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Mkts end weak; banks, realty stocks hammered

May 20, 2008 11:21 AM IST Business Business
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Mumbai It was a disappointing session for the markets though recovered a bit from day's low. Huge profit booking seen in realty, banking, pharma and oil stocks barring some metal, auto and technology stocks.

The Sensex recovered nearly 94 points and the Nifty 33 points from day's low. Weak cues from Asian and European markets added to negative sentiments. Market breadth were negative. Small cap stocks escaped from weakness while midcaps were under selling pressure.

The Sensex touched an intraday high of 17,367.13 and low of 17,136.26 before closing the day at 17,230.18, down 1.17% or 204.76. The Nifty fell 52.75 points or 1.02% to settle at 5104.95; touched a high/low of 5160.05 and 5072.40, respectively. The CNX Midcap closed at 6903.55 down 0.71%. However, the BSE Small cap 8658.61, up 0.44%.

Market breadth was negative; about 1523 shares have advanced, 1399 shares declined, and 176 shares remained unchanged.

Biggest losers were Jaiprakash Associates (-5.22%), Reliance Infra (-4.53%), BHEL (-3.28%), SBI (-2.85%) and ABB (-3.13%) while Cairn India (8.71%), Sterlite Ind (4.67%), Suzlon Energy (3.41%), Tata Power (2.87%), Satyam (1.32%), Tata Motors (1.28%), Infosys (0.86%) and Tata Steel (0.42%) gainers.

Banking stocks like Bank of India, Axis Bank, SBI, Centurion Bank, HDFC Bank, Yes Bank, Union Bank and ICICI Bank were the major culprits. The BSE Bankex lost 1.98% or 177.43 points at 8,763.85.

Realty stocks have collapsed like a pack of card, including Phoenix Mills, Mahindra Life, Unitech, Indiabulls Real, Anant Raj Ind, DLF and Peninsula Land. The BSE Realty slid 1.87% or 150.15 points at 7,894.10.

There was sour pills from pharma side. The Pharma Index was down 1.19% at 4,269.84 led by Matrix Lab, Sterling Bio, Glenmark, Divis Labs, Sun Pharma, Lupin, Cipla, Nicholas Pirama and Dr Reddy's Labs.

Oil & Gas Index fell 1.06% at 11,169.61 due to selling in Essar Oil, HPCL, GAIL, BPCL, ONGC, IOC, Reliance and Petronet LNG. The Nymex Crude was trading at USD 126.62 a barrel, at the time of writing market report. However, Cairn India shot up nearly 10%, to close at Rs 327.85.

Selling pressure also weighed on Capital goods stocks like BHEL, ABB, Astra Microwave, Praj Industries, Rel Ind Infra and Areva T&D. Capital Goods Index closed at 13,563.48, down 0.97%.

FMCG stocks including Nestle, Tata Tea, Godrej Consumer, GlaxoSmith Cons, Dabur India, HUL and ITC have tumbled. FMCG Index lost 0.93% at 2,484.94.

Power stocks like Reliance Infra, GVK Power, NTPC, Torrent Power and Power Grid Corp have lost ground. Power Index fell 0.83% at 3,304.79. However, Tata Power charged up by 2.73% at Rs 1490.90.

However, metal stocks were outperformer. The BSE Metal Index shot up 0.70% at 17,176.97 due to buying in Sterlite Ind, JSW Steel, Jindal Saw, Jindal Steel, Mah Seamless and Tata Steel.

Cairn India, Mundra Port, HDIL and ICICI Bank were most active counters on the bourses.

Total turnover for the day stood at Rs 52860.64 crore including Rs 13647.59 crore from NSE Cash segment, Rs 33290.93 crore from NSE F&O and Rs 5922.12 crore from BSE Cash segment.

On the global front, Asian markets crashed barring Jakarta, Shanghai down 4.5%, Hang Seng and Taiwan slipped over 2.2%. European markets were trading lower at the time of writing market report.