Sensex nosedives; Asian markets fall

Mumbai: The BSE benchmark Sensex fell over 100 points in the opening trade, tracking weak global cues. The eurozone remained crisis-prone as British PM David Cameron and German Chancellor Angela Merkel failed to narrow down differences over the introduction of a financial transaction tax in Europe last weekend. The ripples of the crisis was felt on Asian markets.

The 30-share BSE Sensex dropped 158 points to 16,213.69 in the opening trade while the 50-share NSE Nifty lost 50 points to 4,856.05.

The Indian rupee depreciated to 51.48 a dollar in the morning trade, losing 0.3 per cent as compared to Friday's rate of 51.33/$.

Heavyweights Bharti Airtel (on 2G scam news) and Reliance Industries were down 2 per cent each.
Sterlite, Hindalco, ICICI Bank, Axis Bank, HDFC Bank, Kotak Mahindra Bank, IDFC, JSPL, Tata Motors, HCL Tech, Reliance Communications, Reliance Infra, DLF, ITC and M&M were knocked the market 1 per cent lower in early trade.

However, BPCL, ONGC and Cipla were witnessing buying interest.

The CNX Midcap fell 30 points to 6,609. The market breadth has remained in favour of declines; about three shares fell for every share rising.

PFC and Shree Renuka and Kingfisher up 1-2 per cent. Pipavav Defence rose 3.5 per cent.

Parsvnath was up 0.7 per cent on short covering; stock fell 20 per cent last Friday.

Gitanjali Gems tumbled 3 per cent as the stock will go out of F&O from November 25.

Punj Lloyd, IVRCL, GTL, Patni, JSW Steel, S Kumars and IFCI crashed 3-4 per cent.

Global cues

European markets ended off day's low on Friday, but disagreement amid top political leader’s continued.

The US equity markets ended flat ahead of talks that US lawmakers will fail to reach an agreement to cut the budget deficit.

The Dow Jones Industrial Average ended up 25 points at 11,794 on Friday; it was down 3 per cent for week while gained 2 per cent YTD.

The NASDAQ Composite was down 15 points at 2,571; it was down 4 per cent for week and down 3 per cent YTD.

The S&P 500 Index fell 0.5 points at 1,215; it was down 3.8 per cent for week and down 3.3 per cent YTD.

Europe

British PM David Cameron and German Chancellor Angela Merkel failed to narrow differences over the introduction of a financial transaction tax in Europe.
Reports suggest that ECB is considering lending money to the IMF to be used for bailing out euro zone countries.

Posted in: Business