After a volatile and weak start, the Sensex emerged into the positive territory this morning but faltered within the next few minutes as information technology and bank stocks tumbled sharply on selling pressure. Profit taking after yesterday's historic surge and weak global markets rendered the several large cap stocks highly subdued right through the session today.
While the Sensex ended the session with a loss of 144.17 points or 0.72% at 19,784.89, the Nifty closed with a loss of 0.43% or 25.80 points at 5912.10.
Thanks to hectic buying almost right till the end of the session, a number of oil stocks closed with impressive gains. A host of FMCG, fertilizer and realty stocks too finished with handsome gains. Power stocks met with profit taking and dropped down to lower levels. Reliance Energy (down 3.45%), Wipro (down 3.1%), Infosys Technologies (down 3.1%), HDFC Bank (down 2.85%), NTPC (down 2.85%), ICICI Bank (down 2.25%), BHEL (down 1.75%), State Bank of India (down 1.6%), Grasim Industries (down 1.3%), HDFC (down 1.3%) and Tata Motors (down 1.15%) ended with sharp losses.
Pharma majors Cipla, Ranbaxy Laboratories and Dr. Reddy's Laboratories eased by 1.15%, 0.99% and 0.8% respectively. Hindalco lost 0.9%. Reliance Industries and Hindustan Unilever weakened by around half a per cent. Satyam Computer Services, Tata Consultancy Services and Maruti Suzuki ended with marginal losses. ACC, Bajaj Auto and Reliance Communications ended flat.
Bharti Airtel, which zoomed to Rs 922 in intra-day trades, ended with a smart gain of 4.75% at Rs 900.10. ITC closed 3.55% up at Rs 189.65. Mahindra & Mahindra, ONGC, Tata Steel, Ambuja Cements and Larsen & Toubro closed with marginal gains. BPCL and Hindustan Petroleum Corporation vaulted 17.85% and 15.2% respectively. Siemens, VSNL, MTNL, Hero Honda, Suzlon Energy, Zee Entertainment, Unitech, Nalco and SAIL were among the other prominent gainers from the Nifty index.
Tata Power eased by 4.85%. ABB, Punjab National Bank, GAIL India, Reliance Petroleum, Sun Pharmaceuticals and GlaxoSmithKline Pharma also ended on a weak note. Essar Oil (30.5%) was among the most sought after stocks today. Bongaigaon Refinery shot up by 30.15%. Mangalore Refineries & Petrochemicals (22.1%), Chennai Petroleum Corporation (11.85%) and Indian Oil Corporation (10.25%) also moved up strong volumes today.
Among midcap stocks, Motilal Oswal, Essar Steel, Essar Shipping, Hotel Leelaventure, Networth Financial Services, Wire & Wireless, Madras Aluminium, IndusInd Bank, Coromandel Fertilizers, Petronet LNG, Usha Martin, Development Credit Bank, National Fertilizers, Shree Precoated Steels, Mahindra Gesco, Balaji Telefilms, India Infoline and ABG Shipyard were among the top gainers today.
Smallcap stocks Manali Petro, Chemplas Sanmar, Andhra Petro, South Asian Pipes, Gabriel, DCW, Mangalore Chemicals & Fertilizers, DS Kulkarni Developers, Eveready Industries, SREI Infrastructure, Munjal Showa, Indraprastha Medicals, Gujarat Ambuja Exports, Dolphin Offshore, Suraj Diamond, Ciba Specialities and Khaitan Electricals flared up to higher levels.
Though it was a highly negative close for the indices, the market breath remained strong thanks to sustained buying in several midcap and smallcap stocks. Out of 2849 stocks traded on BSE today, 1808 stocks closed with gains. 988 stocks ended in the negative territory and 53 stocks settled at their previous closing levels.
Iraq threatens to bar RIL from future oil contracts.
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