Sensex ends with a marginal loss after a choppy ride

Sensex ends with a marginal loss after a choppy ride

After opening with a negative gap, the market bounced back into the positive zone in early trade this morning but plunged sharply into the red thereafter due to heavy selling in IT, bank and several other blue chip stocks.

A couple of smart rallies from lower levels thanks to some strong buying in select blue chip stocks notwithstanding, the benchmark BSE index Sensex ended the day on a negative note today. The Nifty, however, finished with a minor gain.

The Sensex, which sailed past the magical 14,000 mark to a high of 14,047.43 this morning, ended with a loss of 38.02 points or 0.27% at 13,926.24, around 162 points off its low of 13,763.94. The Nifty, which dropped down to a low of 4110.40 in intra-day trades, ended with a small gain of 5.10 points at 4162.20.

The bulls, who had lifted the market up sharply yesterday, stayed out of the ring for a major part of the session as global sentiment remained weak. While Wall Street ended on a negative note yesterday, Asian markets displayed a mixed trend. The trend on the European bourses was not encouraging either.


Though the market had shrugged off Left parties' withdrawal of support to the ruling coalition yesterday, investors appeared reluctant to step up buying what with the government set to face a confidence vote during the special session of the parliament on the 20th and 21st of this month.
A sharp rise in metal prices on the London Metal Exchange buoyed up metal stocks this afternoon. IT stocks remained sluggish as investors stayed cautious ahead of results from sector major Infosys Technologies.

Cement stocks ACC (3.15%) and Ambuja Cements (2.5%) and metal majors Tata Steel (3.15%) and Hindalco (5.5%) were among the star performers from the Sensex pack today. Realty major DLF attracted attention ahead of the company's board meeting to consider a share buy-back. Though the stock drifted down a bit after the board approved the proposal, it still ended the day on the positive side with a sharp gain of 1.8%.

Reliance Infrastructure moved up by 2.35%. HDFC, Cipla, Hindustan Unilever, Larsen & Toubro, Mahindra & Mahindra, ONGC and Reliance Communications ended with sharp to moderate gains. Ranbaxy Laboratories edged up by around a quarter per cent. Index heavyweight Reliance Industries eased by 1.7%. Maruti Suzuki declined by a little over 3.5%. FMCG major ITC lost 2.3%. Infosys Technologies, Tata Consultancy Services, Wipro and Satyam Computer Services lost 0.5% - 1%.

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Source: www.Sify.com/finance