Mkts plunge on weak global cues; Pvt banks crash

MARKET SWINGS: Nifty slipped below 4000 mark again and Sensex is hovering around 13000.

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Keywords: Nifty, Sensex

Markets have opened on a weaker note following negative cues across the globe as credit crisis is still lingering in US financial space, which is not over yet. Selling pressure is seen in infratstructure, private banking, power, cement and FMCG stocks. Markets breadth is weak; 65 shares have advanced while 477 shares declined on the NSE. Nifty slipped below 4000 mark once again and Sensex is hovering around 13000.

At 9:56 am, the Sensex was down 400 points at 12,928 and Nifty down 111 points at 3,928. CNX Midcap was down 84 points at 5,133.

Biggest losers are L&T, JP Associates, Reliance Ind, Suzlon Energy, Cairn, NTPC, Reliance Ind Infra, ICICI Bank, HDFC Bank, DLF, Wipro, ACC, Tata Power, ABB, Ranbaxy Labs, Grasim and ITC.

Spicejet went up nearly 14% in early trade as Wilbur Ross will invest Rs 345 crore in the company. Wilbur Ross says believe in long-term validity of low-cost airline model in India.

Asian markets were trading lower. Shanghai fell 2.5%, Hang Seng -3.4%, Nikkei -2.15%, Straits Times -1.9%, Kospi -2.8% and Taiwan -3.6%.

Crude was just above $145/bbl on the NYMEX.

Wall Street ended lower. Financials were among major losers as investors worried that the bailout of Fannie Mae and Freddie Mac might not be enough to prevent further turmoil. The Dow Jones plunged 45.35 points, or 0.41%, to 11,055.19. The Standard & Poor's 500 index declined 11.19 points, or 0.90%, to 1,228.30, and the Nasdaq composite index lost 26.21 points, or 1.17%, to 2,212.87.