Sensex loses 87 pts at close

NIFTY
5906.85
-5.25
SENSEX
19698.36
-86.53

The market opened on a weak note this morning, and, despite recovering swiftly and staging a smart rally, remained sluggish right till the end of the session as participants chose to stay away from a majority of blue chip stocks due to lack of triggers. Finally, following a fairly strong round of selling in some front line stocks, the benchmark indices Sensex and the Nifty closed in the red today.

Weak global markets rendered the mood somewhat negative. Fresh concerns over US credit worries and surge in inflation weighed down the sentiment to a notable extent.
While the Sensex, which plunged to 19,472.51, losing more than 300 points in early trade, ended the day with a loss of 86.53 points or 0.44% at 19,698.36, the Nifty closed with a small loss of 0.09% or 5.25 points at 5906.82. In intra-day trades today, the Nifty touched a low of 5817.40 and a high of 5948.05. The Sensex hit a high of 19,838.03 in early afternoon trade.

Oil stocks had another fine run in the positive territory. Select FMCG stocks, led by heavyweight ITC, posted smart gains. Auto and PSU sectors witnessed selective buying. Consumer durables stocks, which had missed out on the rally on Wednesday, were among the notable gainers today.

Information technology and capital goods stocks eased to lower levels on selling pressure. Though a few bank stocks firmed up to higher levels, not much buying was seen in that space today. Some realty stocks gained smart ground. Even as a number of large cap stocks struggled to hold on at higher levels, several stocks from midcap and smallcap segments rallied higher on strong buying interest.

ITC ended stronger by as much as 8.2% today. Grasim Industries closed with a big gain of 7.5%. Dr. Reddy's Laboratories (3.4%), Mahindra & Mahindra (1.9%), Maruti Suzuki (1.35%) and Bharti Airtel (1.3%) also closed with smart gains.

State Bank of India gained 0.8%. Hindustan Unilever moved up by a little over half a per cent. Wipro, Cipla, ONGC and Tata Consultancy Services posted modest gains while Ambuja Cements, Reliance Industries and Bajaj Auto ended marginally higher than their previous closing levels.
Hindalco (down 5.5%) was the biggest loser from the Sensex today. Larsen & Toubro (down 2.85%), Ranbaxy Laboratories (down 2.8%), ICICI Bank (down 2.3%), Reliance Communications (down 2.3%), Tata Steel (down 2%), Infosys Technologies (down 1.75%), Reliance Energy (down 1.5%) and BHEL (down 1.3%) also declined sharply.

HDFC, which moved in a tight band today, closed with a loss of 0.7%. HDFC Bank also went down by around the same margin as HDFC. ACC lost 0.45%. Tata Motors and Satyam Computer Services ended with very small losses. Nalco, HCL Technologies, Zee Entertainment, Sun Pharmaceuticals and SAIL were among the major losers in the Nifty index.

Hindustan Petroleum (6.05%), VSNL (5.45%), ABB (2.3%), MTNL (2.15%), BPCL (1.85%), Hero Honda (1.8%), Suzlon Energy (1.7%), Punjab National Bank (1.55%) and GlaxoSmithKline Pharma (1.05%) closed with sharp gains. Hinduja TMT vaulted 28.65% to Rs 556.10. Chambal Fertilizers zoomed 28.3%. Essar Oil closed with a hefty gain of 21.6%. Mirc Electronics gained 16.1%. Escorts spurted 14.65%.

HTMT Global, Ballarpur Industries, National Fertilizers, Fertilizers & Chemicals, Nirma and Chennai Petroleum Corporation moved up by 9% - 11%. Lanco Infratech, FDC, Finolex Industries, Gujarat Narmada, Jindal Saw, Tamil Nadu Newsprint & Papers, Indian Oil Corporation, Tata Tea, India Cements, Kotak Bank, Cummins India and Tata Chemicals also surged higher.

Midcap stocks Nagarjuna Fertilizers, S Kumar's Nationwide, Bombay Rayon Fashions, Dabur Pharma, Eicher Motors, Berger Paints, Kirloskar Oil Engines, Simplex Infrastructure, Binani Cements, SpiceJet and Development Credit Bank closed on a high note.

Though the indices ended in the red, the market breadth remained positive again thanks to hectic buying in several midcap and smallcap stocks. Out of 2865 stocks traded on BSE today, 1909 stocks closed on a winning note. 912 stocks ended with losses and 44 stocks finished at their previous closing levels.

Sensex loses 87 pts at close



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