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Market hits two-week low on Greek default fears

Key benchmark indices reversed initial rally to hit two-week lows in mid-afternoon trade as European shares fell and as US index futures slumped on fears the Greek government may default on its debts and on worries over a possible downgrade of French banks. The 50-unit S&P CNX Nifty fell below the psychological 5,000 mark after regaining that level earlier in the day. The barometer index BSE Sensex was down 100.53 points or 0.61%, off about 365 points from the day's high and up close to 30 points from the day's low.

The market breadth turned negative in contrast with a strong breadth earlier in the day. Index heavyweight Reliance Industries (RIL) reversed initial gains. Commercial vehicles major Tata Motors hit a 52-week low. Many other auto stocks reversed initial gains. Bank stocks also reversed initial gains on concerns elevated interest rates may restrict loan growth, with banking giant State Bank of India (SBI) hitting 52-week low.

The market surged in early trade, tracking higher Asian stocks. The market regained strength after trimming gains from intraday highs in morning trade. The market hit a fresh intraday high in mid-morning trade. The market came off highs later. The market surged to fresh intraday high in early afternoon trade. The Sensex came sharply off high in afternoon trade as European shares moved off highs after a firm start and as US index futures turned negative from positive. The market reversed initial rally to hit two-week low in mid-afternoon trade as European shares fell and as US index futures slumped on fears the Greek government may default on its debts and on worries over a possible downgrade of French banks.

Investors will keenly watch data on second quarter September 2011 corporate advance tax payment due on Thursday, 15 September 2011, which may provide cues on Q2 September 2011 results.

At 14:20 IST, the BSE Sensex was down 100.53 points or 0.61% to 16,401.21. The index fell 127.06 points at the day's low of 16,374.68 in mid-afternoon trade, its lowest level since 29 August 2011. The index rose 264.45 points at the day's high of 16,766.19 in early afternoon trade, its highest level since 9 September 2011.

The S&P CNX Nifty was down 32.45 points or 0.66% to 4914.35. The Nifty hit a high of 5,030.50 in intraday trade, its highest level since 9 September 2011. The Nifty hit a low of 4,911.05 in intraday trade, its lowest level since 29 August 2011.

The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1,336 shares fell and 1,328 shares rose. A total of 127 shares remained unchanged. The breadth was strong earlier in the day.