Markets extend losses, heavyweights weigh
Friday, 12 November 2010
MUMBAI, Nov 11 (Business Standard): Markets slump in the last leg of trade. Selling pressure in index heavyweights like TCS, ONGC, Reliance Industries, Bharti Airtel and HDFC has dragged the benchmark down by 70 points.
Sensex is trading near day's low at 20,624, down 245 points, the S&P CNX Nifty has fallen 73 points to 6203.
The bourses have been witnessing selling pressure owing to the Power Grid follow on public offer. "Many frontline counters are seeing profit booking and money is getting shifted towards fresh issues," Ashish Chaturmohta, Vice President-Derivates, from Angel Broking said.
The Inflation data also played a spoil sport, the food price index surged to 12.3 per cent and fuel price index spiked to 10.7 per cent year on year. The whole sale price index was up 8.6 per cent in September versus annual rise of 8.5 per cent.
Other markets across Asia also ended on a mixed note, Japan's Nikkei Stock Average was up 0.3 per cent, South Korea's Kospi Composite was up 0.2 per cent, Hong Kong's Hang Seng Index rose 0.8 per cent, and China's Shanghai Composite was up 1 per cent.
Although consumer price index rose 4.4 per cent in China, other data on fixed asset investments indicated that the Chinese economy was on a firm ground.
Sensex is trading near day's low at 20,624, down 245 points, the S&P CNX Nifty has fallen 73 points to 6203.
The bourses have been witnessing selling pressure owing to the Power Grid follow on public offer. "Many frontline counters are seeing profit booking and money is getting shifted towards fresh issues," Ashish Chaturmohta, Vice President-Derivates, from Angel Broking said.
The Inflation data also played a spoil sport, the food price index surged to 12.3 per cent and fuel price index spiked to 10.7 per cent year on year. The whole sale price index was up 8.6 per cent in September versus annual rise of 8.5 per cent.
Other markets across Asia also ended on a mixed note, Japan's Nikkei Stock Average was up 0.3 per cent, South Korea's Kospi Composite was up 0.2 per cent, Hong Kong's Hang Seng Index rose 0.8 per cent, and China's Shanghai Composite was up 1 per cent.
Although consumer price index rose 4.4 per cent in China, other data on fixed asset investments indicated that the Chinese economy was on a firm ground.