the safe haven commodity -- was trading above USD 1900 an ounce in the international market; jumped 2% to USD 1911 an ounce. On the MCX, gold hit a record level at Rs 28,649 per 10 grams.

At 10:22 hours IST : Sensex sheds over 100 pts; tech, banks down

Indian equities extended losses on the back of further fall in Asian markets. Nikkei, Kospi and Taiwan fell 2%; Straits Times was down over 1%. The 30-share BSE Sensex was trading at 16,591, down 122 points and the 50-share NSE Nifty dropped 41 points to 4,975.

According to PN Vijay, portfolio manager, there is a need to feel nervous about the current market scenario. We have virtual capitulation in Europe. For conservative indices like the CAC and DAX to fall without a bottom is very serious he said. However, he believes that the Indian market is holding on strongly. In the last 10 days, we have out performed global markets, but the nervousness is there he added.

Technology stocks like TCS, Wipro and Infosys were down 1-1.7%. Heavyweights like Reliance Industries and Bharti Airtel slipped over 1% and 2%, respectively.

In the financial space, SBI and ICICI Bank lost over 2%. HDFC Bank, PNB, Kotak Mahindra Bank and Axis Bank slipped 1-1.8%.

From the realty space, DLF plunged more than 4% after the government approved land acquisition bill yesterday.

PSU power stocks like NTPC and Power Grid were down 1-1.5%.

However, auto stocks continued to stay in limelight. Tata Motors, Maruti and M&M rallied 2-2.5%. Bajaj Auto and Hero Motocorp gained 0.4% each.

ONGC bounced back 1.5% on short covering. Among others, BPCL, Ambuja Cements, Ranbaxy Labs and HCL Tech were up 1-1.5%.