India Stocks Review: End down 2-3%; tech, realty shares decline
Tuesday, Sep 23
MUMBAI - A fall in overseas markets on doubts about the ability of
the U.S. $700-bln financial sector bailout plan to successfully
prevent a
recession, coupled with high crude oil prices caused market to end
2-3% down,
"There were also short positions being rolled over in most index
stocks
ahead of (September futures contract) expiry (Thursday)," said a
dealer with
Practical Financial Services.
Bombay Stock Exchange's 30-Share Sensex ended at 13570.31, down
424.65
points, or 3%, from Monday. Intra-day it moved between 13543.47 and
13978.26.
National Stock Exchange's 50-Share Nifty closed at 4126.90, down
96.15
points, or 2.3%. It hit a high of 4224.70 and a low of 4117.90.
Both indices ended near their day's lows.
Turnover on BSE and NSE combined was 149.42 bln rupees, compared
with
163.98 bln rupees in the previous session.
CNX Mid-cap and S&P CNX 500 indices ended down 1.5% and 2%,
respectively.
Towards close, crude oil was trading off highs around $107 a
barrel on
New York Mercantile Exchange today.
.
LOSERS
Real estate, technology, and bank shares were major laggards in
the
market today.
Fears that higher inflation on account of rising oil prices would
exert
pressure on interest rates pulled down shares of real estate
companies.
DLF slid 6%, while Unitech and Indiabulls Real Estate lost 3.5%
and 7.5%,
respectively.
Technology shares fell on concerns earnings growth would be hurt
due to
the global financial crisis, dealers said.
Wipro, Satyam Computer Services, and Tata Consultancy Services
declined
6% each.
Bank shares declined as traders rolled over short positions to the
October futures contract as the current month series expires Thursday,
dealers said.
ICICI Bank fell 6%, while HDFC Bank and State Bank of India ended
down 5%
and 4%, respectively.
Index major Reliance Industries extended its fall from the
previous
session as investors were disappointed by the delay in gas production
from
its D6 block in Krishna-Godavari basin. The stock ended down nearly
2%.
Ranbaxy Laboratories plunged 11% to 309 rupees as investors sold
excess
shares that were credited to their accounts after Japanese drug maker
Daiichi
Sankyo's open offer for acquiring additional 20% in Ranbaxy was
oversubscribed.
The stock was the worst hit on Nifty.
.
GAINERS
Sun Pharmaceutical Industries gained 3% to end at 1,470 rupees on
a
combination of defensive buying and short covering, dealers said. The
stock
was the top Nifty gainer.
Higher base metal prices lifted National Aluminium Co up over 2%,
while
oil retailer Bharat Petroleum Corp also recouped losses to end 2%
higher as
crude oil prices eased from highs.
Sesa Goa shares ended up 3%, extending gains from the previous
session,
on short covering.
.
KEY MARKET MOVES
* In the 50-share Nifty, 9 rose and 41 fell.
* In the 30-share Sensex, 2 rose and 28 fell.
* On BSE, there were 760 advances and 1,823 declines.
* CNX IT: Down 5%; BSE Realty: Down 4.7%; Bank Nifty: Down 4.3%
------------------------------------------------------------------------------
Bombay Stock Exchange : National Stock Exchange
Sensex: 13570.31, dn 424.65 pts (3.0%) : Nifty: 4126.90, dn 96.15 pts
(2.3%)
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