labels: stock markets - india, markets - general

Market update: Sensex slumps 167 points; Nifty falls to 4000 news
23 February 2007

Indices are continuing their losing trend for the fourth straight session this week, even as the Parliament began its budget session today. Traders are edgy ahead of the inflation numbers, expected by noon, as also the more important budget announcements next week.

Most other Asian markets are firm in morning trades.

Sensex opened at 14071 before slumping to a low of 13827. The index is trading lower by 167 points at 13854 at 11.10 AM.

Nifty opened at 4046 and saw a high of 4065 before cracking down. The index is now trading lower by 40 points at 4000.

Banking stocks are once again the biggest losers among index stocks. ICICI Bank has slumped 3 per cent while OBC is down more than 2.5 per cent. SBI and PNB have lost close to 2.5 per cent each.

ITC is continuing the decline with losses of over 3 per cent.

Maruti has lost close to 2.5 per cent despite hopes of an excise duty cut on passenger cars in the budget.

Siemens is the worst performer, among engineering stocks, with losses of nearly 3 per cent.

Zee Entertainment is continuing the down trend from yesterday, and has lost another 3 per cent.

Ranbaxy is showing no signs of a recovery and has lost another 2.5 per cent.

Grasim is the big loser among cement stocks, with losses of nearly 2.5 per cent.

Reliance Industries has added well over a per cent and is helping the indices considerably. Gail India is continuing the up trend from yesterday and has added 2.5 per cent while IPCL has gained 0.5 per cent.

Dabur has recovered from yesterday's decline with gains of over 0.5 per cent.

Among steel stocks, Tata Steel and SAIL have added close to 0.5 per cent each.

Among tech stocks, Infosys and HCL Tech are trading with gains of close to 0.5 per cent each.

Nalco and Bajaj Auto are trading with modest gains.

Mid-caps and small caps have also slumped after a modestly positive start. The NSE mid-cap index is now trading with losses of close to 1.7 per cent. BSE mid-cap index has lost 2.1 per cent and the BSE small-cap index has crashed 2.7 per cent. Market breadth on the NSE is very negative in early trades.

Power Finance Corporation, the infrastructure lending company, got listed today. Issued at Rs85 per share, the stock opened at Rs113 on the NSE and touched a high of Rs119.4. The stock is now trading at Rs106 per share.

Alchemist, GMDC, House of Pearl Fashions, Carol Info, BAG Films, SSI and Madhucon Projects are the other major mid-cap gainers.

Some of the recent listings are under heavy pressure today. Cambridge Technologies has lost over 12 per cent while Redington is down more than 10 per cent. Autoline Industries and AI Champdany are locked in 10 per cent down circuits.

Atlanta, Alps Industries, Crew BOS and KEI Industries are also locked in 10 per cent down circuits.

India Motor Parts and Soma Textiles are among the major mid-cap losers.

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Market update: Sensex slumps 167 points; Nifty falls to 4000