Noon: Sensex down 100 pts, auto stocks battered

Noon: Sensex down 100 pts, auto stocks battered
Comment E-mail Print Share
First Published: Thu, Feb 05 2009. 12 43 PM IST
Updated: Thu, Feb 05 2009. 12 43 PM IST
New Delhi: Markets are trading volatile with a negative bias on Thursday. The benchmark indices had opened positive but in not time slipped to red on account of mixed cues from the Asian markets.
Some buying activity had emerged in the metal segment but other indices are under selling pressure. Consumer durables stocks seems to be losing the most along with auto, capital goods, oil and gas.
The Bombay Stock Exchange (BSE) benchmark Sensex declined by 1% in the noon session from its marginal morning gain of 16 points to 9.094.60 or 107.25 points lower at 12:41pm. At the same time 50-share NSE Nifty was at 2,770.95 or 27.05 points down.
Auto industries are suffering sell off because of drop in sales. Mahindra and Mahindra dropped by 4.61% at Rs 269.80 also affected by its decision to bid for fraud-hit Satyam Computers. Maruti Suzuki, which is doing better in terms of sale among the automakers also slipped by 3.70% at Rs579.75.
Tata Motors is also grappling financial trouble of acquiring Jaguar and Land Rover and is reportedly having payment problems with vendors. Their stocks fell by 2.59% at Rs131.75.
Meanwhile, much awaited inflation figure for 24 January also slipped to 5.07% from previous week’s 5.64% and is expected to provide relief to the market.
Asian markets still displayed mixed sentiments as Nikkei slipped by 1.1% on falling technology shares and Hang Seng rallied by 2.7% on hopes of Chinese stimulus.
Comment E-mail Print Share
First Published: Thu, Feb 05 2009. 12 43 PM IST
More Topics: India | Stocks | Markets | Asia | BSE |