labels: stock markets - india, markets - general
14 July 11.10 AM: Sensex slides 230 points as global weakness continues news
14 July 2006

Further slide in US markets yesterday, record oil prices and a rate hike in Japan have worsened the sentiment across global equity markets. All Asian indices have lost substantial ground and India is no exception.

Sensex opened at 10783 and slumped to a low of 10603. The index is trading lower by 230 points at 10629 at 11.10 AM.

Nifty opened at 3166 and touched a low of 3101. The index is trading lower by 61 points at 3109.

Oil marketing stocks are under severe pressure for the fourth day as crude oil prices have touched all-time highs. BPCL is the biggest loser among index stocks, trading more than 5 per cent lower. HPCL is down nearly 3.5 per cent.

Auto stocks are also under pressure as another fuel price hike may affect auto demand. Tata Motors is down 4 per cent and Maruti has given up nearly 3 per cent.

Among two-wheelers, Bajaj Auto has slipped 4 per cent and Hero Honda has shed another per cent.

Banking stocks continue to be weak on expectations of further interest rate hikes. OBC has lost close to 4 per cent and PNB is down nearly 3 per cent. HDFC Bank is continuing its losing trend and has lost another 3 per cent.

Hindalco is the major loser among metals and is down more than 4 per cent.

Reliance Industries is down more than 1.5 per cent in early trades.

IPCL, Satyam Computers and VSNL are the other major losers, all trading around 3 per cent each lower.

HCL Technologies is the only significant gainer among index stocks, trading nearly 1.5 per cent higher. ONGC is trading with very marginal gains.

Mid-caps and small caps have also lost ground in early trades but losses are considerably lower than the large cap stocks. Stocks of some of the companies which are expected to announce good results are doing well.

The mid-cap index is now trading with losses of around 1.2 per cent. Market breadth on the NSE is highly negative in early trades with more than 3 stocks declining for every advancing stock. BSE mid-cap and small-cap indices are also trading with losses of nearly a per cent each.

LG Balakrishnan, Onward Technologies, D-Link, BSEL Infrastructure, Eimco Electronics, Shyam Telecom and Century Plywood are among the major mid-cap gainers.

Texmaco, Tata Coffee, Unitech, Tips Industries Mukta Arts and Bharat Gears are the major mid-cap losers.

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14 July 11.10 AM: Sensex slides 230 points as global weakness continues