Though a strong close on Wall Street aided the sentiment this morning, weakness on the Asian bourses amid growing concerns on the subprime market front and the subdued trend on European bourses dampened the mood in afternoon trade.
While the Sensex, which opened with a positive gap of around 190 points at 19,316.76 - it remained its best for the day - but tumbled to 18,884.20 in the final hour, ended the session with a loss of 0.99% or 188.86 points at 18,938.87, the Nifty finished with a loss of 1.41% or 80.60 points at 5617.55.
Automobile majors Maruti Suzuki (3.15%), Bajaj Auto (2.85%) and Tata Motors (0.55%) displayed strength and ended on a positive note. BHEL (1.95%), Ambuja Cements (1.05%), ITC (0.5%) and HDFC (0.4%) were the other stocks from the Sensex to romp home on a winning note today.
Metal stocks Hindalco and Tata Steel went down by 3.65% and 3.4% respectively. ACC lost 3.3%. Reliance Energy, Tata Consultancy Services, DLF, Reliance Industries, ONGC, Wipro, NTPC, HDFC Bank, Larsen & Toubro, Ranbaxy Laboratories and Grasim Industries lost 1% - 3%.
State Bank of India closed with a loss of 0.9% at Rs 2252.05. Reliance Communications, Hindustan Unilever, Bharti Airtel, Satyam Computer Services, ICICI Bank, Infosys Technologies, Mahindra & Mahindra and Cipla also ended on a weak note.
Nalco (down 5.75%) was the biggest loser in the Nifty index. BPCL, which had a bright morning session, ended with a sharp loss of 5.5% at Rs 384.50. SAIL, Siemens, GlaxoSmithKline Pharma, Suzlon Energy, Reliance Petroleum, Hero Honda, Punjab National Bank, Sterlite Industries, Tata Power, Hindustan Petroleum Corporation and Unitech also ended with sharp losses today. Dr. Reddy's Laboratories finished with a modest gain of 0.6%.
TVS Motor, Ashok Leyland, Colgate Palmolive, Neyveli Lignite Corporation, Bongaigaon Refinery, Chennai Petroleum Corporation, Adani Enterprises, Fertilizers & Chemicals, Mirc Electronics, Mangalore Refineries & Petrochemicals, Titan Industries, IDBI, Sterlite Optical Technologies, IDFC and Federal Bank ended sharply lower.
Bilcare, India Infoline, SpiceJet, HT Media, Indraprastha Gas, Ashapura Minechemicals, PTC India, Exide Industries, Triveni Engineering, India Cements, Godrej Consumer Products, Novartis, Usha Martin and REI Agro were among the prominent losers from the midcap index.
Mico, Sun TV Network, Ispat Industries, Omaxe, Indian Bank, Jindal Saw, Cummins India, Hindustan Zinc, GlaxoSmithKline Consumer Healthcare, National Fertilizers, Jaiprakash Associates, Nirma, IndusInd Bank, Gujarat Minerals, Dredging Corporation, Orchid Chemicals, Lanco Infratech and Nicholas Piramal surged higher on strong buying support.
As profit taking took centrestage, the market breadth turned weak towards the closing minutes. When trade ended, out of 2873 stocks that were seen in action on BSE, 1497 stocks had slipped into the red. 1306 stocks closed with gains and 70 stocks settled at their previous closing levels.
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