Mkts pull back from early lows; bank, IT stocks worst hit

The markets have pulled back significantly from the early lows but are still trading under pressure. All the key BSE indices are trading in red led by banking, IT and metal sectors which are trading with a cut of over 1%.

market breadth has also improved however was still in favour of declining stocks. On NSE 335 stocks were on the advancing side and over 715 stocks on the declining side. Rupee was quoting at 39.35 against a US dollar. Nymex crude price has softened a bit and was at $ 95.65 per barrel.

At 10.55 am, the Sensex is down 118.64 points or 0.62% at 19171.19, and the Nifty down 66.35 points or 1.15% at 5716. About 1282 shares have advanced, 1673 shares declined, and 108 shares are unchanged.

Top gainers on the Sensex are Hindalco at Rs 190.90 up 1.19%, Larsen at Rs 4,135 up 0.50% and ACC at Rs 1,029.70 up 0.18%.

Top losers on the Sensex are Wipro at Rs 461.70 down 3.28%, HDFC Bank at Rs 1,577.80 down 2.48% and Bharti Airtel at Rs 883 down 1.92%.

Most active shares on NSE are Reliance Natural at Rs 148.55 with 14,704,069 shares, Reliance Petroleum at Rs 214.95 with 8,368,144 shares and Reliance at Rs 2,768.45 with 489,375 shares.

BSE Bankex was down nearly 1.9% at 10,419. Major losers in this space were HDFC Bank at 1580 down 2.35%, SBI at 2221.90 dpwn 2.01% and ICICI Bank at 1180 down 1.98%.

IT stocks were also trading subdued today and the major loser were Wipro at 458.80 down 3.89%, I-Flex at 1364.80 down 2.26%. Infosys hit 52 week low today.

Mkts open with huge gap down on weak global cues

The markets opened on weak note today taking cues from the global markets. Heavy selling was seen in the opening trade today led by the IT, cap good stocks.

At 9:56 am, Sensex was down 307 points at 18962 and Nifty was down 126 points at 5655. Major losers in the early trade were Rel Petroelum, Sterlite, SBI, HDFC Bank, Wipro, ACC, Bharti, Maruti, Satyam and Infosys.

Asian markets plunged today. Hong Kong's Hang Seng tumbled 2.74% or 812.63 points at 28,896.30, Japan's Nikkei fell 2.32% or 372.71 points at 15,723.97, Taiwan's Taiwan Weighted plunged 2.96% or 275.41 points at 9,024.81, Singapore's Straits Times was down 0.27% or 10.09 points at 3,673.01 and South Korea's Seoul Composite declined 1.82% or 37.23 points at 2,005.96.

US markets: The Dow fell 360.92 points, or 2.64%, to 13,300.02. The Standard & Poor's 500 index fell 44.65 points, or 2.94%, to 1,475.62- moving below the 1,500 benchmark. The Nasdaq composite index fell 76.42 points, or 2.70%, to 2,748.76.

Market cues:
FIIs net buy USD 1.3 million in equity on Nov 6
MFs net buy Rs 63.2 crore in equity on Nov 6
NSE F&O Open Interest down by Rs 647 crore at Rs 91,632 crore