labels: stock markets - india, markets - general
07 June 01.10 PM: Indices give up over 2 per cent each; Mid-caps down 5 per cent news
07 June 2006

After showing some promise of a bounce back in opening trades, indices have slipped substantially in early afternoon. No sight of a recovery in Asian markets and a complete lack of buying interest have pulled down the indices below levels seen during the crash of May 29.

European markets have opened with modest gains, but that may not be enough to reverse the sentiment.

Sensex is trading lower by 224 points at 9733 at 01.10 PM.

Nifty is trading lower by 73 points at 2864.

Oil stocks have slipped further after the morning weakness on fears of a roll back of the fuel price hike. Indian Oil has dropped more than 10 per cent. BPCL is down 5.5 per cent while HPCL is trading nearly 6 per cent lower.

ONGC is trading nearly 4 per cent lower at below Rs1,000 and is exerting considerable pressure on the indices. Gail has also lost nearly 5 per cent.

Reliance Industries is trading more than a per cent lower. Among standalone refineries, RPL has lost 2.5 per cent. Essar Oil is down more than 6 per cent while MRPL has shed 5.5 per cent.

HCL Technologies is down more than 5 per cent for the second day and is now down by more than 6 per cent. Infosys has lost 1.5 per cent while TCS is down 2.5 per cent. Satyam and Wipro have given up 2 per cent each.

Ranbaxy has slipped substantially in early afternoon trades and is now the biggest loser among index stocks. The stock is trading nearly 10 per cent lower.

VSNL is another major loser in early afternoon trades and has slipped over 6 per cent. Reliance Communication is also down over 6 per cent while MTNL has given up 2.5 per cent.

L&T has also lost further ground and is trading nearly 7 per cent lower. Siemens has given up 3.5 per cent.

SAIL is the biggest loser among metal stocks, trading nearly 5.5 per cent lower. Tata Steel has lost close to 4 per cent. Hindalco is down 3.5 per cent while Nalco has given up close to 2 per cent.

Zee Tele has slipped more than 4.5 per cent.

Three among the Nifty stocks are holding on to their gains, despite the decline in indices. SCI is the biggest gainer, trading more than a per cent higher.

HDFC has added nearly 0.5 per cent while Dabur is trading with marginal gains.

Mid-caps have also lost further ground after the weak opening. The index has slipped below 3850 and is now trading with losses of around 5 per cent. Market breadth on the NSE continues to be extremely negative with more than 25 stocks declining for every advancing stock.

TIL, IL&FS Investsmat, Bhagyanagar Metals and Hindustan Motors are among the gainers in mid-caps.

BRFL, Piramyd Retail, Agro Dutch Foods, EID Parry, Indo-Rama Textiles and Prime Securities are among the mid-cap losers, all trading with losses of over 10 per cent each.

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07 June 01.10 PM: Indices give up over 2 per cent each; Mid-caps down 5 per cent