Sensex loses 61 pts at close

Sensex loses 61 pts at close
India's Sensex Drops After Central Bank
Sensex ends lower by 61 points in volatile

NSE
5280.80 -6.70
BSE
18091.94 -60.84


The market, taking global cues, opened on a rousing note this morning. Stocks across the board surged higher and drove the benchmark indices Sensex and Nifty up sharply in early trade. While the Sensex vaulted by nearly 350 points to 18,491.06 in no time, the Nifty shot up to 5391.60, recording a gain of 117.50 points. Expectations of a cut in bank rates resulted in a fairly buoyant mood at that time.

And then, bank stocks turned a bit subdued as the hour hand of the clock inched closer to 12. Auto stocks gave up their early gains and remained a bit listless and the trend was almost similar in the realty space. Finally, after the Reserve Bank of India left bank rates unchanged, the mood turned negative and key stocks from banking, auto and realty sectors declined sharply into the red.

Though the market bounced back smartly after a couple of setbacks, bank and realty stocks continued to lag behind. Auto stocks managed to break free from their lower levels with good results from Maruti Suzuki aiding the sentiment. High volatility marked the afternoon session today.

While the Sensex ended at 18,091.94 with a loss of 60.84 points or 0.34%, the Nifty settled in the positive zone at 5280.80 with a small gain of 6.70 points or 0.13%.
But for a good show by information technology, FMCG and select pharma, metal, oil and power stocks, the market would well have ended with far sharper losses today. Select midcap and smallcap stocks posted impressive gains. Outperforming the premier indices, the BSE Midcap and Smallcap barometers moved up by 0.43% and 0.72% respectively.

FMCG heavyweights Hindustan Unilever (up nearly 4%) and ITC (2.45%) had a bright outing today. Metal stocks Hindalco (3.45%) and Tata Steel (2.55%), pharma major Cipla (3.35%) and Ranbaxy Laboratories (1.4%) and housing finance major HDFC (2.5%) closed on a strong note.
IT bellwether Infosys Technologies notched up a handsome gain of 3.2%. Wipro (up 1.6%) and Tata Consultancy Services (up 1.1%) also closed with smart gains.

Mahindra & Mahindra rallied by 2.25%. Ambuja Cements (2.05%) and ONGC (1.8%) finished on a firm note. Reliance Industries, which moved in a tight band for a better part of the session today, ended with a modest gain of 0.45%. Reliance Energy also closed by around the same margin as RIL. Tata Motors and Grasim Industries edged up marginally.

Banking sector heavyweights ICICI Bank (down 4.15%), State Bank of India (down 3.55%) and HDFC Bank (down 3.35%) ended with sharp losses. Bajaj Auto and Maruti Suzuki lost 2.8% and 0.6% respectively.

Bharti Airtel closed with a loss of 2.8%. Capital goods majors Larsen & Toubro and BHEL eased by 1.9% to Rs 3770 and Rs 2051.95 respectively. Realty stock DLF lost a little over a per cent. ACC, NTPC, Reliance Communications and Satyam Computer Services lost 0.4% - 1%.
Unitech, Dr. Reddy's Laboratories, BPCL, Punjab National Bank, Sterlite Industries, ABB and Hero Honda were among the major losers in the Nifty index.

Suzlon Energy ended with an impressive gain of 8.8%. Sun Pharmaceuticals gained over 7%. Cairn India ended nearly 7% up. Idea Cellular (5.7%), HCL Technologies (5.7%), Zee Entertainment (3.3%), Tata Power (2.75%), Nalco (1.95%), Reliance Petroleum (1.9%), Siemens (1.9%) and GlaxoSmithKline Pharma (1.5%) also signed off on a high note today.

IVR Prime Urban (up 13.5%) was the biggest gainer among BSE 'A' Group stocks. Tata Tea, Wyeth, HTMT Global, Cummins India, Birla Corporation, Dredging Corporation, Wockhardt, Aurobindo Pharma, CESC, Sun TV Network, Titan Industries and Brigade Enterprises also closed with sharp gains.

Midcap stocks Gujarat Petronet, NIIT, United Breweries, Gujarat NRE Coke, Great Offshore, Praj Industries, UTV Software, Kesoram Industries, Carborundum Universal, JK Cement, Crisil, Gujarat State Fertilizers, Matrix Laboratories, Godrej Industries, Essar Shipping and S Kumar's Nationwide moved up sharply today.

The market breadth was almost neutral when trade ended today. Out of 2793 stocks traded on BSE, 1395 stocks were up in the positive territory while 1355 stocks had eased into the red. 43 stocks ended at their previous closing levels.

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