Market pluges to day's low in last hour; key indices lose over 1%

Courtesy : Bloomberg UTV

Sensex gyrated 376 points and Nifty 131 points in last hour of trade.

It was a hit-and-miss day on Dalal Street. Despite making several attempts to re-enter the green zone, the equities continued to trade in red throughout the session today. The Bombay Stock Exchange’s Sensex plunged 345.20 points or -1.73% from the previous close to end at 19585.44. The National Stock Exchange’s Nifty shut shop at 5890.30, down 108.50 points or 1.81%.

The day started on a positive note on back of global cues, but key indices soon slipped in the negative terrain. After that, selling pressure kept the market in the negative terrain for the entire session.

The bourses extended their losses after European stocks started the day on a weak note. Tracking other global markets, Indian equities witnessed cautious trade.

The markets tried to enter the positive territory several times during the trading session, but failed, following weakness in Chinese stocks and US index futures.

The BSE 30-stock index today fell as low as 19,504.87 and Nifty saw the day’s low at 5,863.95.

The broader markets too reflected some weakness and fell more than the major indices in trade today. Both the BSE Midcap and BSE Smallcap indices were down by 2.03% and 2.15% respectively.

All 13 sectoral indices on the BSE were down on profit booking, with BSE Realty index (-3.88%) losing the most. The BSE Oil & Gas index (-2.66%), the BSE Metal index (-2.50%) and BSE CD index (-2.48%) were among other major losers in trade today.

Barring companies like Hero Honda (1.68%), Bharti Airtel (0.46%) and L&T (0.40%) all other frontline companies were pinned down due to heavy selling pressure. Index heavyweights like Reliance Infra (-5.28%), Wipro (-4.49%), Hindalco (-4.32%) and DLF (-4%) were among the major losers in trade today.

The market breadth too was in favour of declines as out of 3109 stocks on the BSE, 2207 declined, 738 advanced and 164 stocks remained unchanged.

The volatility in market is likely to continue next week, ahead of expiry, say dealers. They caution clients to wait before getting into new investments.

Week on Week

The Sensex fell by 2.9% for the week ended Nov, 19, 2010. For the same period the 50-scrip index was down 3%.
The BSE Midcap index saw slipped 2.8%, meanwhile, BSE Smallcap index was down 6.3%, in the last four trading sessions. All the sectoral indices witnessed losses with the BSE CD index (-7.4%), BSE Oil & Gas index (-4.7%), BSE Power index (-4.4%) and BSE Bankex (-3.2%) losing the most.
Nifty Losers: ACC (-5.85%), Ambuja (-8.3%), AXIS (-7.4%), Bajaj Auto (-1.35%), BHEL (-5.85%), BPCL (-2%), Bharti Airtel (-7%), Cairn (-6.2%) and DLF (-6.2%).

Nifty Gainers: Cipla (3.8%) and Gail (0.7%)

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