Friday, June 27, 2008

Sensex down 620 points down; close below 14000, inflation worries

BS Reporter / Mumbai:

Following negative cues from the overseas markets, the Sensex opened with a huge negative gap of 294 points at 14,128. Persistent selling, thereafter, saw the index exhbit negative trend through the day.

Any hopes of recovery were dashed away, as the inflation, based on the wholesale price index, further rose to 11.42% for the week ended June 14 as against 11.05% the week before.

The NYMEX curde oil meanwhile neared the $142-mark per barrel.

The Sensex dropped to a low of 13,760 at the fag end of the day - down 662 points from the previous close. The index finally ended with a hefty loss of 620 points (4.3%) at 13,802.

In the process, the index today recorded its sixth straight weekly loss - down a whopping 3,633 points (20.8%) since May 16.

The market breadth was extremely bearish - out of 2,706 stocks traded, 2,050 declined, 602 advanced and 54 were unchanged today.

The NSE Nifty settled with a loss of 179 points at 4,137.


HDFC and Tata Motors tumbled over 8% each to Rs 2,028 and Rs 445, respectively.

Wipro, Reliance Infrastructure and Mahindra & Mahindra slumped 7.7% each to Rs 437, Rs 876 and Rs 503, respectively.

Ambuja Cements and Jaiprakash Associates plunged over 7% each to Rs 80 and Rs 142, respectively.

ICICI Bank shed 6.4% at Rs 643. DLF dropped 5.7% to Rs 420.

SBI, Maruti and ONGC slipped 4.7% each to Rs 1,149, rRs 637 and Rs 819, respectively.

Grasim, Reliance Communications and Satyam declined around 4.5% each to Rs 1,931, Rs 450 and Rs 435, respectively.

Infosys, Hindalco and Tata Steel were down over 4% each to Rs 1,696, Rs 138 and Rs 721, respectively.

BHEL and Larsen & Toubro, too, ended losses of around 4% each.


Reliance topped the value chart with a turnover of Rs 540.30 crore followed by ACC (Rs 374.70 crore), Reliance Capital (Rs 308.50 crore), Reliance Petroleum (Rs 285 crore) and Tata Steel (Rs 258.40 crore).

Bafna Pharma led the volume chart with trades of around 2.29 crore shares followed by Reliance Petroleum (1.64 crore), Chambhal Fertlisers & Chemicals (1.17 crore), Nirak Cement (1.10 crore) and Reliance Natural Resources (1.08 crore).