Battered across the board

STOCKS REPORT

The markets took a buffetting yesterday on selling pressure, coupled with lack of buying support. The Bombay Stock Exchange's (BSE) 30-stock index, Sensex, plummeted 3.15 per cent (180 points) to 5,520.66, its lowest closing in 2004.

The decline was the biggest single-day fall that the Sensex has seen in the past three years. At one point during the day, the index was up nearly 64 points, but eventually gave ground during the end of the trading session. The benchmark index touched a high of 5,764.20 and a low of 5,505.98 in intraday trades.

Meanwhile, the National Stock Exchange's (NSE) S&P CNX Nifty fell by 2.70 per cent (48.80 points) to end at 1,763.80.

Market players said domestic funds and institutional investors went short today even as investors' money remained locked in a recent slew of public offers. They added that mutual funds faced redemption pressure on year-end demand for cash from corporates.

Technical analysts said the Sensex close was below the crucial support level of 5,550. They added that the index may see further weakness in the near future.

Shares in State Bank of India were down 3.82 per cent to Rs 576, those in ICICI bank fell 3.65 per cent to Rs 278.20 and HDFC Bank' lost 2.07 per cent to Rs 361.55. ONGC fell 1.62 per cent to Rs 788. Earlier, the government set a price of Rs 750 per share for its offer to sell a 10 percent stake which closed on Saturday.

Retail investors will be allotted shares at 712.50 rupees each, a discount of five percent to the price for other categories. HPCL fell 2.61 per cent to Rs 485.25 and BPCL lost 2.59 per cent to Rs 461.

Reliance Industries was down 3.65 per cent to Rs 542.95, ITC was down 3.10 per cent to Rs 1,100 and Hindustan Lever fell 2.29 per cent to Rs 153.90. Tata Steel was down 7.86 per cent to Rs 388.50 and Steel Authority of India Ltd. slumped 10.39 percent to Rs 36.65. Tata Power fell 7.56 per cent to Rs 764.95 and Reliance Energy was down 2.30 per cent to Rs 722.60.