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Wednesday, April 09, 2008
Sensex down 169 points on global weakness
Weak global markets dampened investor sentiment and triggered a sell-off in metal, capital goods, information technology and oil stocks on the major Indian bourses today. Select bank stocks bucked the trend. A few stocks from power, pharma and PSU sectors also found support.
Even as a majority of large cap stocks struggled in the red, a host of stocks from midcap and smallcap segments progressed to higher levels on strong buying support. The market breadth, thanks to a fairly decent show by mid and smallcap stocks, was positive when trade ended today.
While the Sensex ended the day with a loss of 169.46 points or 1.08% at 15,587.62, the Nifty eased by 51.55 points or 1.08% to 4709.65. The Sensex touched a low of 15,479.42 in intra-day trades while the Nifty plunged to 4677.80.
Engineering and construction sector giant and capital goods index major Larsen & Toubro closed with a loss of over 5%. The mood was so bearish today that even the news of a big order win failed to lift the stock from lower levels today.
Wipro closed with a loss of 4.65%. Jaiprakash Associates ended lower by 4.45%. Tata Steel eased by 3.35% to Rs 656.30. Ranbaxy Laboratories, Grasim Industries, NTPC, Infosys Technologies and Hindustan Unilever eased by 2% - 2.75%.
Maruti Suzuki, Mahindra & Mahindra, Tata Consultancy Services, Hindalco, ACC, Cipla, Reliance Communications, Reliance Energy and Reliance Industries lost 1% - 2%. ITC eased by nearly a per cent. Tata Motors, Satyam Computer Services, ONGC and DLF closed with marginal losses. Ambuja Cements, HDFC Bank, HDFC and State Bank of India ended flat.
BHEL rallied smartly and posted an impressive gain of 4.7% today. Bharti Airtel closed 1.25% up at Rs 826.60. ICICI Bank gained around half a per cent. Sterlite Industries (2.3%) posted a smart gain. GAIL India and Punjab National Bank ended marginally higher.
Tata Communications ended with a huge loss of 11.5%. SAIL finished 6.55% down from its previous closing price. Nalco, Tata Power, Power Grid, HCL Technologies, Dr. Reddy's Laboratories, BPCL, Reliance Petroleum, Hero Honda, Unitech, Idea Cellular, Siemens and Suzlon Energy lost 1% - 3%.
Orchid Chemicals & Fertilizers vaulted nearly 16% on strong volumes. Tech Mahindra, Yes Bank, Sintex Industries, Gujarat Minerals, Max India, Glenmark Pharma, Moser Baer, Ashok Leyland and Reliance Power finished with strong gains.
Rajesh Exports, Tata Tea, JP Hydropower, Indian Bank, Dish TV, Hindustan Zinc, Union Bank of India, Federal Bank, United Spirits and Torrent Power also ended on a strong note.
Kolte Patil Developers, IL & FS, S. Kumar's Nationwide, Network Media, MindTree Consulting, Alfa Laval, Jyoti Structures, Bharat Bijli, Corporation Bank, State Trading Corporation and Walchandnagar Industries closed with impressive gains.
Jai Corp, Jindal Steel, Thermax, India Cements, Rolta India, Century Textiles, HDIL, Spice Telecom, Phoenix Mills, Maytas, JSW Steel and Hindustan Construction Company ended with sharp losses.