Markets under bears grip; power, capital goods suffer

Mumbai: The markets have recovered a bit but still under bears grip with huge selling in power, capital goods, technology, telecom and realty stocks. Midcap and small cap also caught under selling pressure. Market breadth is negative, advance:decline ratio nearly 1:10.

At 1124 hrs IST, the Sensex was down 271 points at 15,792 and the Nifty down 82 points at 4657. BSE Midcap and Small Cap indices fell over two per cent.

Power and Capital Goods crashed over 3.5 per cent; IT, Realty and TEck down three per cent each, Metal, Bankex and FMCG slipped around 1.5 per cent.

Biggest losers in the frontliners like Reliance Infra, Satyam, Suzlon Energy and Tata Power plunged over five per cent; BHEL and JP Associates down over 4.5 per cent.

In the midcap space, Mercator Lines, Deccan Aviation, Geojit Financial, Info Edge, Simplex Infra, Coromandel Fert, Yes Bank, IVR Prime, Walchandnagar, Rel Ind Infra and BF Utilities went down over five per cent.

In the small cap space, Panchmahal Stee, Sujana Towers, eClerx Services, Greenply Ind, Sharyans Res, Alphageo, Savita Chemical, Kewal Kiran, GMR Industries, Dolphin Offshor, NESCO and Banco Products fell over six per cent.

However, gainers were Ranbaxy, Grasim, Reliance, ACC and Cairn India.

Oil and gas segment is showing some rebound, Index trading in green. Cairn India, BPCL, HPCL and Reliance Industries have gained.

Amongst Asian markets, Shanghai was down 1.3 per cent, Nikkei down 1.9 per cent, Hang Seng slipped over two per cent.

Asian markets were also trading weak. China's Shanghai Composite slipped 0.46 per cent or 15.94 points at 3,443.10. Japan's Nikkei plunged 1.51 per cent or 218.35 points at 14,221.79.

Hong Kong's Hang Seng dropped 1.49 per cent or 370.25 points at 24,461.11. Taiwan's Taiwan Weighted tumbled 0.84 per cent or 73.33 points at 8,651.14. Singapore's Straits Times declined 0.96 per cent or 30.60 points at 3,157.45. South Korea's Seoul Composite fell 1.17 per cent or 21.64 points at 1,825.89.

US markets kicked off June on a low note. The stocks slid on renewed fears that the credit crunch is yet to run its course after S&P downgraded debt ratings of three big securities companies.

The Dow Jones industrial average plunged 134.50, or 1.06 per cent, to 12,503.82. The S&P 500 index slipped 14.71 points, or 1.05 per cent, to 1,385.67. The Nasdaq composite index was down 31.13 points, or 1.23 per cent, to 2,491.53.

Market cues:

• FIIs net buy $63.1 mn in equity on May 30: SEBI
• Govt restores tax benefits under DEPB to cement exports
• NSE F&O Open Int up by Rs 1611 crore at Rs 63871 crore

F&O cues:

• Futures Open Int down by Rs 63 crore, Options Open Int up by Rs 1674 crore
• Nifty Futures add 20 lakh shares in Open Int, at 19-point discount
• Nifty Open Int Put-Call ratio at 1.70 Vs 1.86
• Nifty Puts add 9.5 lakh, Calls add 18 lakh shares in Open Int
• Nifty 4800 Put sheds 2.5 lakh shares in Open Int
• Nifty 4700 Put adds 2.8 lakh shares in Open Int
• Nifty 4600 Put adds 1.6 lakh shares in Open Int
• Nifty 5000, 4700, 4800 Calls add 3 lakh shares each in Open Int
• Stock Futures shed marginal Open Int