Global woes drown better IIP nos, Sensex loses 303 pts

Global woes drown better IIP nos, Sensex loses 303 pts Sensex ends 303 pts down after a choppy ride

The market ended the way it had opened this morning - on a negative note - but there were a few smart rallies from lower levels during the course of the session today. While the first rebound happened on the back of some strong buying in IT and telecom stocks, the second rally was triggered by better than expected IIP numbers for the month of September. IT, power, capital goods stocks spearheaded the rally this time.
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However, both these rallies fizzled out soon as investors remained concerned about the consequences of a deep and prolonged global recession and chose to lighten commitments at higher levels. The market saw yet another recovery after that fall, but went down with great force in mid afternoon trade. Though it never really recovered from that setback thereafter, the market did trim down its loss to an extent thanks to some strong buying at lower levels in a few front line stocks.
Global meltdown and stock market
The Sensex, which crashed to a low of 9376.73 from its early afternoon high of 9928.60, ended the session at 9536.33 with a huge loss of 303.36 points or 3.08%. The Nifty closed with a loss of 90.20 points or 3.07% at 2848.45, over 50 points off a day's low of 2794.95. It touched a high of 2975.20 in early afternoon trade today.
Stockometer
Realty stocks went down sharply on sustained selling pressure. Mirroring the sharp fall in prices of key stocks in the sector, the BSE Realty index ended lower by as much as 7.34%. The Bankex fell 4.38% today. BSE Metal (down 3.67%), CG (down 3.63%), Power (down 3.03%), Oil & Gas (down 2.96%), Auto (down 2.59%), PSU (down 2.33%), FMCG (down 2.26%) and CD (down 2.25%) also ended sharply lower. The Healthcare and Teck indices eased by around 1.4% while the IT index, which suffered the least damage, closed with a marginal loss.
Top gainers
IT majors Tata Consultancy Services (1.05%) and Infosys Technologies (0.3%) were the only gainers from the Sensex. Among Nifty stocks, BPCL (3.05%), Tata Communications (2.35%) and Punjab National Bank (2.05%) closed with impressive gains. Hero Honda and HCL Technologies also ended on a positive note.
Worst losers
Jaiprakash Associates drifted down by over 9%. DLF lost 8.6%. ICICI Bank closed with a sharp loss of 8.35%. Reliance Infrastructure slipped by around 6.5%. Hindalco eased by 5.75% to Rs 56.55. Hindustan Unilever, Sterlite Industries, Mahindra & Mahindra, Larsen & Toubro, Bharti Airtel, State Bank of India, Reliance Industries, Tata Motors, ONGC and Tata Steel ended lower by 3% - 5%.
ACC, Tata Power, Ranbaxy Laboratories, BHEL, Maruti Suzuki, Reliance Communications, Satyam Computer Services, HDFC Bank, HDFC and ITC lost 1% - 3%. Grasim Industries and NTPC closed with modest losses while Wipro ended with a slender loss.
SAIL, Zee Entertainment, ABB, Reliance Power, Power Grid Corporation, Cairn India, Suzlon Energy, Idea Cellular, Unitech, GAIL India, Cipla, Reliance Petroleum and Nalco were among the major losers in the Nifty index.
Realty stocks India Bulls Real Estate, Anant Raj Industries, Penland, Ansal Infrastructure, HDIL, Sobha Developers, Parsvnath Developers, Orbit Corporation and Omaxe ended with sharp losses today.
Bank stocks Axis Bank, Yes Bank, IndusInd Bank, Kotak Bank, Federal Bank, Allahabad Bank, IDBI Bank and J&K Bank declined sharply on selling pressure.
Thermax, Crompton Greaves, Reliance Industrial Infrastructure, Gammon India, Jyoti Structure, Usha Martin, Alstom Projects, Elecon Engineering, Bharat Bijli, Kalpataru Power Transmission, Areva, Praj Industries, Bharat Earth Movers, Havells India, Punj Lloyd and SKF India were among the prominent losers in the capital goods index.
Tata Teleservices, Max India, Hindustan Petroleum Corporation, Glenmark Pharmaceuticals, Indian Oil Corporation, Phoenix Mills, Indian Hotels, Nagarjuna Construction Company, Sesa Goa, Colgate Palmolive, OnMobile Global, MphasiS and Tata Chemicals posted smart gains.
As several midcap and smallcap stocks also declined sharply today, the market breadth was very weak. Out of 2595 stocks traded on BSE, 1701 stocks closed in the negative territory. 818 stocks posted gains and 76 stocks ended flat.
The volume on the bourses were on the higher side today. On the National Stock Exchange, the turnover, at Rs 10,200.74 crore, was far higher than a turnover of Rs 8,821.63 crore the exchange had recorded in the previous session.


Source:SIfy,ET