The sensex today ended at a one-month low on talks that the government was planning to delay the privatisation of Shipping Corporation of India (SCI).
The benchmark index lost 22.93 points to end at 3,076.01, its lowest close since August 19, while the S&P CNX Nifty shed 6.25 points to close at 985.75.
A dealer at a local brokerage said the deferral is a fresh blow in an already weak market. Himanshu Vora, director of Trust Securities, said, "Talks of SCI's selloff being put off triggered unloading of public sector shares. Worries about continuing tensions in the Middle East added to the nervousness."
Overall, losers outnumbered gainers in thin trades. The share price of SCI plunged 14.93 per cent to close at Rs 72.65 on fund-based selling with more a volume of 19.41 lakh shares.
National Aluminium Company, another state-owned firm, slumped 6.25 per cent to Rs 90.05 after opposition political parties and trade unions called for a strike in Orissa to protest against a proposed stake sale in the company.
Other PSU stocks also remained weak on selling pressure. RCF sank 16 per cent to Rs 13.35, National Fertilizers settled down 14.33 per cent at Rs 27.20, and Engineers India plunged 11.5 per cent to Rs 289.35. Refinery major Hindustan Petroleum Corporation Ltd shed 3.9 per cent to end at Rs 197.30, while Bharat Petroleum Corporation Ltd lost 2.2 per cent to Rs 201.55.
In the technology segment, stocks settled weak after trading in a narrow range. Satyam Computer lost 2 per cent to close at Rs 228.75, Wipro shed 1 per cent to end at Rs 1,296.75, and Infosys Technologies slipped by 0.5 per cent to Rs 3,560.60. Hexaware Technologies ended slightly lower by 0.9 per cent at Rs 98.95.
Cigarettes major ITC was one of the big losers among index heavyweights. The stock lost 2.4 per cent to Rs 668, after ruling firm in early trades. Dealers said the scrip slipped on selling pressure from local funds.
Among other index stocks, Reliance Industries slightly declined to Rs 257.70, while Reliance Petroleum gained marginally by 0.22 per cent to close at Rs 22.95.
