Nifty ends below 4750:Realty, metal, power, banks worst hit

02 June 2008

It was a worse session for the markets, which corrected sharply and ended at days low of the first day of week. The Sensex closed below 16000 mark and the Nifty below 4750 levels. Biggest culprits were realty, PSU, metal, power, banking, capital goods, technology and oil stocks. European markets also crashed, which added to negative sentiments. Market breadth was very weak. Midcap and small cap stocks hit badly.

The Sensex touched an intraday high of 16,632.72 and low of 15,991.21 before closing the day at 16,063.18, down 352.39 points or 2.15%. The Nifty finished at 4739.60, down 130.5 points or 2.68% after hitting high/low of 4908.80 and 4713.

Top losers were NTPC, ACC, Hindalco, Reliance Infra, Nalco, Unitech and TCS while Maruti, ITC, Hero Honda and Sun Pharma top gainers.

Market breadth was weak, about 736 shares have advanced, 2221 shares declined, and 155 shares remained unchanged.

Realty stocks collapsed like a pack of card and were worst underpeformers of the day. Realty Index fell 280.53 points or 4% to settle at 6,728.13 due to huge sell off in HDIL, Puravankara Proj, Unitech, Mahindra Life, Sobha Developer, DLF and Omaxe.

Metal stocks like Sesa Goa, Jindal Steel, NALCO, Hindalco, Hind Zinc, Tata Steel and SAIL have lost shine. The Metal Index crashed 3.66% or 619.37 points at 16,295.26.