Indian equities opened negatively due to weak global reaction, despite the US Senate voting in favor of the $700 billion financial rescue plan, which aims at reviving the drowning financial segment.

Moreover, the passage of Indo-US nuclear agreement also failed to boost the outlook during early trade.

Asian markets opened negative today (Oct 03) on growing worries over the U.S. economic system.

Today, the 30-share index, BSE Sensex opened at 12,899.62, down 156.05 points, as against its last closure at 13,056, up 195.24 points, on Wednesday (Oct 01). 

Karvy Stock Broking Limited has maintained ‘sell’ rating on Steel Authority Of India Limited (SAIL) stock as there are full chances of a downward trend in this stock.

According to Karvy, investors can sell the stock between Rs 129-130 with a strict stop loss of Rs 132 to achieve an intraday target that lies between Rs 120-122. 
  
Karvy feels that SAIL stock would remain under high pressure due to existing market condition. 

Alex Mathew, head - research centre, Geojit Financial Services, said that the stock market, on Tuesday (Sep 30), recovered a lot from its lows on reports from the Finance Ministry that state run banking institutions do not have risky exposure, and the fundamentals of Indian economic system are really strong. 

Mr. Mathew said, “It is very interesting to note that US Chicago Board Options Exchange’s volatility Index has increased by 39% to 48.4% and finally closed at 46.7% yesterday.”

After opening negatively at 12,178.17, down 417.57 points, the 30-share index BSE Sensex fell further to a two-year low of 12,153 on all-round selling by funds following refusal of the $700-billion plan by US House of Representatives.

In contrast, the National Stock Exchange (NSE) index Nifty lost 135 points at 3715 with all the heavy-weight stocks trading in negative zone.

Karvy Stock Broking Limited has maintained ‘sell’ rating on State Bank of India (SBI) stock as there are full chances of a downward trend in this stock.

According to Karvy, investors can sell the stock between Rs 1375-1380 with a strict stop loss of Rs 1400 to achieve an intraday target that lies between Rs 1300-1310. 
  
Karvy feels that SBI stock would remain under high pressure due to existing market condition. 

The 30-share index, BSE Sensex lost 940 points during the week ended Sep 26, on depressing reactions including delay in US bailout plan, closing of America’s second biggest banking institution caused a global meltdown. 

Moreover, the continuing credit crisis was another reason that pulled the Sensex down.

Inflation remained unaltered at 12.14% for the week ended September 13 even as the Finance Ministry said prices of essential items like cereals, pulses, sugar and edible oils went down on a weekly basis