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REL drama rocks Sensex

STOCKS REPORT

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Our Markets Bureau Mumbai
Last Updated : Feb 06 2013 | 5:15 PM IST
The equity market closed flat, falling almost 47 points from the intra-day high on news that six Reliance Energy directors had resigned.
 
Opening in the negative territory, the Bombay Stock Exchange's (BSE) Sensex hit a high of 6081.74 points in intra-day trades before closing flat at 6035.03, down 0.02 per cent (0.92 point) from Wednesday's close.
 
Brokers said that the new developments in Reliance affected the sentiment on Thursday as speculation is rife on the outcome of the family feud and its impact on the company and subsequently on the market.
 
Roll over was smooth in the derivatives market but volatility was seen in the cash segment due to the last day of the current month's futures contract on Thursday, analysts said. Strong foreign fund inflows have helped the market sustain these levels, players added.
 
Oil and PSU scrips were among the biggest losers, while FMCG and auto scrips were among the biggest gainers on Thursday. Of the 30 scrips in the Sensex basket, 17 closed with losses, reflecting the nervousness at higher levels. The breadth of the market was less negative, with losers outpacing gainers 5:4.
 
Out of the 11 sectoral indices on the BSE, three lost grounds. The Oil&Gas index was the biggest loser, down 1.83 per cent, followed by PSU index, down 0.70 per cent. The Metal index also fell 0.26 per cent.
 
The FMCG index was the biggest gainer on Thursday, up 1.81 per cent, followed by the Auto index, up 1.21 per cent and the TECk index was up 0.65 per cent.
 
The two Reliance heavyweights were among the top five losers in the Sensex basket on Thursday. Reliance Energy was the biggest loser, falling 5.83 per cent to close at Rs 549.10, followed by Zee Telefilms, down 2.63 per cent to Rs 153.45, HPCL fell 2.23 per cent to Rs 335.70, Reliance Industries was down 2.22 per cent to Rs 503.55 and ICICI Bank fell 2.02 per cent to Rs 319.80.
 
The Hero Honda scrip was the biggest gainer in the Sensex basket, up 5.97 per cent to close at Rs 473.15, followed by HDFC Bank, gaining 3.22 per cent to Rs 499.05.
 
Wipro was up 3.02 per cent to Rs 736.70, HLL gained 2.26 per cent to Rs 135.90 and HDFC rose 2.13 per cent to Rs 767.65.
 
Volumes were higher in the cash segment on Thursday than on Wednesday with the BSE reporting a turnover of Rs 2,330.82 crore, while the NSE reported a turnover of Rs 4,313.38 crore.

 
 

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First Published: Nov 26 2004 | 12:00 AM IST

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