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20 November 2007
Sensex down by 353 pts at close : Sify.Com
Tracking weak global markets, several blue chip stocks opened on a weak note on the major Indian bourses this morning, and, save for a brief while around noon, never really looked strong enough to break free into the positive zone till the end of the session.
The sharp fall on Wall Street due to sub-prime market woes cast its shadow on the Asian bourses and Indian stocks proved no exception to the trend. Though bank, cement and metal stocks bucked the trend and posted gains, they too succumbed to a severe bout of selling pressure that erupted a little past mid afternoon and dropped down to lower levels.
Midcap and smallcap stocks garnered attention. But then, the intensity of pressure in late afternoon trade was so severe that they too drifted down south as the session drew to a close.
Capital goods, information technology, oil, power, realty, PSU, metal, bank, FMCG and auto stocks were all hammered down by the bears. Healthcare stocks outperformed the market and mirroring this, the BSE Healthcare index ended just marginally down from its previous closing mark.
The Sensex, which opened with a negative gap of around 125 points at 19,510.94 and plunged to a low of 19,196.42 during the final minutes, ended the session with a huge loss of 352.66 points or 1.8% at 19,280.60. The Nifty settled at 5780.90 with a loss of 2.15% or 126.75 points.
Tata Motors (0.75%), Ambuja Cements (0.45%), Hindustan Unilever (0.25%), Bajaj Auto (0.15%) and ACC (up marginally) were the gainers from the Sensex.
Hindalco, which eased by 5.5%, was the biggest loser from the Sensex pack. BHEL closed with a loss of 4.65%. DLF and Maruti Suzuki went down by 4.2% and 4.1% respectively. Infosys Technologies, ONGC, Tata Consultancy Services, Grasim Industries, Mahindra & Mahindra, Reliance Industries and HDFC Bank lost 2% - 3.5%.
NTPC shed nearly 2%. Wipro, Reliance Energy, ICICI Bank, HDFC Bank, ITC, State Bank of India, Satyam Computer Services and Larsen & Toubro closed with sharp losses. Tata Steel, Ranbaxy Laboratories, Reliance Communications, Cipla and Bharti Airtel also ended on a weak note.
Nalco slipped by as much as 7.2%. Sterlite Industries, MTNL, BPCL, Tata Power, Unitech and Sun Pharmaceuticals closed lower by 4% - 6%. Punjab National Bank, Siemens, ABB, Suzlon Energy, HCL Technologies and Zee Entertainment closed with sharp losses. GAIL India, Hero Honda, Hindustan Petroleum Corporation, VSNL and Reliance Petroleum also finished on a weak note. SAIL ended with a marginal gain.
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Source: http://www.sify.com
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