Big Ben spoils Muhurat

The Bombay Stock Exchange Sensitive Index started the new Samvat Year 2064 with a 223-point bang, but lost steam soon. The index lost ground steadily in the last 20 minutes of the one-hour trading and ended 151.33 points down to 18,907.60 on heavy profit-booking by funds.

This is the first time in the last 10 years that the index has ended in the red on the Muhurat trading day.

Federal Reserve Chairman Ben Bernanke added to the gloom after he told US parliamentarians on Friday that the economy did not appear headed for recession, but warned growth could prove weaker than expected and inflation higher. The Fed chairman said the economy was likely to experience "noticeably" slower growth in the final three months of the year. The Asian markets had shown the way, with Japanese shares hitting their lowest levels for nearly three months.

The Sensex witnessed the day's high of 19,329.57 and a low of 18,737.22 points. Similarly, the Nifty, fell by 35.50 points at 5663.25, after touching a high of 5794.20 and a low of 5614.90 points.

The broader market outperformed the frontliners. Around 2005 shares advanced, 967 declined, and 93 were unchanged. The mid-cap stocks attracted all the attention. Gujarat NRE Coke, Ispat, Gitanjali Gems, Zee News were among the gainers. NTPC and Reliance Industries were among the top gainers, while Wipro and ICICI Bank were among the top losers.

Analysts said the markets would see some correction in the near term but they were bullish for the long term.