Sensex extends losing streak, ends 338 pts down

Sensex extends losing streak, ends 338 pts down

The bears went on a rampage on the major Indian bourses for the third successive session as global markets dampened investor sentiment today. But then, with Asian markets tumbling on concerns over mounting credit losses, the trend back home was not expected to be any different.

Trading in the red right through the session, the Sensex ended with a huge loss of 338.32 points or 2.31% at 14,324.29. The barometer, which opened with a negative gap of over 100 points at 14,557.33, plunged to a low of 14,265.38 in afternoon trade today. The Nifty, which breached a few crucial support levels, touched a low of 4272.75 and settled at 4290.30 with a loss of 109.95 points or 2.5% at 4290.30.

Stocks cutting across sectors were seen struggling for support today. However, losses posted by oil, realty, power and capital goods stocks were more pronounced. PSU, bank, metal and pharma stocks closed with sharp losses. IT and auto stocks managed to buck the trend for a while before they too drifted down due to lack of support at higher levels.

Among Sensex stocks, only Tata Motors (1.35%) and Ranbaxy Laboratories (0.25%) closed in the positive territory. Nifty stock Punjab National Bank (0.55%) ended with a modest gain.


Bharti Airtel ended with a loss of 4.4%. Reliance Infrastructure eased by 4.15%. Reliance Industries on unconfirmed reports that the government may recommend a levy of export tax or ban petroleum exports from its Jamnagar facility.

ONGC, Tata Power, DLF, Jaiprakash Associates, Mahindra & Mahindra, BHEL, NTPC, Maruti Suzuki, HDFC and ICICI Bank lost 2% - 4%. Hindalco, HDFC Bank, Larsen & Toubro, Tata Consultancy Services, ITC, State Bank of India, Tata Steel, ACC, Grasim Industries, Hindustan Unilever, Reliance Communications, Wipro and Sterlite Industries also ended with sharp losses. Infosys Technologies and Satyam Computer Services ended with modest losses.

Suzlon Energy, HCL Technologies, Zee Entertainment, Sun Pharmaceuticals, Ambuja Cements, Power Grid Corporation, SAIL, Cipla, Reliance Petroleum, ABB, Cairn India, Idea Cellular, Tata Communications, Siemens and Nalco closed on a weak note.

Bajaj Finance, KSK Energy, India Bulls Financial Services, Yes Bank, REI Agro, Reliance Capital, India Bulls Real Estate, Voltas, Jai Corp, Mangalore Refineries & Petrochemicals, IVRCL Infrastructure and Sesa Goa were some of the prominent losers from BSE 'A' Group.
A number of midcap and smallcap stocks also posted sharp losses. The market breadth was weak once again. On BSE, declines outscored advances by 2 to 1.

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Source:ET, Sify, BS, BL etc