The Sensex opened a tad (seven points) higher at 14,219. Backed by positive news flows - S&P raising India's sovereign rating to investment grade after nearly 16 years and Tata winning the Corus bid - the index rallied to a high of 14,269.The index, however, could not hold gains and slipped over 100 points due to nervousness ahead of RBI's credit policy review. After the RBI, as expected, announced a 25 basis points hike in repo rate, the index staged a smart recovery and rebouded into positive zone. Selling re-emerged in late noon deals, and the index tumbled to a low of 14,046 - down 223 points from the day's high. The Sensex finally settled with a loss of 121 points at 14,091.The BSE Metal Index crashed nearly 5% to 9283. The PSU and Oil & Gas indices slipped over 1% each to 6300 and 6631, respectively.The market breadth was fairly negative - out of 2,689 stocks traded, 1,710 declined, 942 advanced and the rest were unchanged today.INDEX MOVERS & SHAKERSTata Steel tumbled nearly 11% (Rs 55) to Rs 464 on concerns of high valuation in the just- concluded Corus deal.Wipro plunged nearly 3% to Rs 613. HLL, Hindalco and Tata Motors dropped around 2.5% each to Rs 208, Rs 176 and Rs 878, respectively.ACC and Grasim shed over 2% each to Rs 1,020 and Rs 2,770, respectively.Larsen & Toubro, ICICI Bank, SBI and TCS declined around 1.5% each to Rs 1,587, Rs 940, Rs 1,138 and Rs 1,279, respectively.Reliance, ONGC, Dr.Reddy's and Cipla were down over 1% each to Rs 1,365, Rs 903, Rs 743 and Rs 246, respectively.Gujarat Ambuja, HDFC Bank and Satyam rallied nearly 2% each to Rs 137, Rs 1,078 and Rs 472, respectively.Ranbaxy and Reliance Energy gained 1.5% each at Rs 409 and Rs 514, respectively. Reliance Communications spurted 1.2% to Rs 461.VALUE & VOLUME TOPPERSTata Steel topped the value chart with a turnover of Rs 279.20 crore followed by Shree Ashtavinayak (Rs 224 crore), Pyramid Saimira (Rs 188.70 crore), Reliance Communications (Rs 188.50 crore) and Reliance (Rs 162.50 crore).IFCI led the volume chart with trades of around 2.04 crore shares followed by Tata Teleservices (1.08 crore), Shree Ashtavinayak (75.78 lakh), JIK Industries (59.50) and Tata Steel (58.80 lakh).
