ManagementVolatile markets end in red; metal, bank stocks fall
Global cues put pressure but market breadth remains positive.
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The Bombay Stock Exchange benchmark Sensex ended down with a loss of 102.46 points, or 0.59 per cent, to 17,125.22. The NSE Nifty slipped 35.95 points (0.70 per cent) to 5,112.
The markets opened today on a weak note tracking the Asian indices, which felt the heat of disappointing economic data from Japan. Profit-booking in specific sectors saw the index falling to an intra-day low of 17,057.37.
Asian markets were down in today’s trades. The Nikkei slumped 1.34 per cent to 10,004.72 after the Q3 GDP numbers were revised down by more than a per cent. The Shanghai Composite dropped 1.73 per cent. US stocks fell overnight following Dubai’s unresolved debt problems and Fitch Ratings’ downgrade of Greece’s bond rating dented risk appetite.
“Weakness was seen in global quarters, both Europe and Asia. The market will be able to go upwards only on some positive news. Friday’s IIP data should give investors enough to hope for,” said Mayank Shah, CEO, Anagram Capital.
Most indices saw a decline today, with metals suffering the most. Metal index dropped 2.09 per cent to 16,315.68. Tata Steel dropped 4.17 per cent to be the biggest loser on the index today, while Hindalco and Sterlite lost 3.04 per cent and 2.98 per cent, respectively.
Bankex and power also displayed weakness. ICICI Bank dropped 1.92 per cent after announcing home loans at 8.25 per cent per annum.
Market heavy-weight Reliance Industries dropped 0.76 per cent after clearing up rumours of buying debt in Lyondellbasell Industries.
The Auto index added 0.69 per cent on a 46 per cent sales growth in November. Domestic automobile sales grew to 1,037,133 units last month over the corresponding period last year.
IT index edged up 0.81 per cent as rupee fell to a two-week low. TCS and Wipro held on to gains and closed with a rise of 1 per cent each.
Maruti Suzuki surged 2.54 per cent after announcing a deal with Volkswagen. Hero Honda added 1.74 per cent.
Among the major gainers was Alok Industries that climbed 5.36 per cent on plans of winding up their realty foray. Four Soft rose 20 per cent on a new order.
The BSE market breadth, however, managed to remain positive. Out of 2,888 stocks traded, 1,507 advanced while 1,306 declined.