Sensex sheds 425 pts on weak global cues

Sensex sheds 425 pts on weak global cues

The Wall Street tumbled yesterday on uncertainties over the details regarding the US Government's $700 billion plan to fix the financial market turmoil. With a sharp surge in crude oil prices also dampening the sentiment, Asian markets followed suit and the mood back home was not any different this morning.

Astro predictions on Sensex

There was a smart recovery in mid morning trade when the Sensex rebounded by over 250 points from a low of 13,721.42, thanks to some strong buying in Reliance Industries, ONGC and a few other blue chip stocks. However, the rally proved short-lived and the Sensex started sliding down fast in afternoon trade. A weak close on Asian bourses, the negative trend in European markets and the decline of US index futures never allowed any recovery thereafter.

Stockometer
While the Sensex, which plunged to a low of 13,543.47, ended at 13,570.31 with a loss of 424.65 points or 3.03%, the Nifty settled at 4126.90, a few points off a low of 4117.90, with a loss of 96.15 points or 2.28%.

Top gainers
Information technology, realty and bank stocks took a severe beating. Mirroring their fall, the respective sectoral indices went down by 5.07%, 4.68% and 4.19% respectively. BSE Teck eased by 3.54%. The Consumer Durables, Capital Goods, Metal, Power, Auto, Healthcare and FMCG indices slipped by 1% - 2.5%. BSE Oil & Gas and PSU lost 0.82% and 0.9% respectively.
Worst losers

Reflecting the sell-off in midcap and smallcap segments, the BSE Midcap and Smallcap indices ended lower by 2.06% and 1.63% respectively. Ranbaxy Laboratories lost over 11% on reports the Canadian drug regulator, Health Canada, issued a notice to Ranbaxy saying it will be particularly cautious about drug marketing applications from Ranbaxy after the US drug regulator blocked the sale of more than 30 generic medicines made in two factories by the company.


Software majors Satyam Computer Services (down 5.95%), Tata Consultancy Services (down 5.9%), Wipro (down 5.75%) and Infosys Technologies (down 5.15%) ended with sharp losses.
Realty stock DLF lost 6.25%. Housing finance major HDFC ended lower by 5.5%. Banking sector heavyweights ICICI Bank (down 5.45%), HDFC Bank (down 4.6%) and State Bank of India (down 4.05%) also declined sharply.

Jaiprakash Associates ended with a loss of 5.35%. Tata Motors lost over 5%. Tata Steel (down 4.6%), BHEL (down 3.4%), Grasim Industries (down 2.4%), Maruti Suzuki (down 2.35%), Sterlite Industries (down 2.15%), Larsen & Toubro (down 1.8%), Bharti Airtel (down 1.75%), Hindalco (down 1.55%), Reliance Infrastructure (down 1.5%), Reliance Industries (down 1.35%), ITC (down 1.1%) and Hindustan Unilever (down 1%) ended on a very weak note.

NTPC lost 0.9%. Mahindra & Mahindra and Reliance Communications ended with modest losses. ONGC declined marginally. ACC and Tata Power closed in the positive territory with small gains.
Unitech, Punjab National Bank, Suzlon Energy, Zee Entertainment, Ambuja Cements, SAIL, Siemens and Power Grid Corporation were among the prominent losers in the Nifty index.
Sun Pharmaceuticals (3.4%), Nalco (2.85%), BPCL (2.35%), Cairn India (1.45%), Hero Honda (1.35%) and HCL Technologies (0.7%) ended with notable gains.

Deccan Chronicle Holdings, Rolta India, Gujarat Minerals, Sintex Industries, Lanco Infratech, India Bulls Real Estate, HDIL, LIC Housing Finance, Educomp Solutions, Canara Bank and Hindustan Construction Company were among the major losers from BSE 'A' Group.

The market breadth was weak. Out of 2652 stocks traded on the BSE, 1823 stocks closed on a negative note. 760 stocks posted gains and 69 stocks ended flat.

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Equities tumble on US market woes
Nifty Sept premium eases, call buying at 4100
Sensex slips 425pts; banking, realty, IT stocks weigh

Source:ET,Sify.BS