Tuesday, November 16, 2010

MARKETS CONSOLIDATE BY 4 % IN 2 DAYS

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Massive profit-booking sparked by a weak trend in Asia led the BSE benchmark Sensex fall below the crucial 20000 points level on Tuesday, while the NSE''s broad-based Nifty index also dipped beneath the psychological 6000 mark. European stocks are expected to open lower Tuesday as European sovereign debt worries continue to weigh on the markets, while a late fall on Wall Street and a mixed session in Asia also paved the way for a negative session. Asian stock markets were mixed Tuesday, with the market in Seoul weighed down by a rate hike from the Bank of Korea. Back on the domestic front, India''s import growth plummeted to 6.8 per cent in October from a year ago, lowest in seven years, reinforcing the perception that India''s domestic economy was slowing down, but exports continued to grow at a fast rate, indicating an improving trend.At 14.33 IST, the BSE Sensex was trading down by 425.11 points or (2.09 per cent) at 19,884.58 and the NSE Nifty was trading at 5,983.55 down by 138.05 points or by (2.26 per cent).The BSE Mid Cap was trading down by 163.76 points or (1.94 per cent) at 8,255.88 and the BSE Small Cap was trading down by 291.85 points or (2.68 per cent) at 10,593.45.The BSE Metal index was at 16,581.60 down by 527.32 points or by (3.08 per cent). The main losers were Sterlite down by (4.63 per cent), JSW Steel by (4.55 per cent), Hindalco by (4.43 per cent), Jindal Steel (3.19 per cent) and National Alum by (3.03 per cent).BSE Realty index was at 3,353.54 down by 95.00 points or by (2.75 per cent). The main losers were Unitech (4.66 per cent), Orbit Corp (4.30 per cent), Indiabulls Real Est (3.75 per cent), HDIL (3.75 per cent) and D B Realty (2.43 per cent)

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