Markets regain some of the losses
The market tumbled in opening trade extending Monday's huge fall on panic selling. Trading was halted as the 10% marketwide circuit filters were applied after the initial plunge. Trading resumed at about 10:55 IST after a one hour halt.
The market came off lower level in early afternoon trade. Volatility was high. Battered blue-chip stocks especially Reliance Industries, ICICI Bank and State Bank of India saw value buying at lower level. Also short covering might have emerged at lower levels after after a steep fall triggered by sharp setback in global markets, margin calls and heavy FII selling.
At 1.08 hrs IST, the Sensex is down 1,175.19 points or 6.68% at 16430.16, and the Nifty down 428.95 points or 8.24% at 4779.85.
Finance Minister P Chidambaram today said the fundamentals of the economy are strong and liquidity will not be a problem. Chidambaram said there was no reason at all to allow the worries of the Western world to overwhelm us. Our economy is very different from some developed economies which are facing some stress, he said.
The finance minister further stated that Reserve Bank of India as well as banks will provide enough liquidity to brokers and other market players, adding that liquidity will not be an issue.
Reliance Industries was down 6.26% to Rs 2384.95, off sharply from day’s low of Rs 2120. 9.53 lakh shares were traded on the counter
ICICI Bank, the country’s largest private sector bank in terms of net profit, was down 7.10% to Rs 1089.90, off session's low of R 1005.55. On Saturday, 12 January 2008, ICICI Bank reported 35.2% rise in net profit to Rs 1230.21 crore on 32.50% rise in operating income to Rs 10338.36 crore in Q3 December 2007 over Q3 December 2006. The results were announced on Saturday, 19 January 2008. Meanwhile, ICICI Securities (I-Sec), the broking and investment-banking arm of ICICI Bank, is set to hit the market in six months.
Reliance Energy was the top loser from Sensex pack. It tumbled 16.11% to Rs 1489.95 on 8.08 lakh shares. The stock recovered sharply from day’s low of Rs 1225
Mahindra & Mahindra (down 12.27% to Rs 590), ITC (down 11.97% to Rs 179), Reliance Communications (down 11.05% to Rs 545.10) and DLF (down 9.23% to Rs 820), all recovered from early lows but still were down sharply.
The market came off lower level in early afternoon trade. Volatility was high. Battered blue-chip stocks especially Reliance Industries, ICICI Bank and State Bank of India saw value buying at lower level. Also short covering might have emerged at lower levels after after a steep fall triggered by sharp setback in global markets, margin calls and heavy FII selling.
At 1.08 hrs IST, the Sensex is down 1,175.19 points or 6.68% at 16430.16, and the Nifty down 428.95 points or 8.24% at 4779.85.
Finance Minister P Chidambaram today said the fundamentals of the economy are strong and liquidity will not be a problem. Chidambaram said there was no reason at all to allow the worries of the Western world to overwhelm us. Our economy is very different from some developed economies which are facing some stress, he said.
The finance minister further stated that Reserve Bank of India as well as banks will provide enough liquidity to brokers and other market players, adding that liquidity will not be an issue.
Reliance Industries was down 6.26% to Rs 2384.95, off sharply from day’s low of Rs 2120. 9.53 lakh shares were traded on the counter
ICICI Bank, the country’s largest private sector bank in terms of net profit, was down 7.10% to Rs 1089.90, off session's low of R 1005.55. On Saturday, 12 January 2008, ICICI Bank reported 35.2% rise in net profit to Rs 1230.21 crore on 32.50% rise in operating income to Rs 10338.36 crore in Q3 December 2007 over Q3 December 2006. The results were announced on Saturday, 19 January 2008. Meanwhile, ICICI Securities (I-Sec), the broking and investment-banking arm of ICICI Bank, is set to hit the market in six months.
Reliance Energy was the top loser from Sensex pack. It tumbled 16.11% to Rs 1489.95 on 8.08 lakh shares. The stock recovered sharply from day’s low of Rs 1225
Mahindra & Mahindra (down 12.27% to Rs 590), ITC (down 11.97% to Rs 179), Reliance Communications (down 11.05% to Rs 545.10) and DLF (down 9.23% to Rs 820), all recovered from early lows but still were down sharply.
Labels: Nifty.Sensex
posted by SY at 1:36 PM
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