Market sees one of its worst close; REPL slips 17% on Day one

11 February 2008

It was yet another weak and extremely disappointing day for the markets. The markets opened with huge gap down on the back of disappointing listing of much awaited Reliance Power coupled with weak cues from the global markets. Sensex and Nifty traded under deep pressure for most part of the day and ended with substantial losses.

Reliance Power ended with sharp cut of over 17% on its maiden trading day. It got listed at Rs 430 today against its issue price of Rs 450. All the key BSE indices ended deep in red led by oil & gas, metal, power, realty and bankex. Market breadth was extremely poor with low volume. IT stocks were the star performer's in todays trade and the leading counters could manage to hold in green.

Sensex ended down 833.98 points or 4.78% at 16630.91, and the Nifty was down 263.35 points or 5.14% at 4857. On BSE, about 352 shares advanced, 2610 shares declined, and 49 shares were unchanged. BSE midcap ended down 5.71% at 7197.06 and smallcap closed down 4.92% at 9431.85.

BSE auto index ended down 3.85% at 4558.93. Punjab Tractors, Escorts and Apollo Tyres were the top losers.

BSE bankex closed down 4.31% at 9721.67. Kotak Mahindra, Centurion Bank, SBI were the top losers.

BSE capital good index closed down 5.08% at 15052.70. Greaves Cotton, Kirloskar Bros and LMW were the top losers.