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Markets in red, midcaps worst hit
Published on Mon, Jun 23, 2008 at 12:28 in 
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Mumbai The markets are witnessing heavy selling pressure on the back of weakness in realty, capital goods, power, metal, banking, pharma and some oil & gas stocks.
There are reports that RBI may hike repo rate and CRR by 50 bps each, which will put pressure on banks' margin and banks, in turn will have to increase interest rates.
Experts expect that there will be slow down in revenue growth of companies in near term due to rising oil price and interest rates. There will also be slow down in economic growth.
Midcap and small cap stocks hammered a lot, both BSE indices were down close to four per cent each, at 1123 hrs IST. The Sensex is down 340 points at 14,230 and the Nifty down 101 points at 4,246. The Nifty June Futures is trading at 3 points discount and July Futures at 18 points discount.
Market breadth has worsened; about 416 shares are advancing while 2421 shares declining. Nearly 289 shares are unchanged.
Reliance Industries, which has more than 50 per cent weightage in the Oil & Gas index, slipped below Rs 2000 mark and is trading at Rs 1985, down 5.4 per cent. Oil & Gas Index is down 3.4 per cent. However, Cairn India and ONGC are still in the green.
Top losers are JP Associates, Hindalco, Reliance Infra, Unitech and Suzlon Energy while gainers - Satyam, Infosys, Wipro and Cairn India.
Capital Goods and Realty indices are down 4.5 per cent each, Power, Metal, Bankex, Healthcare and Auto down about two-four per cent.
Amongst midcap stocks, Bharat Bijlee, UB Holdings, SREI Infra, Consolidated Costruction, Brigade Enterp, Akruti City, PSL, Geojit Financial, Sadbhav Engg, National Fert and Kalyani Steels slipped over eight per cent.
In the small cap space, Heritage Foods, Ganesh Housing, Euro Ceramics, Diamond Cables, Lok Housing, Mukta Arts, JK Cement, English Ind Cla, Swaraj Mazda, C and C Const and Garware Offshore fell over nine per cent.
Markets at 0956 hrs IST: Markets open sharply lower; Nifty hovering around 4300
The markets have opened sharply lower following weak global cues, especially US markets, which slipped on the back of crude bounces back, Moody's cut rating on bond insurers and Merrill Lynch cuts earning outlook for banks. The Nifty is hovering around 4300 and the Sensex below 14500 levels.
This is the continuation of weakness, which started in last week due to higher inflation numbers of 11.05 per cent and there are expectations that PSU banks may raise lending rates. Selling in capital goods, metal, oil, banking and power stocks has led the markets down.
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