The
market, which faltered after trading in positive territory for about an hour
earlier this morning, has plunged deep down into the red now with stocks from
banking, FMCG, oil and realty sectors reeling under a severe bout of selling
pressure.
Information
technology and metal stocks are also a bit weak,while power, automobile and
healthcare stocks are mostly flat. Capital goods stocks are finding some
support, although most of these are trading well off their highs.
A weak
trend in Asian markets amid renewed concerns about the outlook for US Federal
Reserve's monetary stimulus, and a lack of triggers from the domestic front are
contributing to the weakness in the market.
The Sensex, which declined to 19,676.85, is currently down
205.62 points or 1.04% at 19,714.59. At 5827.60, off the day's low of 5813.60,
the Nifty is down 64.85 points or 1.1% from its previous close.
Meanwhile, the rupee is hovering
around 62.65 to the U.S. dollar.
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It had hit a 2013 high of 1.4 mn barrels in April, according to International Energy Agency report of September 12. Among other factors that could push crude oil further into bearish zone is the rise in Saudi Arabian production and consequent rise in OPEC shipments by 1.4%.
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