The benchmark indices have shown some recovery from the lows of the day but are still witnessing selling pressure. Power stocks have turned into green, after CERC has raised Return on Equity for power units to 15.5% versus 14%; 15.5% RoE will be applicable from 2009-2014.
CERC also said return on equity for projects completed on schedule stood at 16%. NTPC, Power Grid, Tata Power, Reliance Infrastructure and Reliance Power gained 1.5-12%. BSE Power Index rose 1.5%.
Metal, banking, auto, telecom, realty, oil & gas, capital goods and technology stocks are still under pressure. Midcap and small cap indices also recovered from lows of the day.
The Sensex went down 209 points to 9,119 and the Nifty lost 44 points to 2,802, at 2:58 hours IST. BSE Midcap and Small cap indices slipped marginally.
Market breadth is in favour declines; about 1107 shares have advanced while 1437 shares declined. Nearly 400 shares are unchanged.
BSE Metal, Bankex, Auto, TECK, Realty, Oil & Gas and Capital Goods indices lost 2-3%.
Markets @ 2:03 pm ; Mkts reel under pressure; Bharti, RIL, banking drag
The markets are trading sharply lower, as selling continues in banking, metal, realty, auto, telecom, oil & gas exploration, capital goods and power stocks followed by midcap and small cap stocks. There is a bit of recovery in the benchmark indices due to ONGC, though it lost 1%.
The Sensex is hovering around 9100 level, went down 232 points to 9,096 and the Nifty lost 66 points to 2,780, at 2:03 hours IST. BSE Midcap and Small Cap indices felll 0.4-0.9%.
Bharti Airtel, Reliance Industries, HDFC, ICICI Bank, SBI, BHEl, SAIL, NTPC, Reliance Communication, ONGC, HDFC Bank, DLF and L&T are dragging the markets lower.
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