Sensex ends below 17K; banks, realty, cap goods stocks crush

22 May 2008

It was a weak session for the markets, which remained languish at lower levels through the day and have not shown any signs of recovery. Banking, capital goods, realty, power, auto, oil & gas and metal stocks rotten the markets very badly. The Sensex closed below 17000 mark while stayed below that mark for major part of the day. The Nifty Fifty managed to hold above 5000 levels. Weak cues across the globe also helped the negative sentiments. Market breadth was pathetic. Midcap and small cap stocks also crushed. 

The Sensex has hit an intraday high of 17,104.59 and low of 16,863.38, before finishing the day at 16,907.11 down 1.95% or 336.05 points. The Nifty lost 92.2 points or 1.8% to settle at 5025.45 after touched high/low of 5118.90 and 5010.70, respectively. 

Market breadth was weak; about 1144 shares have advanced, 1782 shares declined, and 178 shares remained unchanged.

Biggest losers were Tata Motors (-4%), Reliance Infra (-4%), ICICI Bank (-3.4%), SBI (-3.3%), Suzlon Energy (-6%)and Idea Cellular (-4%) while Hindalco, Dr Reddy's Labs, Sterlite Industries, Hero Honda and GAIL gainers.

Banking stocks were worst performers of the day. BSE Bankex fell 3.06% or 264.01 points to close at 8,375.89 due to heavy selling in IOB, Axis Bank, Yes Bank, PNB, ICICI Bank, SBI, Kotak Mahindra and HDFC Bank.

BSE Realty Index crushed by 2.68% or 211.54 points at 7,693.34 as Akruti City, Puravankara Proj, HDIL, Ansal Properties, Indiabulls Real, Peninsula Land, Unitech, Omaxe and DLF.