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Sensex down 300 points on weak global cues
Published on Fri, Jul 25, 2008 at 10:14, Updated on Fri, Jul 25, 2008 at 11:38 in 
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Mumbai: Markets reacted very badly to weak global cues and opened sharply lower in early trade. US markets crashed nearly 300 points after weak home sales data and fall in corporate profits.
Selling pressure is seen in infrastructure, financial, cement, oil and metal stocks. It seemed that inflation numbers, which were announced on Thursday evening, already factored in markets. It was at 11.89 per cent for the week ended July 12 as against 11.91 per cent in earlier week.
At 0958 hrs IST, the Sensex was down 346 points at 14,430 and Nifty down 95 points at 4,337.
CNX Midcap fell 1.61 per cent at 5,495 and BSE Small Cap down 0.7 per cent at 6,748. However, Nifty July Futures was trading at 19 points premium.
Biggest losers amongst frontliners were ACC, Ambuja Cements, Bharti Airtel, BHEL, DLF, HDFC, HDFC Bank, ICICI Bank, SBI, Reliance Industries and Tata Steel. However, TCS and ITC gained.
Asian markets were trading lower. Shanghai, Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted fell 1-2.5 per cent.
It was a triple whammy on Wall Street. Crude trended slightly higher, major earnings reports sparked a fresh wave of concern about corporate profits and home sales hit a 10-year low.
The sell off abruptly snapped the two-week rally that pushed the Dow up more than 600 points, or 6 per cent. Dow closed 283 points lower while Nasdaq ends down 44 points, partly because of negative news on housing. US housing sales were down 2.6 per cent in June.
Market cues:
- Inflation at 11.89 per cent Vs 11.91 per cent; market estimated 11.99 per cent
- RIL Q1 net profit up 13.2 per cent at Rs 4,110 cr, in-line with estimates
- FIIs net buy $405.5 mn in equity on July 23
- MFs net buy Rs 334.5 cr in equity on July 23
- NSE F&O Open Interest up Rs 620 crore at Rs 81,223 crore
F&O cues:
- Futures Open Interest down by Rs 428 crore and Options Open Interest up by Rs 1,048 crore
- Nifty July Futures shed 13 lakh shares in Open Interest
- Nifty Aug Futures add 11 lakh shares in Open Interest
- Nifty July, August at 10-pt premium each
- Nifty Open Interest PCR at 1.48 Vs 1.45
- Nifty Puts add 15 lakh shares in Open Interest
- Nifty Calls add 3 lakh shares in Open Interest
- Nifty 4400 Put adds 4 lakh shares in Open Interest
- Nifty 4300 Put adds 3.7 lakh shares in Open Interest
- Nifty 4600 Call adds 2.3 lakh shares in Open Interest
- Stock Futures add 96 lakh shares in Open Interest
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