Stocks dropped at the open on Thursday, extending previous losses on the back of negative global cues. Real estate and banking shares led the decline.
At 10:05 am, the Bombay Stock Exchange’s Sensex was down 196 points or 1.27 per cent at 15,226.04.
Among frontline stocks, Maruti Suzuki (down 3.45%), Ranbaxy Laboratories (2.37%), Reliance Infrastructure (1.99%), Jaiprakash Associates (1.98%), HDFC (1.91%), Cipla (1.73%) and ICICI Bank (1.71%) were under pressure.
There were no gainers in the 30-share index. Market breadth was weak with 562 declines against 184 advances on BSE.
The National Stock Exchange’s Nifty was down 55 points or 1.21 per cent at 4527.
“We expect a gap down opening and subdued markets through the day. The Nifty might face support around 4450-4500 and strong resistance around 4650-4700 levels,” said Standard Chartered - STCI Capital Market, in a note.
Share prices elsewhere in Asia fell extending losses on Wall Street over night. In Tokyo, exporters such as Honda Motor and Toyota Motor led the decline as the yen firmed against the dollar. The Nikkei 225 was down 1.84 per cent. In Hong Kong, oil share led the decline pulling the Hang Seng 1.81 per cent lower. In Singapore, the benchmark Straits Times was down 1.56 per cent.
US stocks fell sharply on Wednesday after FedEx delivered disappointing results and major regional bank Fifth Third Bancorp trimmed its dividend. The Dow Jones Industrial Average dropped 1.08 per cent, the Standards & Poor’s 500 Index lost 0.97 per cent and the Nasdaq Composite Index slipped 1.14 per cent.
Oil prices moved lower with US crude futures for July at $136.21 a barrel.
Thursday, June 19, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment