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Last hour sell off
Mon, 23 Mar 03:30 pm

Indian markets turned choppy as they slipped below the dotted line during the final hour of trade. BSE-Sensex was trading with losses of 50 points while NSE-Nifty was trading down by 15 points. Almost all the sectors are trading with moderate losses. However, auto and metal sectors are trading with slight gains. S&P BSE Midcap and S&P BSE Smallcap have underperformed the benchmark indices. Midcap and smallcap stocks have lost nearly 0.7% and over 1% respectively.

Commodities extended their losses in the second trading session. Gold, per 10 grams, has lost about 0.3% or Rs 72 and is trading at Rs 26, 100 levels while silver has lost over 1%. Per kilogram, the price of silver fell by Rs 400 and is available at Rs 37,400 levels. Crude oil prices tanked nearly 3% after the statement was issued by the Saudi Arabia over not reducing its output alone. Crude oil prices fell to by Rs 84 and per barrel is trading at Rs 2,894. Indian rupee declined 0.3% or 0.12 and is available at Rs 62.33 against the U.S. Dollar.

European stocks have opened today's session on a negative note as investors remain wary of the Greece bailout. German DAX and France's CAC fell over 1% and 0.8%, respectively.

The information technology sector has lost about 1% in today's trading session. TCS, however, is trading between small losses and gains. IT bellwether Infosys has cracked over 1% after investors book profits. According to a leading financial source, Infosys and Accenture have inched closer towards finalizing a deal worth Rs 9 bn from Australia-based Macquaire Group. The tenure of the deal is reported to be 5 years and the areas that would be covered will include infrastructure management services, application development and testing.

Power stocks have mainly remained volatile in second half of the trading session. The renewable energy and debt-laden company Suzlon has received a nod from its shareholders to sell its German company Senvion and also to issue 1 bn preferential shares. The company was taken over Suzlon in 2007 for a consideration of Rs 73 bn. The proceeds from the sale will be used to cut the company's debt. Shares of the company gained over 1.5% in today's trading session.

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