Markets end weak on -ve global cues; banks,realty,CG stocks dip

13 August 2008

Markets ended lower after moving in a rangebound manner ahead of Sebi board meet, wherein experts expect some key developments in P-Note segment. Sell off in global markets on the back of renewed worries in US financial space also fueled to negative sentiments. Private banking, realty, capital goods, telecom and power stocks witnessed selling pressure while buying is seen in pharma and technology stocks.

Sensex was hovering in range of 15000-15200 and Nifty is moving in range of 4500-4550. Sensex 30 closed at 15,093.12, down 119.01 points or 0.78% and Nifty fell 23.2 points or 0.51% at 4529.05.

SEBI board, in a meeting, is likely to review restrictions on P-notes as introduced in October, 07, to review new norms introduced in last 10 months and primary market reforms.

Amongst frontliners, ICICI Bank tumbled 4.04%, HDFC Bank -3.77%, DLF -3.32%, Reliance Infra -2.71% and HDFC -2.43%. However, Sterlite Industries gained 2.67%, Cipla 2.88%, ABB 2.51%, Zee Entertainment 2.01%, Cairn India 1.56%, Infosys Tech 1.34%, TCS 1.20%, Satyam 0.87% and NTPC 0.57%.

Banking stocks were under selling pressure, especially private banking space got hammered a lot as its ADRs declined sharply. Bankex underperformed other indices, slipped 165.87 points or 2.23% to settle at 7,271.40. Bank of Baroda, ICICI Bank, HDFC Bank, IDBI Bank, Bank of India, Andhra Bank, Karnataka Bank, IndusInd Bank and Canara Bank lost 2-4.6%.

Realty stocks also knocked down. This includes Mahindra Life, HDIL, DLF, Anant Raj Ind, Phoenix Mills and Omaxe, which fell 2-4.6%.
Index slid 74.66 points or 1.31% at 5,610.83.