Sensex extends losses, ends 170 pts down
A splendid rally in afternoon trade notwithstanding, the Sensex ended in the negative territory with a big loss for the sixth successive session (including the one on November 9, 2007) today. Bank, capital goods, power and metal stocks, among the severely hammered in morning trade, were the ones to bounce back strongly towards the end of the session.
Auto, healthcare and PSU stocks too rebounded smartly. Oil and information technology stocks failed to find support. Select midcap stocks regained lost ground and posted sharp gains.
According to a data released by the government this afternoon, India's industrial output in September 2007 rose 6.4% from a year earlier, sharply lower than annual growth of 10.7% in August 2007 due to sluggish manufacturing and electricity output. Manufacturing production rose 6.6% in September 2007 from a year earlier, compared with a provisional annual growth of 10.4% in August 2007.
While deepening crisis in the US subprime market dented investor confidence in morning trade, short-covering in select blue chip stocks and a recovery in European markets pulled the indices out from lower levels during the final hour of trade.
The Sensex, which crashed by nearly 575 points to 18,333.21 in early trade this morning, ended with a loss of 170.33 points or 0.9% at 18,737.27, around 74 points down from a high of 18,815.11 it touched in late afternoon trade. The Nifty settled at 5617.10, down 0.81% or 46.15 points from its previous closing mark. In intra-day trades today, the Nifty touched a low of 5477.50.
FMCG heavyweights ITC (5.3%) and Hindustan Unilever (2.85%) ruled firm almost right through the session. NTPC powered its way up smartly to record a handsome gain of 5.05%. State Bank of India, which rallied to a high of Rs 2252.90, settled with a gain of 3.45% at Rs 2237.15. Cipla (2.6%), Hindalco (2.3%), Ambuja Cements (1.45%) and Grasim Industries (1.3%) ended on a firm note.
Larsen & Toubro, which tumbled to Rs 3969 in early trade, ended at Rs 4167.302, netting a gain of nearly a per cent. ICICI Bank and Maruti Suzuki closed with modest gains at Rs 1146.65 and Rs 993.20 respectively. Nifty stock Siemens notched up a gain of 3.25%. SAIL moved up by around 2.3%. Punjab National Bank, Sun Pharmaceuticals, Unitech, Tata Power, Nalco and GlaxoSmithKline Pharma ended with sharp to moderate gains.
ONGC, the biggest loser from the Sensex pack, eased by as much as 4.75%. Bharti Airtel closed with a loss of 4.25%. HDFC Bank lost a little over 4%. Infosys Technologies (down 3.6%), Satyam Computer Services (down 3.2%), Mahindra & Mahindra (down 3.15%), Bajaj Auto (down 2.8%), Tata Steel (down 2.25%), Tata Consultancy Services (down 2.2%), Reliance Industries (down 2.15%) and Reliance Communications (down 2.05%) went down sharply.
ACC, Tata Motors, BHEL, Ranbaxy Laboratories and Reliance Energy lost 1% - 2% from their previous closing levels. Wipro ended with a loss of a little over half a per cent. HDFC, which moved in a tight band today, closed 0.4% down at Rs 2512.60. GAIL India, Hindustan Petroleum Corporation, Sterlite Industries, Reliance Petroleum, ABB, MTNL, HCL Technologies, Suzlon Energy, Zee Entertainment, BPCL and VSNL finished with sharp losses today.
Neyveli Lignite Corporation vaulted 16.55% to Rs 194.70. Mangalore Refineries & Petrochemicals zoomed 14.45% to Rs 99.20. Essar Oil jumped nearly 11.5%. i-Flex Solutions posted a hefty gain of 9.45%. Mirc Electronics, Welspun Gujarat, HMT, Balaji Telefilms, Ispat Industries, IDFC, Bongaigaon Refinery and iGate Global Solutions moved up by 6% - 9% today.
Century Textiles, Chennai Petroleum Corporation, Syndicate Bank, Aban Offshore, Jindal Steel, IDBI, Sesa Goa, Tata Chemicals, Dish TV, Balrampur Chini, Bajaj Hindustan, Sintex Industries, Biocon, JP Hydropower, Tanla Solutions and IFCI were among the other prominent gainers today.
Lanco Infratech, United Phosphorus, Bank of India, Puravankara Projects, Asian Paints, Jet Airways, DLF, ING Vysya Bank, Pidilite Industries, Century Enka, Cadila Healthcare, IPCA Laboratories, Union Bank of India, Aditya Birla Nuvo, Nicholas Piramal and Arvind Mills ended with sharp losses. The market breadth, despite some strong buying in late afternoon trade, remained weak. Out of 2768 stocks traded on BSE today, 1697 stocks ended in the negative territory. 1017 stocks closed on a positive note and 54 stocks ended unchanged from their previous closing levels.
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