Market ends in red but off day's low: Metal, power down

16 January 2008

It was an extremely weak session for the markets as they continued the downtrend that started yesterday. At one point of time Sensex was staring at a loss of over 650 points and Nifty was down over 200 points. But by the end of the day showed some recovery. Sensex recovered over 350 points from the day's low. Recovery was led by ICICI Bank, Bharti, ABB, SAIL and ITC. CNX Midcap has recovered over 1% from the day's low. The cues from Asia were bad with Hang Seng down over 5% and Europe is trading extremely weak each CAC, DAX and FTSE down over 1%.

All the BSE indices closed in red led by metal, power, realty stocks. BSE realty, power and metal indices were down over 3% followed by by oil & gas and capital goods index.

Sterlite Ind was down 9%, Reliance Communication down 6% HDFC Bank down 6%, Unitech is down 6%, DLF down 5% and Tata Steel and Reliance Energy down over 4%. 

Sensex was down 382.98 points or 1.89% at 19868.11, and the Nifty down 138.50 points or 2.28% at 5935.75.

About 685 shares have advanced, 2271 shares declined, and 22 shares are unchanged.

The BSE Midcap Index ended at 9,267.20 down 2%.