Selling pressure has aggravated into equity markets as the local bourses have lost some more ground amidst listless global cues. Equity markets are also trading sideways ahead of country's premier lender -State Bank of India (SBI) - reporting its number. On the global front, after the overnight fall on US markets, regional counterparts are mixed bag with three stocks markets closed on account of local holiday. Meanwhile, the US future indices are showing a downtick in the screen trade. Back home, the downtrend of the bourses can also be contributed to the fall of the Index heavyweights such as Reliance Industries (RIL), ICICI Bank, ONGC and State Bank of India (SBI). Heavyweight ONGC plunged more than 5% on high volume on reports, the government has increased subsidy burden on upstream companies with respect to under-recoveries of oil marketing firms on sale of fuel at controlled price. Meanwhile, State bank of India is down on the reports that it may have to delay its Rs 20,000 crore rights shares issue plan as cash-starved government, which its majority shareholder, does not seem to be in a position to shell out money for SBI's planned rights issue of shares in the current financial year. Besides large cap stocks, small cap stocks too have now slipped into red and both the broader indices i.e. Small cap and Midcap Index have edged lower over 0.10% each. On the BSE Sectoral front, stocks belonging to the Consumer Durables, Fast Moving Consumer Goods counters are limiting the losses of the bourses, while stocks belonging to the Oil & Gas, Public Sector Undertaking (PSU) and Auto are the losers with notable losses. The BSE 30-share Sensex despite losing over 25 points is hovering above the psychological 18300 mark. Meanwhile, the 50-unit S&P CNX Nifty too dropping over 10 points has lost its psychological 5,500 mark. The overall market breadth on BSE is in the favour of declines which have outpaced advances in the ratio of 1268:1104, while 112 shares remained unchanged.
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