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| Markets trade weak Sensex down 2.5 |
| The markets opened weak on the back of weak global cues with the benchmark index skidding over 500 points in opening moves.
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| INDIA
, 10-August-2007
5:59:35 AM |
| In the broader markets, the Nifty slipped 2.9 per cent or 125 points to trade at 4,277 levels.
Wall Street plunged Thursday after a French bank said it was freezing three funds that invested in US subprime mortgages as it was unable to properly value their assets.
The Dow Jones industrials extended its series of triple-digit swings, this time falling more than 380 points. The Nasdaq composite index tanked 56.49 points, or 2.16 per cent, to 2,556.49 levels.
Back home, leading the pack of losers at the Sensex on Friday are HDFC Bank, ICICI Bank, ITC Limited, Tata Steel, TCS and HDFC. They shed over three per cent each.
"The fall presents an opportunity to switch to defensive sectors like pharma and FMCG. One can also look at technology as a contrarian bet," said Salil Sharma, Partner, Kapur Sharma & Co.
Wipro, Mahindra & Mahindra, ACC, Bharti Airtel, Reliance Communication, Reliance Energy, Bajaj Auto, Reliance Industries, Hindalco, Grasim Industries and Ambuja Cements are some of the other notable losers.
Banks worst hit
All sectoral indices are trading in negative turf. The banking index, BANKEX, is the worst hit that slipped 3.4 per cent or 267 points. Key losers include Federal Bank, ICICI Bank, HDFC Bank, Union Bank of India, Indian Overseas Bank and Punjab National Bank.
Indiabulls Real Estate (down 5.3 per cent), Parsvnath Developers (down 3.7 per cent), Ansal API (down 3.7 per cent), Unitech Limited (down 3.2 per cent), Peninsula Land (down 3.1 per cent) and Mahindra Gesco (down 3.1 per cent) lost ground in the realty pack.
Heavy selling is also visible in metal counters. Jindal Steel & Power, Bhushan Steel, Sterlite Industries, NALCO, Hindustan Zinc, SAIL, Maharashtra Seamless and Tata Steel are trading weak.
Cement cracks
Shree Cements at Rs 1,205 levels is the top loser in the cement pack. It cracked 6.4 per cent or Rs 82 in early deals. Madras Cements, India Cements, Birla Corp
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