Tuesday, April 28, 2009

Market Lose Ground, Sensex Tumble Soon After Opening

. Tuesday, April 28, 2009

By stockOzone team

The markets were witnessing selling pressure following negative Asian cues, but the volatility was not yet out. Shares of oil & gas exploration, telecom, power, capital goods, FMCG and metal companies as well as individual stocks like HDFC, ICICI Bank and Wipro lost ground. However, Infosys, SBI, Unitech, M&M, TCS, BPCL and Reliance Capital were the gainers.

The Sensex was trading at 11,213, down 158 points and the Nifty fell 59 points, to 3,409, at 11:32 hours IST. The Nifty April futures were trading with 10 points discount. Broader indices - BSE Midcap and Smallcap indices slipped 0.7-0.9%.

Among the frontliners, Sterlite Industries, ICICI Bank, Tata Steel, Bharti Airtel, Tata Motors, Power Grid Corp, PNB and Suzlon Energy were the top losers, which fell 2.5-4.5%.

On the sectoral front, BSE Metal, Power, Realty, Bank, FMCG and Capital Goods indices lost 1-2.3%.

The market breadth was in favour of declines; about 1250 shares advanced while 1713 shares declined. Nearly 144 shares were unchanged.

Asian markets were weak. Nikkei, Taiwan Weighted and Seoul Composite fell 2-3%. Shanghai, Hang Seng and Straits Times declined 1.3% each.

Disclosure: Author does not own any of the stocks discussed here.

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