Nifty ends above 4700; power, CG stocks crash, oil gain

03 June 2008

The markets remained under bears control through the day following weak cues from Asian and US markets. It has started showing smart recovery since the middle of session as major European markets trading in the green barring DAX and strong buying in oil and gas space but closed on a weaker note for second straight day triggered by power, capital goods, technology, telecom and banking stocks. 

The Sensex reovered almost 250 points and the Nifty over 80 points from days low. The Sensex closed below 16000 mark while the Nifty turned back to 4700 levels. Midcap and small cap stocks also finished lower. 

The Sensex closed at 15,962.56, down 100.62 points or 0.63% after hitting an intraday high of 15,985.40 and low of 15,709.51. The Nifty touched a high/low of 4739.30 and 4634 before ending the day at 4715.90, down 23.7 points or 0.5%.

Top losers were Bharti Airtel (-4.23%), Reliance Infra (-3.87%), Satyam (-3.64%), BHEL (-2.95%), Suzlon Energy (-3.75%) and Power Grid Corp (-3.71%) while gainers - ACC (3.74%), Ranbaxy Labs (3.09%), DLF (2.61%), Wipro (2.57%) and Cairn India (3.30%). 

Markets breadth was negative, about 974 shares have advanced, 1973 shares declined, and 165 shares remained unchanged.

Power Index underperformed other indices, down by 2.64% at 2,754.20 led by selling in Reliance Power, Reliance Infra, Power Grid Corp, Suzlon Energy, CESC, Tata Power, NTPC and GVK Power.