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Markets trade weak, Sensex down 320pts
October, 03rd 2011

The markets are opened weak following negative cues from the Asian and US markets. The BSE Sensex is at 16,131, down 323 points and the S&P CNX Nifty is at 4,850, down 94 points. Global stocks closed their worst quarter in nearly three years on Friday on concerns about the world economy and the lack of a credible solution to Europe's debt crisis.

On Friday, US stocks dropped more than two per cent as signs of slower growth spanning China, Europe and the United States, and the ongoing Greek crisis, hung darkly over the markets. The Dow Jones industrial average dropped 241 points to 10,913.38. The S&P 500 fell 29 points to 1,131.42. The Nasdaq Composite slid 66 points to 2,415.40.

Monday morning, most Asian markets are also trading in the negative over deepening concerns that the euro zone's debt crisis will dampen global growth. The Nikkei 225 is trading 2.3% lower at 8,504, while the Hang Seng has shed 4.2% to 16,846.

Back home, investors are opting to play it safe and may remain on the sidelines ahead of the quarterly results of India Inc, analysts say. Technically the market is in a typical sideways zone with no sign of direction and a slide down to around 4,800 is a possibility. The Nifty faces stiff resistance at 5,037, said Prakash Gaba, a technical analyst.

On Friday, the markets declined almost 2% due to selling in ADAG shares, roiled by 2G scam and also metal shares, after the cabinet cleared the new mining bill, calling for companies to share profits. The Nifty declined 72 points, at 4,943 and the Sensex lost 244 points, at 16,453.

Among sectoral indices, BSE Metal, Bankex and Realty indices are leading the losses, having shed 2-4% each. Jindal Steel & Power, JSW Steel, Hindalco Industries, Tata Steel and Hindustan Zinc, down 3-7% each, are the major losers among the Metals' stocks.

ICICI Bank, Union Bank of India, Axis Bank and Yes Bank, down 3% each, are the major losers among the financials.

Maruti Suzuki, up 1% at Rs 1,087, is the only gainer among the Sensex stocks in an extremely weak environment. Top losers on the Sensex include Jindal Steel, Hindalco Industries, Tata Power, Tata Steel and DLF, down 3-5% each.

The overall market breadth is negative as 1,007 stocks have declined against 613 advancing ones, on the BSE.

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