China selloff rattles Street

STOCK REPORT

Key indices ended down 0.4 per cent after a volatile session as investors booked profits at every intermediate rise on weak cues from global markets.

"Global cues were weak, with China down 7 per cent in the morning," a dealer said.

He said buying in banking shares and Reliance Industries provided support to indices.

The Bombay Stock Exchange's 30-share Sensex ended at 13619.70, down 52.49 points or 0.4 per cent from Wednesday. Intraday it moved between 13423.64 and 13658.11.

The National Stock Exchange's 50-share Nifty ended at 3997.65, down 13.95 points or 0.4 per cent. Intraday, it moved between 3933.35 and 4011.00. Turnover on both the exchanges was roughly Rs 12,700 crore, compared to Rs 12,100 crore on Wednesday.

Investors booked profits here on fears of repeat of the meltdown in equity markets globally in February that was sparked off by a fall in Chinese stock market, dealers said.

State Bank of India, up 2 per cent at Rs 1,055, was the top Nifty gainer after Chairman O P Bhat said the bank will come out with a follow-on public offer this fiscal to raise funds.

The BSE Bank Index, up 0.6 per cent, was the sole gainer among BSE indices. ICICI Bank ended up 1.5 per cent at Rs 912 on reports RBI had permitted its stake holder Temasek and Government of Singapore Investment Corp to each hold up to 20 per cent stake in any Indian company.

Ambuja Cements ended up 2 per cent at Rs 115 ahead of its Jan-Mar earnings Friday.

Reliance Industries was up 0.5 per cent at Rs 1,492 on reports the company has discovered "significant" amount of gas in the offshore block in Saurashtra.

Advanta, which debuted at Rs 665 on the NSE, against an issue price of Rs 640 , ended at Rs 852.

Zee Entertainment Enterprises, down 4 per cent at Rs 266, was the worst hit on Nifty on profit sales. The stock had ended up 4 per cent in the previous session.

ACC fell 3 per cent to Rs 789, despite reporting 54.5 per cent rise in Jan-Mar net at Rs 363 crore, slightly higher than analysts' estimates of Rs 356 crore.

Tech shares ended down amid uncertain dollar outlook. Satyam closed down 3 per cent at Rs 448, and Wipro down 2 per cent at Rs 576 ahead of their Jan-Mar earnings on Friday.