The Indian bourses opened in red as weak global cues weighed on the market sentiment. US stocks tumbled on Friday, making it their worst three-day slide in 10 months which in turn pulled the Asian stocks lower. Selling in IT and auto stocks pulled the markets deeper into red. The Sensex slipped to a low of 16,705.56 and continued to lanquish in the negative terrain for the most part of the trading day.
The Sensex rebounded into green in mid-noon trades, a recovery of 172 points from its low. The recovery can be attributed to the absence of selling by hedge funds. Dealers said, there were expectations for improved rollover of derivative contracts in the next two days. Around noon the Nifty rollovers were in the region of 25-28 percent, much lower than the average on last Monday before expiry, added the dealers.
However, the recovery in the markets was however short-lived as the Sensex again extended losses towards close. With tomorrow being an holiday, fears of global markets reaction saw traders cut short their long positions.
The Sensex finally ended with a loss of 79 points at 16,780. The NSE Nifty closed shop at 5,008, down 28 points. In the process the Sensex has declined for the fifth straight day, down 861 points during the same period.
Among the sectoral indices, realty index dropped 3% to 3,648 and the auto index was down 2% at 7,244, respectively.
The market breadth was negative, out of 2,913 shares traded, 1,748 declined and 1,103 declined so far on the BSE.
INDEX SHAKERS...
Mahindra & Mahindra tumbled 5% to Rs 1,072. Jaiprakash Associates slumped 3% to Rs 142 and DLF declined 2.5% to Rs 344, respectively.
Tata Steel, Sterlite and Reliance Communications shed 1.5% each to Rs 610, Rs 803 and Rs 179, respectively.
The other major losers included Hero Honda, Hindalco, ACC, Infosys, Tata Motors, HDFC Bank, Tata Power, Reliance abd ICICI Bank down over 1% each.
...AND THE MOVERS
Bharti Airtel gained 3% at Rs 330. Hindustan Unilever and ITC have added over 2% each at Rs 264 and Rs 254, respectively.
Larsen & Toubro and Sun Pharma were up 1% each.
VALUE & VOLUME TOPPERS
Jai Corp led the value chart with a turnover of Rs 214.64 crore , followed by Hindustan Copper (Rs 160.09 crore), Rashtriya Chemicals (Rs 117.08 crore) and Tata Steel (Rs 94.38 crore).
Cals Refineries topped the volume chart on the BSE with trades of 17.17 million shares on the BSE. It was followed by Rashtriya Chemicals (10.62 million), K Sera Sera (8.95 million), Ispat Industries (8.62 million) and National Fertilisers (7.93 million).
