Correction time

STOCKS REPORT

The upward steam seems to be finally weakening with jittery investors booking profit at higher levels. The market witnessed a sharp correction on selling pressure in the second half the trading session.

After trading in a narrow range in the morning trades, the benchmark Sensex finally ended 57.06 points lower at 7220.25. The Nifty ended 19.9 points lower at 2210.75.

While the overall breadth of the market turned negative with 875 stocks advancing against 1,651 declines, selling pressure was intense in sectors such as technology, pharma, FMCG and select mid and small-cap stocks.

Of the 30 shares in the BSE basket, only eight ended positive. The volumes accounted for Rs 2,748 crore on BSE and Rs 5,692.9 crore on the National Stock Exchange (NSE).

Most of the indices ended in the negative zone. BSE IT index was the biggest loser, down 2.47 per cent to 2923.78, the BSE Teck index went down 2.15 per cent at 1915.03, the BSE Health Care index lost 1.35 per cent at 2902. The BSE Capital Goods index was the major gainer, up 1.43 per cent to 3711.5.

Among the big losers in frontline stocks, Cipla was down 3.07 per cent at Rs 318.95, TCS was down 2.75 per cent at Rs 1,320.75, Infosys Technology was down 2.72 per cent at Rs 2,329.60, Satyam Computer down 2.52 per cent at Rs 498.10, Bharti Tele-Ventures ended 2.34 per cent down at close at Rs 241.55, Reliance Energy was down 2.31 per cent at Rs 639 and Tata Power shed 2.18 per cent at Rs 388.95.

Selling pressure in frontline stocks rubbed onto other IT stocks as well. The top losers in the information technology sector were""Kale Consultants, down 5.95 per cent to Rs 92.50, RS Software slipped 5.26 per cent to Rs 84.70, Zenith Infotech was down 4.92 per cent to Rs 30.95, PCS Technology was down 4.45 per cent to Rs 41.90 and Rolta was down 4.41 per cent to Rs 124.70, Tata Elxsi was down 2.17 per cent to Rs 195.3 and Tata Infotech slipped 1.78 per cent to Rs 562.8.

Financial Technology, however, managed to buck the overall negative trend to end 6.32 per cent higher at Rs 589.60.

The BSE BANKEX was down 0.71 per cent with Syndicate Bank ending 3.56 per cent lower at Rs 54.25, State Bank of Travancore was down 3.02 per cent to Rs 2,125.30 and Bank of India was down 2.88 per cent to Rs 102.95, Bank of Rajasthan was down 1.89 per cent to Rs 52. Among the few gainers in this pack were ""Vijaya Bank, up 1.92 per cent to Rs 62.95, J&K Bank, up 2.12 per cent to Rs 397.60 and State Bank of Mysore, up 2.44 per cent to Rs 2,650.

Foreign institutional investors were net buyers of Indian shares worth Rs 196 crore on Monday, while domestic mutual funds were net buyers to the tune of Rs 20 lakh.

In the auto sector on BSE, Hindustan Motors was down 5.23 per cent at Rs 84.30, TVS Motors was down 3.76 per cent to Rs 76.70 and Escorts was down 2.20 per cent to Rs 102.95, Bajaj Auto was down 1.01 per cent to Rs 1,366.25 and Hero Honda was up 1 per cent at Rs 577.65. Among the few gainers in this pack were""Tata Motors, up 4 per cent to Rs 443.80 and Ashok Leyland up 1.19 per cent to Rs 25.50.

In the BSE PSU sector, BEML was down 3.05 per cent to Rs 649.50, Balmer Lawrie was down 2.89 per cent to 306.25. ITI gained 4.79 per cent to Rs 38.30.