Eurozone bears on prowl

Today's major news

Ambuja Cement’s CY2009 net was up marginally; the stock slides1.09%

Hindustan Unilever eyes noodles market; the stock closes 0.63% lower

Istithmar sells entire stake in SpiceJet; the stock slips 1.65%

Inox buys further 7.2% in Fame India; the stock tumbles 10.56%

Sumeet Industries receives export order; the stock rises 3.02%

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Post-market summary

Global signals

The European bourses hit the 10-week low after fresh worries over the global economy. At the time of writing this report FTSE 100 was down by 1.61%.

All the Asian indices closed 1-3% lower. SGX Nifty slid 148 points.

US stock futures opened lower, as investors remains cautious ahead of the key labour data and the Economic Cycle Research Institute's (ECRI) monthly inflation numbers.

Indian indices

Bears trampled the Indian markets second day on a trot, as global indices fell sharply on Eurozone debt fears. Taking lead from the extremely weak global sentiments, the BSE 30 benchmark index opened merely two points lower (which was also the day’s high) but extended the losses and breached the crucial 16000 level to touch the day’s low of 15725. The Sensex remained volatile throughout the session swinging 500 points in the process. At the finishing line, the Sensex closed at 15791, 434 points lower. Nifty also breached the 4800 level to close at 4719, 127 points lower.

Market sentiment

The market breadth, the number of advancing shares to declining shares, was extremely negative. Of the total 2,902 stocks traded on the BSE, 2,368 stocks declined, whereas only 487 stocks advanced. 47 stocks closed unchanged.

Sectoral & stock screening

All the sectors got drubbed during the day. Interest rate sensitive realty sector was hit the most and was down by 4.36% followed by the BSE Metal (metal index) that was down by 4.26%. The remaining indices fell in the range of 1.57-3.52%.
Bears hit all the Sensex stocks into red except Tata Power that was up 0.80%. On other hand Hindalco Industries (down 5.51%), Tata Steel (down 4.65%), Oil and Natural Gas Commission (down 4.54%), Jaiprakash Associates (down 4.46%), and Mahindra & Mahindra (down 3.93%) were hit the most.

Viewing volumes

Industrial finance company, IFCI saw highest trading with over 1.47 crore shares changing hands on the BSE followed by realty major Unitech (1.05 crore shares), wind turbine major Suzlon Energy (0.86 crore shares), Ispat Industries (0.64 crore shares) and Reliance Natural Resources (0.61 crore shares).