stock news (oct-10)

stock news (oct-10)

Chennai : India | Oct 10, 2012 at 12:35 AM PDT
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Australia's central bank has cut interest rates to 3.25%, their lowest level since the global financial crisis

All 13 sectoral indices in red

DATE: 10/10/2012

Key benchmark indices recovered in early afternoon trade after sliding to lowest level in almost two weeks after global ratings agency Standard & Poor's today, 10 October 2012, warned about a significant chance of downgrading India's credit rating, reiterating its June stance if growth prospects and external position worsen, or fiscal reforms slow. Investors also fretted about the world's economic prospects after the International Monetary Fund (IMF) downgraded its global growth estimates for 2012 and 2013. The barometer index, BSE Sensex, was down 122.27 points or 0.65%, up 25.93 points from the day's low and off 69.54 points from the day's high. The market breadth was weak. All the 13 sectoral indices on the BSE were in red. Euro-zone debt worries also weighed on sentiment as protests in Greece during German Chancellor Angela Merkel's visit on Tuesday, 9 October 2012, raised doubt about a quick resolution of euro-zone debt crisis.

Capital goods stocks declined. Auto stocks fell across the board. Index heavyweight and cigarette maker ITC was marginally higher in volatile trade. Another index heavyweight Reliance Industries (RIL) retained positive zone.

Realty major DLF fell for third day in a row after India Against Corruption (IAC) activist-turned-politician Arvind Kejriwal on Tuesday, 9 October 2012, renewed his attack on DLF stating that DLF had received large favours from the Congress-ruled Haryana state government over the past few years and added that the company's business links with Congress chief Sonia Gandhi's son-in-law Robert Vadra were responsible for the favourable treatment.

The market edged lower in early trade on weak Asian stocks. The Sensex hit its lowest level in almost two weeks. A bout of volatility was witnessed as key benchmark indices weakened once again after staging a recovery from an initial slide in morning trade. Weakness continued on the bourses in mid-morning trade. Market recovered in early afternoon trade after sliding to lowest level in almost two weeks.

BSE Sensex was down 122.27 points or 0.65% to 18,671.09. The index lost 148.20 points at the day's low of 18,645.16 in early afternoon trade, its lowest level since 27 September 2012. The index fell 52.73 points at the day's high of 18,740.63 in morning trade.

The S&P CNX Nifty was down 39.70 points or 0.70% to 5,664.90. The index low of 5,658.05 in intraday trade, its lowest level since 5 October 2012. The index hit a high of 5,686.50 in intraday trade

The market breadth, indicating the overall health of the market, was weak. On BSE, 1,691 shares declined and 893 shares rose. A total of 137 shares were unchanged.

The total turnover on BSE amounted to Rs 1040 crore by 12:20 IST compared with Rs 808 crore by 11:20 IST

From the 30-share Sensex pack, 25 stocks declined while the rest of them gained.


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India's economy grew by 5.5% in the fiscal first quarter, the lowest in around three years
India's economy grew by 5.5% in the fiscal first quarter, the lowest in around three years
banknifty2012 is based in Chennai, Tamil Nadu, India, and is a Stringer on Allvoices.
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