Mumbai: The benchmark Sensex made some recovery around noon on Wednesday after opening 2% down on weak Asian markets and overnight Wall Street dip.
Global banking sector crisis is also showing its influence on the Indian banking stocks that have dipped by 2%. Selling pressure is being felt among realty, metal and power segments.
Markets had slipped below the 9,000 on opening but gaining some points the 30-share BSE index was at 9,009.86 or 90.69 points down at 12:02pm, while the NSE Nifty was 23.05 points down at 2,773.55.
Ironically Wipro stocks suffered setback by 3% despite company’s good performance in the third quarter. They posted net profit rise of 8.7% in Q3, a figure that met expectations of investors and analysts.
Reeling under global banking woes after RBS posted $41 billion loss on Tuesday, ICICI Bank is leading the decline among the BSE pack falling by 4.38% at Rs379.90, along with Tata Power by 4.31% at Rs736.80, HDFC by 4.20% at Rs1,421, Sterlite Industries by 4% at Rs247.50 and Ranbaxy Laboratories by 3.24% at Rs207.45.
Barack Obama’s being sworn in as President of United States also did little to boost markets as banking stocks in Wall Street and Asia continued to disappoint. A major loser on the Hang Seng index is HSBC by 3.6% and the index is trading lower by 2.3%. Japan’s Nikkei also slid 2% to hit a seven-week closing low.