ibnlive » Business

Nov 17, 2008 at 10:39am IST

Markets choppy; Nifty hovering @ 2800

Mumbai: The markets have opened flat and are trading with some choppiness. The Nifty is hovering at around 2800 level.

Buying is seen in metal, select capital goods, oil and power stocks. However, selling is seen in select technology, realty and banking stocks.

At 9:58 am, the Sensex tumbled 122 points to 9,262 and the Nifty fell 17 points to 2,792.

CHOPPY START: Worried investors feel the heat as Monday starts the markets on a low note

Gainers are Tata Steel, SAIL, DLF, Idea Cellular, ONGC, Reliance Communication, Siemens, Reliance Infrastructure, NTPC, Reliance Power and Reliance Industries. However, Suzlon Energy, Unitech, L&T, ICICI Bank, Cairn India, Infosys and HDFC bank are losers.

Kingfisher Airlines jumped over 9 per cent, as there are reports that the company is planning to sell some stake and is in talks with some overseas airline players.

Asian markets are trading flat. Shanghai Composite rose 8.47 points or 0.43 per cent to 1,994.91. Hang Seng gained 191.04 points or 1.41 per cent at 13,733.70. Jakarta Composite is flat at 1,264.44. Nikkei rose 236.02 points or 2.79 per cent to 8,698.41. Kospi gained 8.56 points or 0.79 per cent at 1,096.82.

However, Straits Times fell 1.55 points or 0.09 per cent to 1,757.59 and Taiwan Weighted lost 5.48 points or 0.12 per cent to 4,447.22.

US markets ended lower. An effort to rally in late trade could not be sustained as selling pressure intensified to rapidly send the stock market back to session lows.

The Dow plunged 337.93 points, or 3.82 per cent, to 8,497.31. The Nasdaq tumbled 79.85 points, or 5 per cent, to 1,516.85 and the Standard & Poor's 500 index down 38 points, or 4.17 per cent, to 873.29.

Decrease in retail sales and weaker demand for mobile phones capped second straight weekly loss for US markets, which raised concern about the depth of the recession.

Market cues:

India At G-20: Do not expect rate cuts as inflation not yet in comfort zone: FM

India At G-20: Need to strike balance between growth & inflation: FM

KV Kamath says there is room for interest rates to go down

FIIs net sell USD 152.5 million in equity

MFs net sell Rs 59.7 crore in equity

NSE F&O Open Int up by Rs 965 crore at Rs 49,882 crore

F&O cues:

Futures Open Interest up by Rs 191 crore, Options Open Interest up by Rs 774 crore

Nifty Futures add 1.8 lakh shares in Open Interest

Nifty Open Interest Put-Call ratio at 1.06 versus 1.07

Nifty Puts add 9.8 lakh, Calls add 14.5 lakh shares in Open Interest

Nifty 2700 Put adds 5.4 lakh shares in Open Interest

Nifty 2600 Put adds 3.5 lakh shares in Open Interest

Nifty 2900 Put sheds 2.6 lakh shares in Open Interest

Nifty 3000 Call adds 4.2 lakh shares in Open Interest

Nifty 2800 Call adds 2.6 lakh shares in Open Interest

Stock Futures add 1.6 cr shares in Open Interest