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Markets register a sharp fall as crude price rises
Published on Mon, Jun 09, 2008 at 10:36, Updated on Mon, Jun 09, 2008 at 12:42 in 
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Mumbai: The markets have reacted very badly to the weak cues from US markets and tumbled heavily. The Sensex is trading below 15000 and Nifty below 4500 levels. Realty, power, oil & gas, capital goods, auto, banking and metal stocks have taken huge beating. Midcap and small cap stocks also got crumpled. Market breadth is weak, advance:decline ratio nearly 1:22.
At 1158 hrs IST, the Sensex was down 548 points at 15,023 and the Nifty down 164 points at 4,462. BSE Midcap and Small cap indices were down over 4 per cent.
Market breadth is negative, 54 shares advanced while 1175 shares declined on the NSE.
Top losers were JP Associates, HDFC, DLF, Unitech and BPCL while gainers Cairn India, Sun Pharma and Ranbaxy Labs.
Markets at 1047 hrs IST
Markets are trading in deep red. Nifty has hit new 2008-low, breached previous low of 4448.50. Sensex slipped below 15000 mark. Realty, power, banking, capital goods, metal, auto and oil stocks tumbled. Market breadth is weak, advance:decline ratio nearly 1:24.
At 1047 hrs IST, the Sensex was down 573.18 points or 3.42 per cent at 14099, and the Nifty down 183.90 points or 3.97 per cent at 4443.90.
About 546 shares have advanced, 2420 shares declined, and 148 shares are unchanged.
Circuit filters for Sensex:
- The exchange has fixed circuit filters for the Sensex. If the index drops 10 per cent before 1300 hrs IST, then trading to be halted for one hour. If 10 per cent drop is between 1-2:30 pm then trading to be halted for half an hour. If 10 per cent drop after 2:30 pm then no halt in trading.
- If in case index drops by 15 per cent before 1300 hrs IST then trading to be halted for two hours. If 15 per cent drop between 1300-1400 hrs IST then trading to be halted for one hour. If 15 per cent drop after 1400 hrs IST then trading to be halted for rest of the day.
- In the case of 20 per cent drop in the index then trading to be halted for the rest of the day.
Top losers on the Sensex are Jaiprakash Asso at Rs 184.55 down 8.21 per cent, Reliance Infra at Rs 1,025.10 down 6.86 per cent and DLF at Rs 485.10 down 6.7 per cent.
Most active counters on the bourses were Cairn India, Reliance, Reliance Capital and L&T.
Realty Index was down over eight per cent due to selling in Ansal Properties, Indiabulls Real, HDIL, Unitech, Phoenix Mills, Peninsula Land, Puravankara Proj, DLF, Akruti City, Anant Raj Ind and Sobha Developers.
Selling in power stocks like CESC, Reliance Infra, GVK Power, Reliance Power, Torrent Power Tata Power, Power Grid Corp, Suzlon Energy and NTPC pushed the Index down by five per cent.
Banking stocks like Union Bank, Yes Bank, Oriental Bank, Kotak Mahindra, IOB, Bank of Baroda, PNB and Axis Bank also hammered, taken the index lower by 4.7 per cent.
Capital Index was down 4.3 per cent as weakness seen in Astra Microwave, Jyoti Structures, Siemens, Alstom Projects, Kalpataru Power, BHEL and Thermax.
Oil & Gas Index fell 4.3 per cent as selling seen in HPCL, BPCL, IOC, RNRL, Essar Oil, ONGC, Petronet LNG, Reliance and GAIL. However, Cairn India is still witnessing buying interest, up four per cent. Nymex Crude was trading above $137 per barrel.
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