BSE Sensex
Bse India, Bseindia, Bse, Sensex, Nse Indian markets continued to reel under pressure as fears of double dip recession in the US and financial crisis in Europe gripped global equities. Investors now await US jobs data for confirmation whether the US economy is slipping into recession.
Experts are of the view that investors should start nibbling at selective stocks at lower levels and the market may witness pull-back rally in the next few sessions.
Sensex takes support at 17000 on US recession fears; realty, tech down
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According to Raamdeo Agrawal, Director & Co Founder, Motilal Oswal Financial Services, Indian markets are trading at lower end of the band and at these current levels it gives good opportunity to investors to accumulate stocks and build their portfolio. The Reserve Bank of India is also expected to become less hawkish and as commodity prices such as oil cools off it will help Indian markets going forward and also ease inflationary pressure.
He has recommended buying PSU banks such as State Bank of India at current levels and telecom stocks like Bharti Airtel Ltd and India Cellular.
At 1:15 pm; Bombay Stock Exchange's Sensex was at 17207.32, down 485.86 points or 2.75 per cent. The 30-share index bounced back after hitting intraday low of 16990.
National Stock Exchange's Nifty was at 5171.65, down 160.15 points or 3 per cent. The broader index touched a high of 5229.65 and low of 5116.45 in trade so far.
"Capital inflows will be back. Today's selling is panic reaction but by Monday-Tuesday market will settle down as fundamentals (of Indian markets) are strong ," said R Gopalan, Secretary, Department of Economic Affairs.
BSE Midcap Index was down 3.39 per cent and BSE Smallcap Index fell 4.26 per cent lower.
Amongst sectoral indices BSE Realty Index fell 4.56 per cent, BSE IT Index declined 4.23 per cent and BSE Metal Index was down 4.20 per cent. BSE Oil&gas Index was down 1.74 per cent.
Shares of oil marketing companies like BPCL, HPCL and India Oil Corporation gained momentum in a weak market as oil prices slipped lower in international markets. U.S. crude fell below $86 on fears of a global economic slowdown.
Sterlite Industries (-6.48%), Reliance Communications (-6.40%), Reliance Infrastructure (-6.14%), Jaiprakash Associates (-5.51%) and Infosys Technologies (-4.88%) were amongst the top Sensex losers.
ONGC (1.04%) and Cipla (0.07%) were the only index gainers.
(From economictimes.indiatimes.com)
It is very difficult to predict where are markets headed? but, I feel we may have a little more selling before a decent move higher.
ReplyDeleteAt some point this market will rally and will rally hard. Remember there are a lot of participants who view this selloff as excessive and based on fear.