Market Update 2/28/2007

It was disastrous day for the markets on the Budget day wherein it opened on extremely bearish note on the back of negative cues from global markets. Markets were already on its downtrend for last two weak on account of hike in interest rates and untolerable inflationary pressure. It traded extremely subdued throughout the day amidst volatility but lost sharply in late trade and ended in deep red. It was the biggest fall since may 18, 2006. IT, metal, banking and auto stocks were the hardest hit sectors in todays trade. All the index pivotals closed in red and the markets breadth was extremely negative.

The Sensex was down 540.74 points or 4.01% at 12938.09, and the Nifty down 148.60 points or 3.82% at 3745.3. About 564 shares have advanced, 1864 shares declined, and 30 shares are unchanged.

The BSE Auto Index was down 3.69% or 195.69 at 5109.38. Escorts, Tata Motors, Ashok Leyland, Maruti Udyog, M&M, TVS Motor and Bajaj Auto witnessed selling pressure.

The BSE Bankex tumbled 4.28% or 286.81 points at 6408.01. PNB, UTI Bank, Oriental Bank, ICICI Bank, HDFC Bank and IOB closed down.

The BSE Capital Goods plunged 3.40% or 310.90 points at 8834.84. Gammon India, Bharat Elec, Praj Industries, L&T, Carborundum and SKF India ended in red.

The BSE Health Care index was slipped 3.16% or 114.14 points at 3498.93. Orchid Chemical, Glenmark, Divis Labs, Aurobindo Pharma, Nicholas Pirama and Ranbaxy Labs ended down.

The IT index succumbed 5.85% or 302.41 points at 4869.99. HCL Tech, Moser Baer, Satyam, Wipro, Mphasis and Hexaware Tech plunged.

The BSE Metal index was down 4.64% or 414.43 at 8513.55. Sesa Goa, NALCO, Tata Steel, Sterlite Ind, SAIL and Guj NRE Coke meltdown.

The BSE Oil & gas ended down 2.87% or 186.03 or 6297.64. ONGC, Reliance, Reliance Natura and Petronet LNG closed negative

Markets today:

Markets plunge on budget day amid global meltdown
Sensex down 540 points at 12938; Nifty down 149 points at 3745
Biggest fall for Sensex since May 18, 2006
BSE IT Index down 5.85; MAT imposed on IT cos
Satyam down 7.7%, Wipro down 7%, TCS down 5.5%, Infosys down 5%
Cement stocks in focus; excise duty up on sale price above Rs 190/bag
Guj Ambuja down 7.8%, ACC down 6%, Grasim down 5.3%
CNX Mid-cap Index down 3.5%; dragged by construction stocks
Construction stocks slide; sub-contactors not to get benefit under Sec 80 I (A)
Nagarjuna Cons down 19.2%, Hindustan Cosn down 16.26%, IVRCL down 15%
BSE Small-cap Index down 3% on broad based selling
New Listing: SMS Pharma closes at Rs 359.25 Vs listing price at Rs 360
NSE Advance Decline ratio at 1:6
Total market turnover at Rs 67889.95 cr Vs Rs 43918.29 cr

Turnover today:

NSE cash turnover - Rs 12671.46 crore
NSE F&O - Rs 49408.84 crore
BSE cash - Rs 5809.65 crore
Total Turnover - Rs 67889.95 crore