Markets end in red after 5-day successive rallies

24 July 2008

Markets halt their five days winning streak and closed in red. Prior to today's trading session Sensex has gained more than 2300 points in last five trading days. Selling pressure increased after Europe opened on weak note. IT, metal, power, capital goods, bank and FMCG indices were closed negative. However, oil & gas and realty stocks witness buying interest.

Markets are awaiting Inflation numbers and first quarter numbers Index heavyweight Reliance Industries. Inflation numbers for the week ended July 12 is likely to be more than 12% as against 11.91% in earlier week. According to CNBC-TV18, Reliance Industries' net sales are seen up 40% to Rs 41342 crore versus Rs 29524 crore. Its net profit is expected to go up 14.1% to Rs 4142 crore versus Rs 3630 crore.

The Sensex was down 165.27 points or 1.11% at 14777.01. It has touched an intraday high of Rs 15,130.09 and an intra day low of Rs 14,608.05.

The Nifty was down 43.25 points or 0.97% at 4433.55. It has touched an intraday high of Rs 4539.45 and an intra day low of Rs 4385.85.

Markets breadth was negative, about 1388 shares have advanced, 1562 shares declined, and 201 shares are unchanged.

Top losers on the bourses were TCS at Rs 802.75 down 6.49%, Tata Steel at Rs 631 down 5.4%, ACC at Rs 560.75 down 5.13% and Tata Power at Rs 1,047.75 down 6.82%.