Nifty ends above 4500; Realty down 7.4 per cent, IT slips 4.2 per cent

09 June 2008

The markets have completely shattered today the first day of week on huge volumes by bad cues from US and Asian markets due to climbing Crude higher, which raises the Inflation further. Realty, technology, capital goods, oil & gas, power and banking stocks witnessed heavy selling pressure, which brought the major indices below their psychological levels during the day. Midcap and small cap stocks also caught in bears hand.

The Nifty has broken 4500 mark (hit new 2008-low) and the Sensex cracked below 15000 during the day but both indices managed to close above those levels and recovered nearly 80 points and 280 points from days low, respectively. In the second half of session, major pharma and metal stocks have got some buying support.

Turnover traded by the markets for the day stood at Rs 76668.53 crore, including Rs 13292.26 crore from NSE Cash segment, Rs 58333.52 crore from NSE F&O and the balance Rs 5042.75 crore from BSE Cash segment.

Realty Index has hit hardest and underperformed other indices. This sector have corrected to a large extent, today Index fell 7.05% or 437.65 points to settle at 5,772.65 while if we see since this correction started, it has corrected over 58% from its high of 13848.09. Selling pressure has seen in Unitech, DLF, HDIL, Phoenix Mills, Ansal Properties, Peninsula Land, Akruti City, Sobha Developers, Indiabulls Real, Anant Raj Ind, Puravankara Proj, Parsvnath and Omaxe, which down 4-10% in a day. DLF has hit new life low of Rs 475 and closed at 481.55, down 7.39% over previous close. The stock is down over 8% from its issue price of Rs 525.

The Sensex closed at 15,128.04, down 2.85% or 444.14 points after hitting an intraday high of 15,202.74 and low of 14,846.18. The Nifty ended at new closing low of 4,500.95 for 2008 after breaching previous low of 4448.05; it has hit a high/low of 4626.45 and 4411.60 before finishing the day at 4500.95, down 2.74% or 126.85 points.

Biggest losers were Jaiprakash Asso (-8.13%), DLF (-7.10%), ONGC (-7.09%), HDFC (-5.37%), Unitech (-8.80%) and BPCL (-7.31%) while gainers - NALCO (5.68%), Cairn India (4.51%), Hero Honda (4.49%), Ranbaxy Labs (4.16%), Reliance Comm (1.50%), Hindalco (1.08%) and Tata Steel (0.35%).