MIL/Moneycontrol.com, Apr 23, 2008. Author:
April 23, 2008 - The markets have slipped and are trading sharply lower as selling pressure seen in banks, metal, capital goods and some power and oil stocks. However, realty and some technology stocks are still witnessing buying interest.
The Nifty is still trading above 5000 mark. Market breadth is negative; 477 shares advanced while 668 shares declined on the NSE. Midcap and small cap indices turned flat. On the global front, Asian markets were trading higher barring Taiwan Weighted.
At 11:16 am, the Sensex was down 162 points at 16,621 and the Nifty down 35 points at 5,013. About 1320 shares have advanced, 1516 shares declined, and 242 shares are unchanged.
BHEL, ICICI Bank, Tata Steel, HDFC Bank and SAIL were major draggers while movers - Wipro, ACC, M&M, Unitech and Cairn India.
Banking, metal and capital goods stocks are major culprits for selling pressure in markets; respective indices were down 2.5%, 2% and 1.7%.
Power and oil stocks also slipped, indices fell 1% and 0.6%, respectively.
Textile stocks also witnessing buying interest - Arvind Mills was up over 12%, S Kumar Nationwide up 6%, Alok Industries up 8%.
