After touching the day's low, the Sensex recovered all its losses and is up ten points at 20,001 while the Nifty continues to trade flat.
Earlier the day, the Sensex opened flat on back of subdued cues from Asia, opening up 24 points at 20,022. As the day progressed the BSE benchmark index traded in a close range of 100 points and finally in the afternoon trades the markets slipped to the day's low of 19,877 on the back of selling pressure in the broader markets.
The smallcap and the midcap index fell 2% each underperforming the BSE benchmark index after a good run throughout the week. The main draggers in the smallcap space are GSS America, Parekh Alum and Murli Industries losing 20% each. In the midcaps the scrips that draggerd are WELCORP down nearly 26%, Ackruti City losing 20% and Videocon shedding 13%
The main reason for the drag was the markets regulator Securities and Exchange Board of India (Sebi) barring founders and related entities of four firms from trading on the stock exchanges as these firms had indulged in "fraudulent and unfair" trade practices. The four firms are Murli Industries, Ackruti City, Welspun Corp and Brushman India. All these scrips fell between 12%-17% in the opening trades.
Among the sectoral indices, IT leads the pack followed by Auto and FMCG. Realty and Consumer Durables down 3% each continues to languish at the bottom of the chart.
The major gainers on the Sensex are Hero Honda up 4% followed by Cipla,Jindal Steel, Mahindra & Mahindra, Hindustan Unilever, NTPC, Wipro and Infosys gaining 1% each.
The losers are DLF down 4% followed by Jaiprakash Associates and Reliance Infrastructure losing 3% each, Sterlite and Reliance Communications shedding 2% each.
The marekt breadth is very negative. 2248 stocks have declined while 690 have advanced.
