RTTNews - Tuesday, the Indian market is trading lower following a broad-based sell-off in global markets on renewed concerns about the health of the world economy. However, the market has recovered considerably after gap opening down in the morning. Metal stocks are the worst hit due to lower commodity prices.
The BSE Sensex opened lower at 14,148 and touched a low of 14,017 before recouping some of its loss. The index is now trading at 14,165, down 161 points or 1.13% from its previous close.
Meanwhile, the S&P CNX Nifty is down 0.93% at 4,196, the BSE mid-cap index is losing 1.44% and the small-cap index is down 1.76%. The market breadth on the BSE is extremely negative, with 1372 decliners compared to 448 stocks that are advancing.
Among the major decliners, ICICI Bank is losing 4.29%, Sterlite and ITC are losing over 3% each and Tata Steel, Hindalco, Infosys, Jaiprakash Associates, HDFC, ACC, Reliance Communication, DLF and Larsen & Toubro are trading down over 2% each.
On the other hand, ONGC, NTPC, Grasim Industries, Sun Pharma and SBI are trading firm.
Syndicate Bank is losing 2.22% after it proposed to raise Rs 150 crore with unspecified green shoe option by way of private placement of 1,500 unsecured innovative perpetual debt instruments and non-convertible taxable Tier I bonds. IDBI is up a modest 0.43% after it lowered its interest rates on retail term deposits of varying tenures by 25-50 basis points.
Parsvnath Developers is tumbling more than 4% on getting shareholder approval for a 25- billion fund raising plan through a qualified institutional share placement. Gremach Infrastructure Equipments & Projects is rising 1.54% after the company proposed to raise funds through global depository receipts, ADRs or a qualified institutional share placement.
ABG Shipyard is adding 2.67% after the shipbuilder offered to pay Rs.375 per share for the acquisition of a 33.85% stake in Great Offshore. Great Offshore is also trading up 4.7%, while Bharati Shipyard, which had offered Rs.344 per share for acquiring an additional 20% stake in Great Offshore, is down 4.15%.
NTPC is gaining 1.47% after it acquired a 44.6 percent stake in Kerala-based Transformers & Electricals Kerala for Rs.31.34 crore. Hindustan Dorr Oliver is down 2.36% despite bagging a Rs 53-crore order from HPCL-Mittal Energy for a raw-water treatment plant.
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