Save for a brief while this morning and for a few minutes around mid
afternoon, the market languished in the red today due to heavy selling
in several front line stocks.
A negative close on Wall Street and rising crude oil prices dampened
the sentiment to a notable extent. There were no positive cues from
Asian markets as well. Buying remained stock specific for a better
part of the session today. Realty and information technology stocks
fared reasonably well.
Bank, PSU,oil, capital goods and power stocks wilted under pressure.
Metal stocks exhibited weakness but rebounded well in late afternoon
trade and trimmed down their losses significantly. Pharma and FMCG
stocks remained subdued while select auto stocks edged higher.
Though not many small cap stocks managed to find support, the mid cap
space saw a fair amount of buying today. The market breadth, which
remained a bit negative at one stage, turned positive as the session
drew to a close. Out of a total of 2780 stocks traded on BSE today,
1427 stocks closed on a positive note. 1296 stocks ended lower and 57
stocks settled at their previous closing levels.
The Sensex, which opened with a positive gap of around 40 points at
16,823.99 and progressed to 16,871.27 in early trade, plunged to a low
of 16,589.45 and finally settled at 16,698.04 with a loss of 85.83
points or 0.51%. The Nifty, which moved in a range of around 80 points
- it touched a high of 5083.50 and a low of 5003.55 today - ended with
a loss of 0.52% or 26.50 points at 5022.80.
ACC (3.05%), Infosys Technologies (2.95%), Wipro (2.9%), Grasim
Industries (2.2%), Tata Steel (2.15%), Hindustan Unilever (1.6%) and
DLF (1.5%) ended with impressive gains.
Maruti Suzuki gained nearly a per cent. Reliance Energy moved up by
0.75%. Tata Motors ended with a gain of 0.65%.Tata Consultancy
Services edged up by 0.35% while Ambuja Cements and Mahindra &
Mahindra closed with small gains.
Banking sector heavyweights HDFC Bank (down 3%), State Bank of India
(down 2.1%) and ICICI Bank (down 2.05%) ended with sharp losses on
sustained selling pressure.
Hindalco closed with a loss of over 2.5%. BHEL eased by 2.4%. Ranbaxy
Laboratories lost 2%. Bharti Airtel (down 1.25%), Satyam Computer
Services (down 1.2%), Reliance Industries (down 1.15%) and ONGC (down
1%) also declined sharply.
Jaiprakash Associates, Reliance Communications, Larsen & Toubro, ITC,
HDFC and Cipla lost 0.25% - 1%. NTPC ended flat.
SAIL, which went down by over 5.5%, was the biggest loser in the Nifty
index. Idea Cellular lost 5.25%. Suzlon Energy, BPCL, Siemens and
Cairn India also closed with sharp losses.
Unitech, Reliance Petroleum, Zee Entertainment, Tata Power, Dr.
Reddy's Laboratories, Punjab National Bank and Nalco ended with sharp
to moderate gains.
Spice Telecom shot up by 15.85%. Ashok Leyland surged 9.75% on strong
buying enquiries. Mangalore Refineries & Petrochemicals, Hindustan
Zinc, Welspun Gujarat, Hindustan Construction Company, Gammon India,
Gujarat NRE Coke, Torrent Power, Reliance Industrial Infrastructure,
Rashtriya Chemicals & Fertilizers, IFCI, Jindal Saw, Akruti City,
Omaxe, Glenmark Pharma, GE Shipping and Petronet LNG recorded strong
gains.
Midcap stock Blue Dart Express hit the 20% upper limit on strong
quarterly results. Castrol India, Crisil, Bombay Rayon Fashions, EID
Parry, Global Broadcast News, Ballarpur Industries, Asian Hotels,
Birla Corporation, Everest Kanto Cylinder, Walchandnagar Industries
and BF Utilities were some of the other major gainers in the midcap
space.
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