Bank, oil shares in the red

STOCK REPORT

Key share indices ended down more than 1 per cent on Wednesday, after a volatile session, as investors were cautious due to a fall in overseas markets.

European stocks fell on Wednesday, mirroring losses in the US and Asian markets as surging bond yields stoked worries of higher borrowing costs.

Also, some investors were encashing positions due to the ongoing initial public offer of real estate company DLF, dealers said.

"Rising bond yields and interest rates are haunting global markets. Also with industrial production figures being robust investors are wary of more interest rate hikes here," a dealer said.

Also, technically indices are looking weak and momentum indicators are showing sell signal, he said.

The Sensex ended at 14003.03, down 127.92 points or 0.9 per cent from Tuesday. Intraday it moved between 13968.38 and 14152.79.

The National Stock Exchange's 50-share Nifty ended at 4113.05, down 42.15 points or 1 per cent. Intraday it moved between 4102.95 and 4161.80.

Turnover on both the exchanges was roughly Rs 14,730 crore compared with Rs 15,900 crore on Tuesday.

The CNX Midcap Index was down 0.4 per cent and S&P CNX 500 Index ended down 0.7 per cent.

Shares of oil and gas, and capital goods companies were biggest laggards among Nifty shares on profit sales.

Bharat Petroleum Corp, down 3.4 per cent at Rs 335, was the worst hit on Nifty.

GAIL India and ABB were down 3 per cent each, at Rs 266 and Rs 4,407, respectively.

Reliance Industries ended down 1.4 per cent at Rs 1,710, after rising 2.5 per cent in the previous session on speculation the company would price the gas from its KG basin D6 block aggressively.

Bank shares also felt the heat amid worries interest rates may rise in the near future, dealers said. State Bank of India ended down 3 per cent at Rs 1,290.

Dr Reddy's Laboratories, up 2.4 per cent at Rs 626, was the top Nifty gainer after Credit Suisse upgraded the stock to "outperform" from "neutral".

Time Technoplast on Wednesday debuted at Rs 489.80 on NSE, a 56 per cent premium to the issue price and ended at Rs 492.